How retailers are reacting to COVID-19 with a contactless limit increase

May 26, 2021 | 45 views

The spending limit for contactless card payments has increased from £30 to £45 this week in the UK, with the continuing Covid-19 coronavirus crisis accelerating a move that was already in the planning.

Learn about the benefits and implications of this increase in this expert guide.

Spotlight

Purch

Purch is a digital publishing and marketplace platform uniquely positioned at the intersection of content, commerce and customer.By combining in-depth product reviews, comparisons, and services with industry leading publisher tech, Purch creates a seamless connection between intent-based buyers and sellers.The company generates more than $1billion annually in facilitated commerce through its tech, shopping, lifestyle and SMB brands, including Tom’s Guide, Top Ten Reviews, ShopSavvy and Business.com. With more than 1,200 product categories, Purch is #1 for buying advice for more than 100 million people each month.

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POS RETAIL

How POS Solutions Assist Restaurants to Increase their ROI?

Article | July 26, 2022

Introduction The hospitality industry has always been challenging and full of obstacles, such as low-profit margins, high competition, and turnover management, irrespective of the type of restaurant or level of owner experience. However, rapidly changing business dynamics and current conditions have increased these challenges enormously. Changing customer preferences, including high customer service expectations and an emphasis on the sourcing of ingredients and nutrition values, affect the entire operation. Also, the growing importance of reviews and word-of-mouth referrals makes brand management both more crucial and complex. Thus, several restaurant owners are increasingly investing in innovative solutions, such as restaurant POS systems, to improve the consumer experience, empower business owners to manage restaurant operations more efficiently, and increase ROI. Top 5 Ways How Restaurant POS Integration Can Boost ROI Due to the fast-paced nature of the restaurant sector, coupled with ever-changing customer needs, business owners encounter numerous challenges in keeping up with the changes and meeting customer expectations while maintaining perfect control over all aspects of their operations. As restaurant POS systems provide solutions for these challenges while also improving workplace efficiency, automating several tasks, monitoring employee performance, and enhancing security, these systems are gaining massive popularity in the hospitality industry. Out of all the new features that restaurants can get from POS integrations, such as delivery management, accounting, and more, these are the most important ones that help owners get the best return on their investment: Create Data-driven Campaigns Modern POS solutions enable restaurant owners to collect valuable data about their customers, such as their preferred food choices, their addresses, how often they visit the establishment, and others. These actionable insights can be used to create personalized campaigns, increasing their chances of responding to a customized offer and improving ROI. Support Omnichannel Communications and Payments With the advent of e-commerce, food can now be ordered and paid for via multiple channels, including the restaurant's website, third-party applications, the phone, and others. Therefore, it has become essential for restaurant owners to increase contact with their customers. Integrating a restaurant POS system enables owners to facilitate omnichannel communication and payments and discover the optimal way to communicate with consumers, thereby increasing food order flow from both offline and online channels. Improves Customer Relationship As the restaurant sector continues to become more competitive year by year, it is becoming crucial for restaurant owners to improve their relationships with customers. With restaurant POS systems, customers can make the payment using their preferred methods, such as cash, credit or debit card, QR code, UPI, and others. These systems also reduce the time for placing food orders as well as decline the chances of order misplacement. This results in providing better customer service, improving customer relationships, and increasing customer inflow. Streamline Restaurant Operations From front-of-house to back-of-house operations, modern POS technology assists restaurant owners in streamlining various business operations such as inventory control, labor management, payment getaways, and order tracking and delivery, among others. Thereby reducing the overall cost, declining the chances of errors, and improving profit margins. Final Thought Today, POS technology is clearly a necessity for the hospitality industry, irrespective of the type of establishment, such as fine dining, fast food, cloud kitchen, hotels, and others, to enhance restaurant operations, provide a smoother customer experience, and improve ROI. With the introduction of customizable POS solutions and a growing shift towards cashless payments, modern restaurant POS systems are anticipated to transform the ways of food ordering and payment in the forthcoming years.

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POS RETAIL

Top 5 Reasons Why Modern Restaurant Needs Integrated POS Solutions

Article | December 24, 2021

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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POS RETAIL

Retail ,Wholesale Trade,Ecommerce,Retail,E-commerce,point of sale.

