Over the last few decades, the payment processing industry has vastly changed. Just 20 years ago, the idea of paying for something using a credit card was relatively new. In fact, it was more common than not for a merchant to not accept credit cards. Fast forward to today and credit cards have become one of the top methods for paying for items, and most businesses accept them!
Thanks to advances in technology, the days of slow and manual checkout via cash register are of the past. Today companies have invested in ePOS systems, which offer all sorts of benefits including streamlined business operations and improved customer experience.
As ePOS systems continue to grow and modernize, it’s worth noting just how impactful these systems have become. Here are the many ways that ePOS systems are evolving payment processing.
NFC Payment Support
Over the years, the use of cash to pay for items has declined and plastic-based payments have taken over. The days of counting dollars and coins is slowly disappearing from many industries. In fact, plastic card purchases account for 66% of all in-person sales.
Credit and debit card payments are more convenient and they’re faster. Plus, certain cards offer rewards (ie. money back), that you don’t get when paying in cash. While plastic-based payment is likely to rein king for years to come, mobile payment is creeping up on the popularity list.
Mobile payment, also known as NFC payment, is an upcoming digital way for people to pay for their purchases. NFC payments are even more convenient, as customers only need their phones to make a purchase. Mobile payments work by simply holding the device (usually a cell phone) near a card reader. Money is then taken from the customer’s digital wallet.
Some of the most commonly used NFC payment forms include:
- Apple Pay
- Samsung Pay
- Google Pay
With an ePOS system that accepts NFC payments, you’re able to offer customers the convenience and flexibility of paying using the method that best meets their needs. Offering this kind of new and modern technology is a great way to give your brand a one-up on competing companies.
Faster Checkout Times
Time is of the essence, especially when it comes to check out speed. The fact is that customers don’t want to stand in long lines before they can purchase and leave with their items. One study found that customers are only willing to wait 14 minutes before being served, otherwise they become anxious and frustrated.
Long lines and long waiting times to check out will cost you sales. Even worse is the fact that the human brain is wired remember bad experiences, which means that a single bad experience can scare a customer from doing business with your brand forever.
The good news is that long wait times can be easily remedied with an ePOS system. In fact, one of the top mobile POS systems, Square, is aiming to make it’s transactions times three seconds or less.
Because ePOS systems are quicker than the traditional cash register, there’s a much lower risk of customers having to stand in line.
Another great feature that many ePOS systems offer is mobile checkout. While waiting times will automatically be reduced with the introduction of an ePOS system, you can make shopping even more convenient with a system that offers mobile checkout.
So what is mobile checkout? In simplest terms, mobile checkout allows transactions to be processed from anywhere at any time. this means that customers can choose the traditional method of making a purchase. Or, they could check out with the help of a sales representative that has a connected device.
This not only minimizes wait times but offers a huge convenience to customers, especially those with small orders or someone who is in a rush to get in and out of the store.
Mobile checkout is also beneficial in that it greatly expands your business’ horizons. Instead of just being able to conduct sales in your physical store, you now have the ability to conduct sales from anywhere!
This means that you can conduct business at local events, pop up shops, trade shows, and any other place where you may find customers. Mobile checkout also improves brand visibility and recognition, which means increased sales numbers and improved customer retention.
ePOS systems have had a huge impact on payment processing. Not only can businesses now offer faster check out times, they can also offer conveniences such as paying from anywhere in the store or paying using a mobile payment service.
As ePOS systems continue to evolve, businesses in all industries can expect payment processing to change as well.