Payment industry trends that are the future of POS

May 17, 2022

“Adaptability” is the hottest buzzword in the POS (point of sale) industry as consumer needs continue to change. From digital transactions to contactless fulfilment, these are the payment industry trends business owners should know.

The amazing thing about a need for adaptability is its tendency to invite growth. Demands for change historically lead to innovation, specifically in the tech industry. POS systems are no exception as demands and capabilities keep evolving to meet ever-changing consumer needs. Here’s a look at what’s been happening in the world of merchant payment services that business owners should keep top of mind.


Contactless payment and fulfillment

It’s not a secret that shopping patterns have changed significantly. Businesses have to be flexible, with the most notable change being an increased move toward digital transactions. Not only are customers shopping online, but they’re using digital forms of payment in store, too. Contactless payment continues to rise in popularity and is now considered an industry standard, such as digital wallet payment processing and self-service kiosks.

Customers have also embraced new fulfilment options like Buy online, pickup in store (BOPIS) and curbside pickup. With benefits like saving time and ensuring a product is in stock before heading to the store, popularity of this transaction type is only expected to continue.


Mobile POS

Mobile POS has also risen in popularity due to its convenience and ease of use. With the addition of a card reader, mobile POS essentially turns a smartphone into a terminal. For small businesses and field services, being able to accept payments from any location is a huge benefit. Mobile POS can also serve as a back-up device for businesses if main terminals go down, as it uses cellular data rather than a hard-lined internet connection.


Labor shortage solutions

Another adaptability challenge for business owners is the recent shortage in the labor force, with the U.S. seeing a 61.8% increase in job openings from December of 2020 to 2021. Recruiting new employees is challenging, and some businesses are adapting by investing in technology that will streamline operations, such as automated tasks or self-service options. Essentially, businesses are looking for ways to do more with less.


Cloud-based POS systems

Many companies have had to evolve to a hybrid commerce model, offering a mix of in-store, curbside and online shipping options. This change has led to a growing need for cloud-based POS systems, rather than just legacy payment systems. A cloud-based POS ties all your payment portals together and having payment portals on multiple platforms means customers can shop how and where they want. Cloud-based POS systems also allow tracking of inventory on an omnichannel level, viewing exact merchandise counts to ensure products are available and not oversold.

To best serve customers, businesses will have to continue to adapt, providing the latest flexible forms of payments and staying alert to what’s on the horizon. Payment industry trends such as mobile POS and contactless payment aren’t going away anytime soon. Embracing adaptability is key to your business thriving, and through that adaptability will sprout continued innovation for what’s next.


Still in the process of choosing your point of sale? Download our guide to find a payment solution that fits your business needs.

Learn more about how you can adapt your POS by visiting our merchant payment services

Learn about U.S. Bank

Related content

How increased supply chain visibility can combat disruptors

Technology strategies to complement your business plan

How iPads can help increase efficiency in your salon

Key considerations for online ordering systems

How small businesses are growing sales with online ordering

Staying organized when taking payments

Cashless business pros and cons: Should you make the switch?

How does an electronic point of sale help your business keep track of every dime?

How Everyday Funding can improve cash flow

3 ways to gain loyalty with your customers

Honey Luxury Beauté: growing a side project into an eye-catching beauty business

How COVID-19 is transforming healthcare payments

White Castle optimizes payment transactions

Increase working capital with Commercial Card Optimization

How to improve digital payments security for your health system

How to identify what technology is needed for your small business

Access, flexibility and simplicity: How governments can modernize payments to help their citizens

Enhancing the patient experience through people-centered payments

Tap-to-pay: Modernizing fare payments pays off for transit agencies and riders

Digital trends poised to reshape hotel payments

Restaurant survey shows changing customer payment preferences

Dear Money Mentor: How do I begin paying off credit card debt?

3 awkward situations Zelle can help avoid

How to save money in college: easy ways to spend less

Ways prepaid cards disburse government funds to the unbanked

Government agency credit card programs and PCI compliance

Government billing survey: The digital transformation of the payment experience

5 Ways to protect your government agency from payment fraud

Unexpected cost savings may be hiding in your payment strategy

Benefits of billing foreign customers in their own currency

Top 3 ways digital payments can transform the patient experience

Hospitals face cybersecurity risks in surprising new ways

Modernizing fare payment without leaving any riders behind

Improve online presence your business

3 benefits of integrated payments in healthcare

Webinar: AP automation for commercial real estate

Myth vs. truth: What affects your credit score?

Dear Money Mentor: How do I set and track financial goals?

P2P payments make it easier to split the tab

Three healthcare payment trends that will continue to matter in 2022

How mobile point of sale (mPOS) can benefit your side gig

Webinar: Robotic process automation

3 ways to make practical use of real-time payments

Hospitals face cybersecurity risks in surprising new ways

Tech tools to keep your restaurant operations running smoothly

Webinar: CRE treasury leader roundtable

3 ways POS data analysis can help define your brand

Automate accounts payable to optimize revenue and payments

Gift cards can extend ROI into 2022

Why retail merchandise returns will be a differentiator in 2022

How real-time inventory visibility can boost retail margins

Enhancing the patient experience through people-centered payments

Digital trends poised to reshape hotel payments

Restaurant survey shows changing customer payment preferences

Digital Onboarding helps finance firm’s clients build communities

How to start a photography business

Webinar: CSM corporation re-thinks AP

Rethinking common time management tips

How COVID-19 is transforming healthcare payments

Unexpected cost savings may be hiding in your payment strategy

Tools that can streamline staffing and employee management

ABCs of APIs: Drive treasury efficiency with real-time connectivity

6 timely reasons to integrate your receivables

Want AP automation to pay both businesses and consumers?

Higher education and the cashless society: Latest trends

Payment industry trends that are the future of POS

Planning for restaurant startup costs and when to expect them

4 restaurant models that aren’t dine-in

When your spouse has passed away: A three-month financial checklist

4 benefits to paying foreign suppliers in their own currency

Strengthen your brand with modern POS technology

Colleges respond to student needs by offering digital payments

Webinar: Digitizing receivables to transform B2B rent payments

Improve government payments with electronic billing platforms

Webinar: CRE technology trends

Escheatment resources: Reporting deadlines for all 50 states

Luxury jeweler enhances the digital billing and payment customer experience

Automate escheatment for accounts payable to save time and money

A simple guide to set up your online ordering restaurant

ePOS cash register training tips and tricks

Understanding and preparing for the new payment experience

Digital banking and cloud accounting software: How they work together

Overcoming the 3 key challenges of a lump sum relocation program

Streamline operations with all-in-one small business financial support

Checklist: What you’ll need for your first retail pop-up shop

Why ecommerce for small business strategy is integral

Omnichannel retail: 4 best practices for navigating the new normal

Is your restaurant Google-friendly?

How to apply for a business credit card

How a small business is moving forward during COVID-19

How Everyday Funding can improve cash flow

How to accept credit cards online


Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.