It’s July 3rd, and for many of us, that means getting ready for the second extended 3 or 4-day weekend of the summer! The grills are being prepped, the fireworks stands are buzzing, and visions of lakeside relaxation or beachside fun are dancing in our heads.
But before we fully disconnect, let’s take a quick moment to reflect on something near and dear to our hearts in the merchant services world, especially today: the historical significance of July 3rd for us.
You might be surprised to learn that EMV chip technology – the little metallic square on credit cards that’s now ubiquitous – has been around since 1986! Yes, you read that right. While it feels relatively new to the US market, it was first implemented in France, with Germany following shortly after. It’s a great reminder of how long some of these foundational payment technologies have been evolving.
As we prepare for the extended time off, it’s crucial to ensure our clients are also prepared. Here are a few key reminders for your merchants as they head into the holiday weekend:
- Federal Holiday Alert: Bank Closures and Deposit Delays: Remind your clients that July 4th is a federal holiday. This means banks will be closed, and deposits will be delayed by a day. Many processors will also have limited or no staff on the 4th, so any urgent issues might need to wait until Monday. Proactive communication on this point can save a lot of headaches!
- Inventory and Supply Chain Check-ins: For many businesses, long weekends mean a surge in sales. Encourage your clients to do a final check on their inventory levels and consider any potential supply chain disruptions that might impact them over the extended break.
- Payment Terminal Readiness: This is a perfect time to remind your clients to ensure their payment terminals are fully operational. Are they stocked with paper? Is their internet connection stable? A quick check can prevent lost sales during peak holiday hours.
- Security Best Practices Refresh: With increased transaction volume, it’s a good moment to gently remind clients about basic security best practices. This includes keeping an eye out for suspicious transactions, especially with higher ticket items, and ensuring their POS systems are secure.
- “Emergency” Contact Information: While you’ll likely be enjoying your time off, it’s helpful to ensure your clients have a clear understanding of who to contact for immediate, critical support if you’re unavailable (e.g., processor’s 24/7 support line).
The 4th of July weekend is a fantastic opportunity for many businesses, but it also comes with its own set of operational considerations. By proactively communicating these important details, we can help our clients have a smoother and more profitable holiday weekend.
Now, go enjoy that well-deserved time off!
Happy almost 4th of July!
David
Payment Lynx Daily 