From smartphones with card readers to traditional point of sale (POS) terminals with near-field communications (NFC) capabilities, the future of payment technology is literally flying through the ether. Offering flexibility and versatility to businesses and customers alike, the trends that can benefit your business provide a win-win for everyone.
1. Near-Field Communication
While most credit card-enabled POS systems provide secure transactions via EMV chip card technology, now, many credit card terminals also offer NFC technology, allowing contactless payments through mobile wallets, including Apple Pay, Google Pay, and Samsung Pay from smartphones and even smartwatches. Sometimes customers forget their wallet, but they’ll never forget their phone.
2. Mobile Pont of Sale
With a growing percentage of cashless transactions, mobile POS systems allow businesses to accept credit cards via an internet connection and a mobile credit card processing service. From Square to PayPal, from Flagship to ROAMPay, businesses need only attach a card reader to a smartphone or tablets. Plus, mobile wallet providers such as Google Wallet, Visa Checkout, and Apple Pay enable customers to pay directly from their smartphones or by a scanner that reads barcodes or QR codes. The barrier to entry for POS for small businesses and new businesses is non-existent.
3. Customer Data
Retail POS systems prompt a sales associate to enter a customer’s demographic information, including a ZIP code, phone number, age range, and gender. And when a specific item is purchased, a POS system can be tweaked to only gather certain customer information. And even when the sales associate is not able to request specific information of the customer, the POS will still link the sale to the customer’s demographic information.
4. POS/CRM Solutions
Not just a credit card terminal, the latest POS systems offer invoicing, marketing email lists, and client records. Enabling businesses to run loyalty programs, POS/CRM systems integrate all aspects of running a business. With the ability to organize data, including names, billing and shipping addresses, emails, and order history, POS/CRM systems can also distribute the data to different departments, including sales, customer service, and technical support.
These are only a few of the top trends changing retail point of sale systems. Retailers should be on the lookout for these trends and more as they adjust to an ever-changing retail landscape.
Host Merchant Services
Host Merchant Services offers state-of-the-art POS systems personalized for your business. From retail to restaurants and everything in between, HMS provides businesses the tools they need to be successful. For payment processing, HMS can help your business accept all credit and debit cards with the lowest transaction rates on the market. When we demonstrate your payment processing scenario selections, HMS offers your business several point of sale options, including Clover, Vital, Bonsai, and more to fit your specific operation. If your business is already equipped with hardware, HMS provides an easy point of sale integration. We are able to retain customers with our low rates and excellent customer service – not our contracts. With 24 hour customer service, seven days a week and 365 days a year, we require no term commitment, and we charge no upfront fees or hidden fees. Nor do we charge application or setup fees. An industry leader, Host Merchant Services is always here for you.