As a brick-and-mortar retailer, it doesn’t take much to begin accepting credit cards. All you need is a merchant account and either a virtual terminal, a POS system, or a credit card reader — and you’re good to go.
Despite how easy it is to get started, an estimated 55 percent of small businesses throughout the U.S. don’t take plastic.1 They simply can’t worry about the upfront cost of installing expensive credit card readers at every checkout counter.
For them, accepting cash seems both easier and cheaper.
Moreover, according to a recent survey of more than 2,000 small business owners, 56 percent of them had yet to transition to the more secure EMV standard. They continue using legacy readers despite the risks of having to pay stiff penalties if fraud occurs within their payment environments.2 The cost to upgrade is largely the blame. However, PIN on Glass (PoG) is a payment technology that some believe will revolutionize the retail industry. If these predictions come true, credit card processing could become substantially less expensive for merchants.
PIN on Glass is a payment technology that eliminates the need for bulky and expensive hardware, such as credit card readers. Instead of using a standalone terminal at the point of sale, merchants can use pre-existing smart devices, such as a mobile phone or tablet, to process in-store payments.
It’s worth noting that mobile payment processing isn’t new. There already exists a number of solutions that allow customers to dip or swipe their cards through a mobile-enabled reader. Thereafter, they can provide their signatures — either on a printed receipt or directly on the mobile device itself.
Because signatures can be easy to forge, the readers offer little protection from fraud. This partially explains why the major card brands decided to drop the signature requirement in 2018.3
With PIN on Glass technology, however, retailers can turn their smart devices into fully-featured EMV readers that are capable of accepting personal identification numbers (PINs) directly on the touchscreen (i.e., glass).
This could be a game changer. With PIN on Glass, merchants receive the security benefits of a standalone EMV terminal — without incurring huge costs. Those savings can be substantial.
A basic EMV chip card reader might set you back a couple hundred dollars per unit.4 If you have multiple checkout counters in your business, those costs can really add up.
By contrast, most businesses (and employees) already have smart devices. This means that with some detachable or Bluetooth® readers and a few software updates, you could turn every phone in your store into a credit card processing machine.
PIN on Glass could help revolutionize the retail world. Below are just some of the advantages of this innovative technology:
All of these benefits fit into the payment industry’s long-term goal of placing less emphasis on “hardware” as it moves toward a more software-based approach. This transition helps make updates, tracking, and analytics easier to manage across the board.
If you’ve already purchased EMV readers for your store, it might not make sense to move to this new payment technology. The direct switching costs are quite low, but there are many indirect costs once you factor in things such as employee training and software configuration.
Therefore, you may be better off sticking with your current setup until your EMV terminals need replacing.
However, PIN on Glass might be just what you’re looking for if:
If you fall into any of these categories, PIN on Glass may be a perfect fit for your business.
Want to learn more about this innovative payment technology? We’re here to help. To get started, schedule a free consultation with our team today.
1 “Why PIN on Glass Is the Next Big Thing,” Digital Transactions, 2 January 20182 “Still Not Accepting EMV Chip Cards? Why You Need to Switch,” Business News Daily, 4 February 20193 “Mastercard, Discover, AmEx and Visa ditching signatures,” Creditcards.com, 17 November 20174 “Do You Really Need an EMV Chip Card Terminal,” Merchant Maverick, 23 January 2020
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