Article | April 15, 2021
For many years, payment terminals have been a vital tool for businesses that complete their customer transactions in-store. The familiar hand-held devices have reliably taken card payments and offered simple additional services like mobile phone top-ups, cashback or electronic tipping solutions.
However, with recent technical innovation, boosted by the urgency surrounding Covid-19, the humble payment terminal is shedding its hard exterior - no longer is it, as some would argue, simply a commoditised, hardware-based necessity. As many within the payments space have predicted, the payment terminal is truly becoming a digital enabler and vital pivot point of modernisation for any business that accepts electronic transactions.
The Android Operating System leads the way
Today, payment terminals come in many forms. Though the traditional, handheld counter-top devices remain, many businesses now use off-the-shelf smartphones or tablets enabled with SPOC and CPOC technology.
Regardless of their physical form, truly modern payment terminals share a commonality – enhanced functionality which allows businesses to update and adapt quickly to changing performance, environments, and customer needs.
The Android operating system has been at the centre of a latest wave of innovation, facilitating the rise of mobile payment devices - pushed hard by the likes of Visa - and supporting the budding versatilities presented by Open Banking and PSD2 initiatives.
Combined, this new choice and flexibility has the potential to deliver significant advantages to businesses deploying Android point-of-sale (POS) solutions. These include integrated EPOS, strong authentication, and an array of alternative payment methods such as bank-to-bank payments, QR codes and even crypto currencies.
It’s about more than being just Covid-ready
Getting the timing right to make adjustments and improvements is now a focus for businesses across the UK as we start to emerge from Covid-19 restrictions and resume face-to-face interactions. The conventional payment terminal can play a central part in engineering the essential adjustments needed to create a Covid-safe environment – the new £100 contactless limit being the most obvious example.
However, functionality provided by the latest payment terminals allows businesses to do more than just make their premises Covid-ready.
For more commercial gains, payment terminals running on the Android OS allow for this same POS functionality but combine it with other essential business systems such as stock management, visual itemisation, and centralised booking systems.
As well as providing greater visibility of a business’ health and finances, more information also means friction points such as wait times and queues in store can be better managed. More data about customer behaviour also makes the in-store experience more customisable, for example, businesses can use this data to identify their busiest periods, explore seasonal changes or test new product lines and structure their staff planning and stock levels accordingly.
Coupled with more vital operational efficiencies, payment terminals can allow for a speed and flexibility of payments that can directly enhance the bottom line.
As the pace in retail environments ramps up to match that of the pre-Covid days, meeting new customer expectations and new environmental changes will be critical in staying relevant. An ability to accept the latest types and methods of payment could actually play a part in helping a business survive through difficult economic times.
Bolstering cash flow will also take on added importance as businesses rebuild. Payment terminals powered by better internet connections mean transactions are already faster, but internet speed alone is not enough. Today, terminals can be updated in ways that allow merchants to process those transactions faster still and get funds deposited into bank accounts in batches throughout the day, often completing within the hour.
Payment terminals and Big Data
With data becoming the bedrock of all modern businesses, it is the Android operating system’s ability to generate such an impressive wealth of data that adds to its compelling proposition. The value of Big Data and analytics to filter large volumes of information and uncover actionable insights is well known to the business world. Useable information can help leaders learn about their customers, make better decisions and, ultimately, produce more revenue. Customer data, for example, makes it possible for a business to learn about the buying behaviours of an individual customer or of defined customer segments.
When a business knows the time of day (or night) their customers shop and what type of purchases they make, it becomes easier to plan when inventories are stocked and with what items. Android payment terminals can provide data in a way that offers easy visibility of key trends and which specific hours of the day produce the most sales, allowing businesses to investigate possible reasons and react accordingly.
Such knowledge can then be used for a variety of purposes including the ability to upsell to future customers with greater success and the tactical arrangement of items in store. Crucially now, it will also enable businesses to maintain a Covid-safe environment by planning ahead for in-store activity and capacity limits.
With hundreds of applications already available to download from the app store, it’s important that SMEs are able to use this scale of choice to their advantage rather than become overwhelmed or distracted by it. Indeed, by taking the time to explore the apps available, smaller businesses can find the tools which allow them to level the playing field by bringing their operational efficiencies in line with larger brands and by leveraging the solutions that allow them to compete on customer service.
Article | April 1, 2020
At many malls and retail stores around the US, foot traffic has been in decline for some time. Even so, they’ve never seen anything like this. In a research note sent to clients today, investment firm Cowen and Company estimated total foot traffic to US retailers was down 97.6% for the week through March 27 compared to the same time last year. It has come to a “near complete halt,” Cowen said, following the outbreak of the new coronavirus. Many stores across the country are closed, of course, so shoppers couldn’t visit even if they wanted. Retailers have voluntarily shuttered stores to protect workers and help slow the virus’s spread. Simon Property Group, the largest mall owner in the US, closed its malls through at least the end of March.
Article | April 1, 2020
Reality as we know it has been interrupted. Our entire lives have been put on hold. And it’s not a great feeling. To fight the global coronavirus pandemic, we’re all stepping back from large gatherings even if it disrupts our business goals or denies us the ability to catch up with dear friends. Not only have we postponed Ecommerce Operations Summit 2020 but we are brainstorming other ways to do our part and contribute however we can. Our focus right now is on everyone whose lives have been turned upside down or even put at mortal risk by this invisible enemy. How has this impacted you? While you’re working from home, carve out a quick minute to answer this survey and share the effect COVID-19 has had on your business. Answers will be collected through this Thursday.
Article | March 18, 2020
The retail market of India is assessed to cross $1.3 trillion by 2020. Major factors responsible are the economic development, changing demographics, expanding disposable income, development of e-commerce and organized retailers helping the segment to change and advance quickly. For retailers, the way to progress lies in making a remarkable shopping experience for customers while they are present in stores or shopping on the internet. Web experience, customized suggestions and information analysis are helping retailers offer better products and services to their customers. Profound data interpretation and search history is helping retail players show signs of improvement in their walk-ins. This information assists with making advancements on individual client's preferences, choices and buying decisions.