Article | December 23, 2021

Last July, a small group representing the giants of the tech industry gathered in the seat of US government, Washington DC. They probably didn’t want to be there. Congress had summoned their employers Apple, Facebook, Google, and Amazon to answer questions about the command they hold over the markets they operate in. On Amazon’s behalf, associate general counsel Nate Sutton spoke in defense of his employer’s role in US retail. Throughout, he argued that Amazon isn’t so powerful as to be able to control prices and stifle competition. Amazon, he pointed out, makes up less than 1% of retail globally. In the US, it accounts for around 4% of retail. In fact, Walmart is much larger than Amazon, he said. In terms of sales, Sutton is right. Walmart reported $510 billion in total sales across its US and international segments in the 2019 fiscal year, versus Amazon’s $233 billion in roughly the same period.

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How SMEs can emulate the success of Amazon through ecommerce personalization

Article | February 10, 2020

Whatever your feelings are towards Amazon, there is no denying that they have revolutionised ecommerce and now set the bar for the personalised experience of users when it comes to online shopping. So much so that it was recently reported that they have more than a 30% share of the UK’s ecommerce market. With statistics like this, it may feel like it is impossible to compete, especially as Amazon has huge tech and marketing budgets at its disposal. However, all is not lost. It is possible for SMEs to learn from the forerunner and implement some of their most successful techniques, with regards to their use of ecommerce personalisation and AI, to increase sales cost effectively.

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Spotlight

Purch

Purch is a digital publishing and marketplace platform uniquely positioned at the intersection of content, commerce and customer.By combining in-depth product reviews, comparisons, and services with industry leading publisher tech, Purch creates a seamless connection between intent-based buyers and sellers.The company generates more than $1billion annually in facilitated commerce through its tech, shopping, lifestyle and SMB brands, including Tom’s Guide, Top Ten Reviews, ShopSavvy and Business.com. With more than 1,200 product categories, Purch is #1 for buying advice for more than 100 million people each month.

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POS RETAIL

Volante Receives Best Wholesale Payment Solutions Provider Award

Volante Technologies | January 19, 2023

On January 18, 2023, Volante Technologies, the leading worldwide provider of cloud payments and financial messaging solutions to promote digital transformation, received the Best Wholesale Payment Solutions provider award at the Global Brands Awards 2022. The award acknowledges the flexibility of Volante's real-time, multi-rail, ISO 20022-compliant Payments as a Service (PaaS), which enables today's most complicated payment processes at scale, with minimal risk and better security. Built on cloud-native microservices architecture, Volante's PaaS decreases up to 40% of the total cost of ownership, speeds onboarding up to 60%, simplifies the creation of value-added services, and provides API-based innovation on top of real-time processing rails. Volante has also received a number of additional awards, proving the company's worldwide leading position. The firm was the only provider to be ranked top in the IBS Intelligence (IBSi) Sales League Table (SLT) for wholesale banking payments for two years in a row. CEO of Volante Technologies, Vijay Oddiraju, stated, "This award provides yet further recognition of Volante's hard-won status as a global leader in payments and a provider of cloud-native solutions that power entire economies. In 2023, we will continue to expand our product set, delivering innovative solutions to our clients so that they have the flexibility to adapt and the freedom to evolve and innovate at record speed." About Volante Technologies Volante Technologies is the world's leading provider of cloud payments and financial messaging solutions designed to drive digital transformation. Over 100 banks, market infrastructures, financial institutions, clearing houses, and corporate treasuries in 35 countries depend on the company as a reliable partner. Its solutions and services power four of the top five corporate banks, 40 % of all U.S. commercial bank deposits in total, and 70% of global card activity every day. Consequently, the firm's clients can stay ahead of developing trends, become more competitive, provide improved client experiences, and expand their companies via quick innovation.

