Retail Payments and Mobility Advances for 2019
The way customers interact with payment systems and mobile devices in the store, have been changing. Many retailers are embracing the new advancements in technology that are proven to better each customer’s experience and your overall business strategy. Those retailers who have made the transition to software-based POS systems have been able to integrate other operational systems such as payment and sales data. But even with today’s technology, payment devices are more modern and up to date, they still perform similar to a cash register because they record transactions and provide the customer with a receipt. Here’s what else you can expect to see in 2019 and moving forward.
Touchscreen System Improvements
Credit card firms are continually eliminating the cardholder signature requirement for transactions that use chip readers. They have recognized that it has not been a proven way to prevent fraud from occurring and has improved the speed at checkout. Shoppers dread the obnoxiously long lines and eliminating some of the waiting time with a feature that is equally as fast as a one-click and done online and PINS may now become the preferred second form of authentication, as has been the case in Europe for the better part of a decade.
With the recent changes put into place, signature panels and physical buttons on payment processing systems may not be what retailers are looking for when upgrading to new hardware. Many retailers have already adapted to these new changes and integrated touchscreen systems that have the ability to capture signatures and PINS with the pin-on-glass approach. Several of today’s touchscreen POS systems supply the same capabilities at a fraction of the value of older systems, whereas additionally providing a simple and modern look.
Mobile or Fixed Payment Kiosks
Flexibility and convenience have become necessary components within the creation of a pleasant shopping experience. This includes the overall check out /payment process. Additionally, retailers are looking to create a “quick-sale” display to integrate payment systems within the display. For instance, a retailer emphasizing a limited-time fashion line might choose to station a payment kiosk within the display, allowing for a quick check-out.
These payment kiosks are movable, permitting the distributor to regulate its location for special needs like seasonal displays or times with high traffic. Payment kiosks usually feature a consumer-grade tablet inside the kiosk, allowing these systems to be cost-efficient to deploy and upgrade, and straightforward to replace if a tablet is damaged out of service. Beyond payments, the tablets will act as an inventory checker, or an access point to endless aisle. This creates a one-stop location for shoppers whether or not an item is out-of-stock within the physical store. Wireless high-speed networks, currently in most stores, allow for simple connectivity and main the required payment security needs.
Portable Device-based Terminals
Further providing convenience for shoppers, retailers are currently using compact mobile devices like tablets or smartphones to check out customers from anywhere in the store. The devices connect to Wi-Fi, 4G or Bluetooth networks to supply a fast and seamless checkout from anywhere within the store. They are also very straightforward for employees to learn and use.
By offering the option to make a purchase from anywhere, has been proven to eliminate the burden of transporting larger items to a centralized checkout. It also simplifies the shopping journey by enabling a single store associate to assist a consumer from the moment they enter the store to the time of purchase. This has become more realistic as cash payments dwindle down and shoppers continue to choose credit cards and digital payment apps as the most popular payment methods.
All-in-one POS Systems
Finding elements and configuring the best POS system has historically been a challenging process. Several vendors currently offer an all-in-one POS system to ease the process and meet the specific business demands for retailers. An all-in-one system includes a variety of compatible components as an adaptable payment system which can be tailored to satisfy a retailer’s specific business demands. These components include: a cash drawer, magnetic strip reader, scanner, touchscreen display, and receipt printer. Optional add-ons might include 360 degree swivel displays, fingerprint biometrics, or a removable tablet. Upgrading or replacing individual elements in an all-in-one system will facilitate retailers to maintain their equipment, since most may be quickly replaced by on-site workers or field service professionals.
In the past, a majority of retailers have purchased POS hardware outright however today, retailers wish to upgrade systems faster, to take advantage of the newest technology, device security protocols and computer code programs. This makes buying thousands of hardware systems pricey and inefficient.
The idea of Hardware-as-a-Service (HaaS) is growing and will be more adopted in 2019 and from now on moving forward. HaaS permits a distributor to lease equipment to a retailer for a specific amount of time. It offers flexibility, permitting the retailer to upgrade when needed and reduce operational spend. It also improves device usability since most HaaS contracts include built-in service and maintenance agreements. For some, this suggests that new hardware can be in placed overnight if the equipment is damaged or malfunctioning.
If you are thinking that these technology advances may seem like a huge investment, retailers who upgrade with this new POS technology may have a strong position within the market. The evolution of POS hardware is a key component to help retailers meet their goals and expectations.
Motus Financial, located in Sun Prairie, WI provides Point-of-Sale (POS) technology solutions and credit card processing services. Locally owned and operated Motus Financial provides a complete suite of POS technology services to assist merchants in processing payment from credit cards, debit cards, and checks. Motus financial can also provide check processing as well as a customized gift card program for your business.
For more information, please contact us at 608-819-8666 or check out our website at www.motuscc.com and we look forward to assisting you.