Understanding the PDQ machine
Many businesses have a lot to celebrate thanks to the PDQ machine. It has completely changed how businesses approach payment transactions. In a nutshell, payment transactions have become much simpler and quicker.
Previously, customers had to go through the rigours of swiping their cards through a card reader, wait for the payment to be verified and then be required to sign the transaction slip. The signature would then be compared to what appeared on the card.
Despite this tedious process, these transactions were still very susceptible to fraud. It was not uncommon for cards to be stolen or amounts on transactions slips to be changed without the knowledge of the cardholder. By using both a chip and a pin, the possibility of misuse is significantly reduced.
How a PDQ machine works
For starters, PDQ stands for Process Data Quickly. This should definitely give you an idea of what a PDQ machine is all about. It’s about speed and efficiency.
Once you slot your card into the PDQ machine and enter your pin number, the information is relayed to the issuer of the card through an internet connection that is secure. The card issuer will then confirm whether the available funds are sufficient to complete that transaction.
If the funds are sufficient, the money is deducted from the cardholder’s account and deposited into the bank account of the business. If the funds are not enough, the payment will be declined. The process of a PDQ machine is very fast. It takes only a matter of seconds for a transaction to be completed.
The latest PDQ machines now use a card slot. This upgrade came with the trend towards chip and pin technology. The embedded chip took the place of the magnetic strip. It means that as long as customers enter their pin number, they don’t have to sign for goods purchased.
Why use a PDQ machine?
One of the benefits of using a PDQ machine is that customer funds are protected. This is one benefit that customers hold dear. Card fraud has been a big problem in the past and with the new technology, it is not easy for fraudsters to find crucial card details that they would use to commit fraud.
Another major benefit of the PDQ machine is convenience. With transactions taking just a matter of seconds to be completed, both the seller and the customer will find the experience a pleasant one. For a larger business, this can mean that there is no need for extra staff, which means savings for the business.
Another benefit of the PDQ machine that is definitely music to the ears of business owners is that funds appear in the bank account within 3 to 4 working days. Considering the risks of carrying cash to the bank or human error when handling cash, this is a significant plus.
The convenience brought about by the PDQ machine can definitely be harnessed by businesses to increase their sales potential. The business world is highly competitive and it’s all about small margins. As long as you provide your customers with the most convenient options, your business has every chance to grow from strength to strength.