Tagged in: mobile POS

Point of Sale No comments

Versatility – The Key Trait of Tomorrow’s Successful POS System

As technology becomes more advanced, customers continue to demand more from their shopping experiences, both online and offline.

To meet the needs of both retailers and shoppers, POS systems are becoming more and more versatile in the services they offer.

When debit and credit card readers were first introduced, they began to transform the way we make purchases. Current POS systems encompass a wide range of business functions, such as cashless transactions to data collection.

Today, keeping the customer happy in a competitive marketplace means offering a superior “customer experience.”

In other words, it is the retailer’s job to make the entire shopping journey, from product selection to checkout, as pleasant and user-friendly as possible.

How Versatile POS Systems Help the Retailer and the Customer

Business owners are certainly aware that a POS system can automate or semi-automate many business tasks, from inventory to order entry to data collection.

However, as technology and new payment methods continue to advance, versatile POS systems will become even more necessary.

Here are just a few of the diverse features that retailers should pay attention to when looking at the evolving POS market:

Cashless and Digital Wallet Capabilities

Though digital wallets – the ability to pay directly from your smartphone – have their fair share of skeptics, the number of digital payment options continues to grow. And the number of customers using these digital wallets also continues to grow.

Android Pay, Google Wallet, and Apple Pay are among the biggest names. But many other companies are jumping onto the bandwagon, including Chase Bank, Amazon, Alibaba, Samsung, and others.

Delays in adoption are due to security concerns, as well as slow adoption rates by both customers and retailers.

However, the sheer number of digital wallets being implemented suggests that this may become more than just a fad.

EMV Compliance

Another major trend we see in the payment processing world is the transition to EMV credit card readers.

On October 1st, 2016, banks shifted liability for fraud cases over to businesses, in cases where those businesses had not adopted chip-enabled card readers.

Though some argue that this is no reason to panic – after all, no one will be arrested if they aren’t EMV compliant – it’s clear that banks and industry leaders are aggressively pushing for EMV adoption.

And, as they do, more and more customers are being issued these cards, and security concerns may drive some people to shop where EMV cards are accepted.

Mobile POS Integrations

The biggest benefit to mPOS solutions is their portability.

They can be used on the floor, in the field, or wherever your staff happen to be. These systems often include a host of other functions, from cloud updates to design flexibility to data collection.

POS vendors are also continuing to introduce new integrations, such as mPOS devices that are able to accept both EMV cards and digital wallets.

Though mPOS devices are still in the minority, they are currently the most versatile devices, and may prove to be the standard at some point in the future.

Tomorrow’s POS Integrations

Although the POS and payment processing industries have encountered obstacles during their growth, expect technology to offer more integrations in the coming years.

Expect to see POS systems that offer even more advanced technologies and functions, such as:

  • Age Verification
  • QR / Bar Code Scanning
  • Acceptance for All Major Digital Wallets
  • Contactless Cards

Ultimately, the POS systems of tomorrow will be much more versatile than today’s most current models, making life easier for both retailers and customers.

The Bottom Line

If you want to keep up with the demands of your busy customers – and stay competitive – it pays to keep an eye on the busy world of payment processing.

The checkout line has a significant impact on customers’ wait times, their retail experience, and their perception of a brand or company.

Though all new technologies have an adoption curve, the history of credit cards shows how new technologies can eventually become the norm. In a few years’ time, all retailers may be using versatile POS systems that do much more than read magnetic stripes.

Point of Sale No comments

5 POS Terms You Should Know

When it comes to the ever-expanding world of POS systems, keeping up with the jargon can seem daunting.

However, to keep up with the changes in POS technology, it’s a good idea to learn some of the latest terminology.

1. mPOS (mobile POS)

mPOS refers to using any mobile device in the same way that you would use a traditional, stationary POS system.

Any of these electronic devices can be transformed into a mPOS by downloading an app created by companies like Square or PayPal. An mPOS system can be a cost-effective way for small business owners to handle their retail transactions.

2. PCI (Payment Card Industry)

PCI refers to the collection of security standards that have been put into effect by the Payment Card Industry to protect customers during their use of various POS systems.

These policies directly apply to any company or organization that accepts payments through the use of credit and/or debit cards.

3. NFC (Near Field Communication)

NFC works by placing two objects within close range of each other in order to use them.

Utilizing radio communication, this recently developed technology has been a game-changer in the retail world.

Mobile payment systems like the following make use of NFC technology:

  • Apple Pay
  • Samsung Pay
  • Android Pay

4. mCommerce (Mobile Commerce)

Also known as e-commerce, this term covers any transaction that is handled online through electronic devices like:

  • Smartphones
  • Tablets
  • Laptops

When customers are using their mobile devices to purchase from online markets like Amazon and Ebay, they are taking full advantage of mCommerce retail.

5. IoT (Internet of Things)

IoT is an acronym that refers to the “Internet of Things.” This term refers to the collection of everyday objects and devices that have the ability to send and receive information to one another.

Such machine-to-machine (M2M) communication will allow virtually any electronic device, from a refrigerator to a cell phone to a security camera, to communicate with other devices. In turn, these devices will be connected to the internet, enabling revolutions in POS and other business software systems.

Point of Sale No comments

We’re Living in a Mobile POS World

The tech-savvy consumers of today have a deep love for their devices…and we, as businesses, are right there with them.

Society has reached a golden age where nearly everything can be completed through the use of a cell phone. You can order a pizza, manage your bank account, and watch movies on the go. It’s no surprise that cell phones have commonly become a digital alternative to traditional POS systems.

At the end of 2015, there were more than six million mobile POS terminals being used by businesses all over the world. The popularity of these systems continues to grow on a daily basis and is changing the way companies are handling their transactions.

Mobile POS Systems like Square and Pay Pal Here, allow businesses the luxury of accepting credit card payments in locations where they ordinarily wouldn’t have been able. For instance, maybe you don’t have access to a traditional transaction terminal. Or maybe you don’t have the need for one. These mobile systems provide a sense of flexibility to business owners and employees while still offering customers the convenience of using their credit and/or debit cards.

In terms of competition, Square and Pay Pal Here are pretty comparable to one other. Each system offers a variety of different benefits that are necessary components of an ideal POS terminal.

Here are just a few of the great features you’ll receive from both of them:

Basic Hardware Needs

With Square and Pay Pal Here, all you need to get started is a smartphone or tablet. When you sign up with either of these services, you’ll receive a free basic mag strip card reader (you can upgrade to an EMV reader for a small fee.) The services also come with a free app to handle your transactions.

Amazing Operator Services

Both mobile POS services offer great features such as multiple user authorization and receipt printer compatibility. Individually, they each offer unique services that set them apart, as well:

  • Pay Pal Here has a great photo capture card acceptance method.
  • Square offers an incredibly useful offline mode that works for businesses no matter what their Internet situation is.

No Contracts or Early Termination Fees

Neither Square nor Pay Pal Here requires any sort of contract or monthly fee. You have the flexibility to change services at any point without the risk of fees and/or penalties.

Square and Pay Pal Here: Two Great Choices for Mobile POS Services

When it comes to selecting the best mobile POS service for your company, there are so many different options available. Both Square and Pay Pal have been around for quite some time and offer reliable services that you can trust. Their fantastic features provide an experience consumers can trust in, and business owners a terminal they can rely on.  So step on into this mobile era…the perfect POS service is waiting for you.