The modern payment gateway includes much more functionality than years gone by. Today, clerks can carry a mobile device around the store with them to ring a customer up for a sale wherever they may be in the store. This had led to a revolution in retail thinking, where the customer interaction with a worker can be a key component in closing the sale. This guide will help bring you up to speed on payment processing, learning how modern retailers are meeting the challenges of online sales.
Mobile Payments on the Rise
One major change that has come to the retail sector is mobile credit card processing. This is still fledgling technology, so some stores may still use a system best described as “sluggish”, but more consumers are trusting their financial info to their mobile phones. Applications like Google Wallet or Apple Pay make this transition easier than ever before.
It basically comes down to convenience. As long as there is an internet connection, retailers can accept payments. This has even affected the independent store owner, who may not even have a brick and mortar space. Someone setting up a booth at a swap meet or convention can easily take payments from potential customers.
Data is King
More and more, stores are learning about the people who buy from them at the credit card swipe machine. POS systems are merging with online customer relations management software that allows retailers to learn more about customer behavior, and track lifetime sales to their buyers. Retailers can use this system to ship goods, remember who a customer is when they visit the company’s website, and make customer service more efficient.
Retailers can also use this data to run detailed reports that indicate the health of the business. That’s an upgrade for the inventory team as well, who can now better predict how much of a product will need to stay on hand to ensure sales remain high.
All of these innovations are possible because the devices can communicate with one another. As the Internet of Things catches on, retailers will be looking for methods to have the POS system act as the center point for data gathering.
That also means that businesses will need to put more effort into securing the POS terminal from intrusion. Strong passwords, and other forms of authentication, are now a necessity for all clerks running the register. Some stores with Windows-based systems also go so far as to run a firewall, preventing access from unwanted intruders.