Ecommerce Merchandising
Article | March 18, 2024
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.
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POS Solutions
Article | February 15, 2024
When printing receipts or invoices, many accounting and point-of-sale programs enable the usage of common desktop printers. Receipt printers, on the other hand, typically have a smaller footprint and consume less ink and paper than ordinary printers. This equals more profit and savings for your company. Therefore, we will explain everything you need to know about how to use a receipt printer.
What is a receipt printer?
In the retail and restaurant industry, a receipt printer is a crucial part of a point of sale (POS) system. As stated in its name, they are used to print credit card slips and client receipts. In retail stores, a receipt printer is used after customers have made transactions. This system is also used in restaurants to print orders in the kitchen or at the bar.
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POS Solutions
Article | April 4, 2024
In the past several years, the evolution of the payments industry has been remarkable. The digital payment business is expanding fast and is an open area for competitors. Globally, the emergence and implementation of digital payment solutions results from diverse requirements. The digital payments ecosystem is being propelled by three significant factors: technology, customer demand, and regulations.
Insights Into Digital Payments Evolution
The Internet of Things, APIs, point of sale (POS), mobile wallets, and tokenization create a seamless payments ecosystem by digitally connecting every industry with the payments environment. Consumer demand drivers can be broken down into subcategories, such as real-time payments, a better user experience, and personalization.
In 2021, the market for digital payments was estimated at USD 7.36 trillion. It is expected to reach USD 15.27 trillion by 2027, with a CAGR of 12.38% between 2022 and 2027.
The technical improvements of smartphones, digital payment cards, and point-of-sale terminals in retail stores are driving the expansion of the industry. According to American Express, the COVID-19 pandemic significantly impacted cardholder spending. Companies are offering contactless payment options to attract customers. This has made the contactless function a global competitive advantage for companies.
In light of the preceding progress and development, let's explore what 2022 has in store for you. Look closely at any changes to digital payment methods that could be important in 2022.
The Most Prevalent Digital Payment Trends – 2022
Biometric Authentication
In 2022, biometric authentication will increase as a trend in the digital payment industry. Biometric authentication utilizes a person's biological and anatomical traits. In addition to fingerprint scanners, face recognition, iris recognition, heartbeat analysis, and vein mapping, the verification process also incorporates fingerprint scanners. It is a very secure payment system based on the unique qualities of each individual. Additionally, it helps establish consumer loyalty and trust.
Contactless Payments
Customers may make contactless payments by just waving their smartphone in front of the reader. Thus, the payment method becomes faster and more convenient than card insertion. Contactless payments are more secure due to the rapid transfer of encrypted data to the point-of-sale gadget.
Mobile Point of Sale
Mobile-point-of-sale (mPOS) is a breakthrough technology since it liberates retailers from storefronts and in-store payments. Instead, it is a portable register that operates on a tablet, smartphone, or mobile device. Mobile POS has significantly altered a store's payment procedure by making it more efficient and adaptable. According to Global Market Insights, mPOS will grow at a 19% CAGR between 2020 and 2026.
Mobile Wallet Transaction
According to Juniper Research, digital and mobile wallet usage will surpass 4.4 billion by 2025. Mobile wallets do not require a real bank account and keep all payment information securely and compactly. This is enabled through Near Field Communication (NFC) technology, which allows devices in close proximity to communicate and share data quickly. With the rise in demand for contactless payments, NFC has become a prominent term in digital payments.
Final Word
There are many proven ways to send money around the world. It is essential to consider how money moves across borders. The answer depends on the payment's context.
Today's businesses want diverse and straightforward methods for international money transfers. The choices available to enterprises range from SWIFT and ACH transfers to digital wallets and cheques to credit cards and even crypto money.
Digital payments enable organizations to conduct money transfers efficiently, transparently, and cost-effectively. This will encourage the global economy to continue expanding and strengthening further.
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Restaurant POS
Article | November 11, 2022
Introduction
Due to the dynamic nature of the industry and the ever-evolving demands of its customers, restaurant business owners are facing a unique set of challenges. This is compelling them to streamline their operations to meet customers' rising expectations while maintaining perfect control over all aspects of their establishment.
In addition, emerging innovative technology solutions are rapidly changing the world of payment systems, and the restaurant industry is the best example of it. Today, opening a restaurant is more than just serving food and making money. It is about providing a memorable experience to the customers and retaining them. As a robust restaurant point-of-sale (POS) solution assist in delivering a better customer experience, pacing up the ordering process, and managing inventory, among others, it is gaining huge popularity in the sector.
Why Does Restaurant Need to Invest in Modern POS Systems Today?
As the trends of online food ordering at dine-in and competition in the hospitality industry continue to deepen, it is becoming imperative for restaurant owners to efficiently manage the point of sale for their eatery. Also, the growing need for faster customer food service, efficient employee scheduling, and effective inventory management is encouraging business owners to adopt innovative restaurant technologies, such as restaurant POS systems. Here are some of the main reasons restaurants should integrate modern POS solutions.
Effective Ordering Processes
The ordering process, being the nerve center for restaurants, is one such aspect that needs serious attention. As food ordering processes that take a long time can significantly hamper the customer experience and satisfaction, owners of food establishments are aiming at leveraging novel restaurant POS systems to streamline and ease the food ordering processes.
Increase Cash Flow
Optimum cash flow is the backbone of any business. If restaurants are unable to maintain enough cash flow, they will have difficulties staying in business in the long run. Since restaurants are able to serve more customers per hour with fast-paced POS technology, allowing for greater sales and increased cash flow, business owners are aiming to deploy these modern POS solutions.
Organize and Track Profit and Loss
Keeping an accurate track of the income and expenses is of great importance for understanding the financial position of the eatery and creating an effective strategy to increase its revenue. A POS system can assist business owners in preparing a settlement at the end of each day, week, and month, keeping track of the ROI, and organizing profit and loss.
Offer Security to Customers
Customers or guests are increasingly using various cashless modes for transactions, such as credit cards, online banking, and others, for making payments. With increasing instances of customer data theft, guests are increasingly concerned about their data privacy and payment credentials. Hence, several food establishments are emphasizing embracing restaurant POS software to offer enhanced security to customers.
Build Customer Database
In today's highly competitive world, engaging and retaining customers is crucial for the success of businesses, especially in the restaurant industry. As the latest POS solutions aid restaurants in enhancing customer communications and loyalty, along with improving customer relationship management by building a customer database, these solutions are increasingly being sought in the sector.
The Ending Thought
With the emergence of innovative trends in the hospitality industry and the ever-changing needs of customers, it is becoming difficult for restaurant owners to keep the customers happy and build credibility in the long run. Since modern restaurant POS systems with advanced integrated technologies, such as artificial intelligence, can assist these restaurants in overcoming these obstacles along with providing numerous advantages, including cost reduction and increased ROI, these systems are anticipated to become a necessity for restaurants in the coming years.
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