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POS SOLUTIONS

Bluefin Implements Network Tokenization Using Visa Technology

Bluefin Payment Systems | January 23, 2023

Bluefin, a leader in integrated payments, recently announced its partnership with Visa for network tokenization. Bluefin will directly integrate with Visa through this partnership to provide network tokens spanning card brands. Bluefin will provide network tokenization options through ShieldConex, a vaultless tokenization solution that secures payment and ACH account data, protected health information (PHI), and personally identifiable information (PII) input via an iFrame or API. In addition, PayConex, Bluefin's payment gateway, will have the ability to handle network tokens. Chief Information Officer at Bluefin, Tim Barnett, said, "The acceleration of digital commerce and card-not-present (CNP) transactions has underscored requirements for secure payment processing and data input." He also said, "We are excited to provide our partners and merchants with greater flexibility around how they tokenize cardholder data through the addition of this network tokenization option." (Source – Businesswire) Global Head of Platform Products at Visa, Inc., Ansar Ansari, stated, "Tokenization is an imperative aspect of a safe and secure digital economy." He added, "Bluefin's collaboration with Visa helps not only secure payments, but also improves customer experience." (Source – Businesswire) Network tokenization varies from traditional payment card tokenization, in which a merchant's acquirer or payment processor issues tokens for credit and debit card data. Instead, card brands issue a token and a unique transaction cryptogram, allowing network tokens to be interoperable across payment processors, acquirers, and payment gateways. About Bluefin Bluefin develops and maintains programs enabling facility owners and operators to manage their roofs, pavement, walls, and energy use better, allowing them to spend less and enhance the performance of these assets. As the largest provider of technology-enabled facility asset management consultancy in North America, it empowers its clients to readily access and utilize their facility data to make informed decisions. Its balanced approach to facility asset management considers operational spending and capital renewal. This method yields accurate projections of future expenditures and substantial cost reductions.

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POS RETAIL

Relay Payments Achieves Nationwide Adoption Throughout U.S. Warehouses

Relay Payments | January 27, 2023

On January 26, 2023, Relay Payments, the fintech firm digitizing payments for the logistics, supply chain, and trucking industries, announced that it is now accepted by ten of the United States' top ten unloading businesses. Relay, renowned for its trustworthy technology and excellent customer service, is seeing rapid adoption of its technological platform in a traditionally underserved industry. Eight of the top 10 LTL carriers, ten of the leading 30 FTL carriers, the major conventional and digital freight brokers in the U.S., and 85,000+ midsize fleets and owner-operators depend on Relay for payments. In addition, as a result of this expansion, virtually every grocery store and cold storage facility in the United States now accept Relay as a payment method. CIO and Chief Transformation Officer of Lineage Logistics, Sudarsan Thattai, said, "Since implementing Relay, drivers are saving significant time on the dock, improving the turnaround times at our distribution centers." He added, "Our warehouse staff enjoys working with Relay as well. Their customer service is also among the best I've seen in the logistics industry." (Source – PR Newswire) The firm's co-founders saw how much time drivers spent waiting at warehouses for manual cash and fleet check approvals. So they collaborated with the industry to create a fully digital, secure, and contactless payment system. Carriers and truckers are not the only parties to benefit, though. With less time spent at the dock for each truckload, warehouses can handle more daily deliveries, allowing them to stock store shelves more efficiently. Relay's platform is intended to make the payment process more efficient and trustworthy in an industry plagued by poor service, old technology, and retention issues. As a result, relay expedites the return of drivers to the road, enables immediate driver payment, eliminates short pay, and decreases friction and fraud across the supply chain. About Relay Payments Relay Payments, founded in 2019, is a venture-backed fintech company based in Atlanta, developing a digital payment network for the transportation, logistics, and supply chain sectors. Relay, trusted by more than 300,000 carriers and drivers, is pioneering the modernization of payments in the traditional cash- and check-dependent sector. The company has partnered with industry titans such as Coyote Logistics, J.B. Hunt, and Old Dominion Freight Line to simplify their payment process and improve operations to expedite the delivery of consumer goods to shelves.

Read More

POS RETAIL

Volante Receives Best Wholesale Payment Solutions Provider Award

Volante Technologies | January 19, 2023

On January 18, 2023, Volante Technologies, the leading worldwide provider of cloud payments and financial messaging solutions to promote digital transformation, received the Best Wholesale Payment Solutions provider award at the Global Brands Awards 2022. The award acknowledges the flexibility of Volante's real-time, multi-rail, ISO 20022-compliant Payments as a Service (PaaS), which enables today's most complicated payment processes at scale, with minimal risk and better security. Built on cloud-native microservices architecture, Volante's PaaS decreases up to 40% of the total cost of ownership, speeds onboarding up to 60%, simplifies the creation of value-added services, and provides API-based innovation on top of real-time processing rails. Volante has also received a number of additional awards, proving the company's worldwide leading position. The firm was the only provider to be ranked top in the IBS Intelligence (IBSi) Sales League Table (SLT) for wholesale banking payments for two years in a row. CEO of Volante Technologies, Vijay Oddiraju, stated, "This award provides yet further recognition of Volante's hard-won status as a global leader in payments and a provider of cloud-native solutions that power entire economies. In 2023, we will continue to expand our product set, delivering innovative solutions to our clients so that they have the flexibility to adapt and the freedom to evolve and innovate at record speed." About Volante Technologies Volante Technologies is the world's leading provider of cloud payments and financial messaging solutions designed to drive digital transformation. Over 100 banks, market infrastructures, financial institutions, clearing houses, and corporate treasuries in 35 countries depend on the company as a reliable partner. Its solutions and services power four of the top five corporate banks, 40 % of all U.S. commercial bank deposits in total, and 70% of global card activity every day. Consequently, the firm's clients can stay ahead of developing trends, become more competitive, provide improved client experiences, and expand their companies via quick innovation.

