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.
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 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.
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.
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.
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