Customers have been able to purchase things using ways other than cash for many years thanks to point-of-sale payment processing systems. These systems have changed drastically over the decades, starting with bulky stationary registers that performed only one function. Many versions today are wireless and support a variety of payment methods, including contactless purchases using NFC technology. What does the future hold for these devices, though? If you’re looking for a payment system for retailers, keep an eye on the following trends.
1. The adoption and advancement of mobile point-of-sale solutions.Mobile POS solutions provide payment flexibility, resulting in a more favourable, all-around customer experience. Customers and salespeople can instantaneously view things and share information, whether they’re in the store, online, or at the client’s home or workplace. Because curbside pickup, home delivery, purchase online pick-up in store (BOPIS), and online shopping are all growing in popularity, mobile POS systems are uniquely positioned to provide a powerful multi-channel shopping experience, regardless of how customers choose to shop.
2. More payment alternatives are available.Even today, point-of-sale systems can handle credit and debit card transactions. Contactless payments, regular subscription payments, and electronic invoices can all be set up on many of them. This tendency will only continue in the next years, with a variety of technology breakthroughs and payment trends that we are currently unaware of.
3. Checkout solutions that are simpler and less obstructive.In the next years, the organised checkout queue leading to a stationary POS register will be less important. Instead, colleagues will finish sales from any location in the shop, as well as online.
The nimbleness of today’s (and certainly tomorrow’s) POS solutions is/will be one of its most appealing features. Payment devices will be able to react to shifting client preferences and behaviours thanks to continually growing technology and analytics-based data. They will help to promote a seamless buyer experience wherever (in-store, on the go, or online) and however (digital wallet, wearable, biometric-based payments, etc) it occurs by using multichannel techniques. Best of all, the cloud technology used in these systems enables for regular security updates to ensure PCI compliance, certified point-to-point encryption, and tokenization of sensitive cardholder data.
Technology is progressing at such a fast pace that it might be difficult to foresee how people will buy goods and services in the near future. However, one thing appears certain: point-of-sale payment processing systems will continue to be a bulwark for businesses of all sorts for years to come, in some form or another.