Read More

POS SOLUTIONS

Bluefin Implements Network Tokenization Using Visa Technology

Bluefin Payment Systems | January 23, 2023

Bluefin, a leader in integrated payments, recently announced its partnership with Visa for network tokenization. Bluefin will directly integrate with Visa through this partnership to provide network tokens spanning card brands. Bluefin will provide network tokenization options through ShieldConex, a vaultless tokenization solution that secures payment and ACH account data, protected health information (PHI), and personally identifiable information (PII) input via an iFrame or API. In addition, PayConex, Bluefin's payment gateway, will have the ability to handle network tokens. Chief Information Officer at Bluefin, Tim Barnett, said, "The acceleration of digital commerce and card-not-present (CNP) transactions has underscored requirements for secure payment processing and data input." He also said, "We are excited to provide our partners and merchants with greater flexibility around how they tokenize cardholder data through the addition of this network tokenization option." (Source – Businesswire) Global Head of Platform Products at Visa, Inc., Ansar Ansari, stated, "Tokenization is an imperative aspect of a safe and secure digital economy." He added, "Bluefin's collaboration with Visa helps not only secure payments, but also improves customer experience." (Source – Businesswire) Network tokenization varies from traditional payment card tokenization, in which a merchant's acquirer or payment processor issues tokens for credit and debit card data. Instead, card brands issue a token and a unique transaction cryptogram, allowing network tokens to be interoperable across payment processors, acquirers, and payment gateways. About Bluefin Bluefin develops and maintains programs enabling facility owners and operators to manage their roofs, pavement, walls, and energy use better, allowing them to spend less and enhance the performance of these assets. As the largest provider of technology-enabled facility asset management consultancy in North America, it empowers its clients to readily access and utilize their facility data to make informed decisions. Its balanced approach to facility asset management considers operational spending and capital renewal. This method yields accurate projections of future expenditures and substantial cost reductions.

Read More

POS RETAIL

Relay Payments Achieves Nationwide Adoption Throughout U.S. Warehouses

Relay Payments | January 27, 2023

On January 26, 2023, Relay Payments, the fintech firm digitizing payments for the logistics, supply chain, and trucking industries, announced that it is now accepted by ten of the United States' top ten unloading businesses. Relay, renowned for its trustworthy technology and excellent customer service, is seeing rapid adoption of its technological platform in a traditionally underserved industry. Eight of the top 10 LTL carriers, ten of the leading 30 FTL carriers, the major conventional and digital freight brokers in the U.S., and 85,000+ midsize fleets and owner-operators depend on Relay for payments. In addition, as a result of this expansion, virtually every grocery store and cold storage facility in the United States now accept Relay as a payment method. CIO and Chief Transformation Officer of Lineage Logistics, Sudarsan Thattai, said, "Since implementing Relay, drivers are saving significant time on the dock, improving the turnaround times at our distribution centers." He added, "Our warehouse staff enjoys working with Relay as well. Their customer service is also among the best I've seen in the logistics industry." (Source – PR Newswire) The firm's co-founders saw how much time drivers spent waiting at warehouses for manual cash and fleet check approvals. So they collaborated with the industry to create a fully digital, secure, and contactless payment system. Carriers and truckers are not the only parties to benefit, though. With less time spent at the dock for each truckload, warehouses can handle more daily deliveries, allowing them to stock store shelves more efficiently. Relay's platform is intended to make the payment process more efficient and trustworthy in an industry plagued by poor service, old technology, and retention issues. As a result, relay expedites the return of drivers to the road, enables immediate driver payment, eliminates short pay, and decreases friction and fraud across the supply chain. About Relay Payments Relay Payments, founded in 2019, is a venture-backed fintech company based in Atlanta, developing a digital payment network for the transportation, logistics, and supply chain sectors. Relay, trusted by more than 300,000 carriers and drivers, is pioneering the modernization of payments in the traditional cash- and check-dependent sector. The company has partnered with industry titans such as Coyote Logistics, J.B. Hunt, and Old Dominion Freight Line to simplify their payment process and improve operations to expedite the delivery of consumer goods to shelves.

Read More

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