What's Changing in the Payments Processing Industry?

What’s Changing in the Payments Processing Industry?

In the UK, notes and coins are now in third place as the preferred payment method, below debit cards and credit cards respectively. As consumer preference skews toward using payments other than cash, processors must keep up with the demands of all businesses large and small, making it quicker and easier to serve customers. 

Advancing technology has given payment processing software comprehensive capabilities that integrate inventory, employee, accounting and customer management features, providing full-service solutions that make operating and scaling a business more accessible than ever before.

Fully Remote Operations

One of the most convenient features of modern POS software is fully remote capabilities. All data is stored on the cloud. You can get on your PC, iPad, or iPhone any time day or night, to find out how many widgets you have in stock no matter where your shop is. From anywhere in the world, you can look at customer data, inventory, employee performance, and accounting records. 

Order stock, reorganise schedules, launch marketing campaigns, and even open new eCommerce shops; all from your living room or wherever in the world you are. 

Real-Time Synchronised Data

Modern POS software synchronizes your shop data in real-time so you always have a clear picture of your inventory status and sales performance. 

Integrated systems remove items from your stock count as they are purchased, enter financial data in your accounting software as transactions take place, track employee performance on the floor, and keep you informed of customer activity as it happens. When your data synchronises in real-time, every aspect of your business can be managed to optimise revenue and use of resources.

Intuitive and Easy to Use

Remember when even the slightest variation from what was already in the payment system resulted in clerks having to go looking for a manager? Item details had to be manually entered, and double entries were the norm. 

Now, the in-store checkout process is getting faster as software becomes more intuitive, systems sync more readily, and entries are easier to edit. Staff will love the simplicity of a modern POS system, and most functions can be learned in a matter of minutes. 

Multi-Channel Inventory and Customer Sync

Having an eCommerce shop doesn’t have to feel like running a completely separate business when you can sync and integrate everything in your online platforms with data from your brick-and-mortar shop. 

Whether you sell from a website or a social media platform, inventory and customer data gets shared across all channels. Your inventory will be updated, and customer activity is recorded, no matter if it is from your physical location or your online shop. This way, your most loyal customers will get rewarded regardless of how they prefer to patronise your business.

Works Offline

It used to be the case that if the internet was down, you couldn’t process payments in your store. When the majority of UK consumers now carry about £26, losing your payment processor because the internet isn’t working could mean losing sales. Fortunately, most systems now have features that allow business owners to process payments regardless of web access, then sync the data once service is available again.

Automated Stock Orders/Customised Reorder Points

Stockouts and overstocks are a major source of revenue loss, and they are easily preventable with modern POS systems. When your system integrates with your inventory management software, you can automate your stock orders so you never again have to worry about running out of your most popular items. Simply set your system to reorder when stock drops below a certain point, then sit back and relax.

Contactless Payments

Contactless payment methods are becoming more popular, and they will become a necessity in order to continue safely doing business as we face environmental and population changes that fuel viral pandemics and antibiotic-resistant superbugs. Contactless payment allows consumers to pay for goods and services with their phones or by tapping the card reader with their debit or credit card, rather than fully inserting or sliding the card. Not only does this method cut down on spread of infectious disease, it is also faster and more convenient than traditional credit or debit transactions.

Comprehensive Reports

Creating reports that contain the data you are looking for used to require more technical knowledge than it does now. Modern systems allow you to configure the exact data you are looking for in a way that presents the clearest possible picture of your business. Run reports to check in on employee performance, inventory, sales data, or customise reports to specifically analyse whatever you want to look at. Generate reports from wherever you are, too, with mobile retail capabilities. Evaluating your business has never been easier.

Final Thoughts

Point of sale systems are constantly evolving to provide businesses with the tools needed to succeed. In a competitive marketplace, efficient and thorough management helps you compete in order to rise to the top. If you are considering switching your POS service, make sure you are using the most up-to-date, comprehensive system available, with fully integrated, synchronized, and automated features that supply the foundation your business needs to keep growing.

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Owner and Editor at Week99er
Becky is Content Creator in metro-Detroit. She is also an interior designer, a former adjunct professor, a gluten free foodie, and world traveler. Week99er is a lifestyle site featuring real life reviews of the latest in entertainment, technology, travel destinations and even set visits. Her Youtube channel gives in depth reviews and travel videos. Contact her at [email protected]

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