A growing number of merchants expect more from POS systems than just processing payments. To meet the growing needs of merchants, modern POS terminals also support a range of software applications that allow store owners to manage their business from the same devices they use to receive payments.
A huge number of factors are responsible for the surge in demand for integrated payment acceptance systems, according to the study. Hardware installation costs are dropping, especially since the advent of tablets. At the same time, tablets are making integrated POS systems more accessible to merchants who previously could not afford to implement such a system.
It is also necessary to note a huge boom in software development separately for each segment of the retail trade, from dry cleaners to hairdressing salons.
Many simplified POS systems are now equipped with software capabilities that previously seemed unattainable. Features like loyalty program management, customer tracking and analytics are starting to appear in cheaper software packages, analysts say.
It used to be thought that a complex payment acceptance system with advanced functionality was too complex, expensive and unnecessary for small merchants. Now, with the advent of tablet systems, the integrated POS system has become more accessible and relevant to merchants of different sizes. In addition, if earlier POS terminals cost tens of thousands of dollars, today an integrated payment acceptance system can cost a merchant $ 50 per month.
The features merchants want in an ideal POS terminal depend a lot on the type of business. For restaurants, for example, order management is most important. This is why restaurants have long gone without integrated POS systems, which allow them to track and manage orders more accurately and in a timely manner.
For retailers, in turn, the function of inventory management and customer loyalty is very important. Retailers have a limited amount of free capital. So the integrated systems of POS terminals allow them to efficiently manage a product that lays on the shelf for an extended period of time.
A huge number of factors are responsible for the surge in demand for integrated payment acceptance systems, according to the study. Hardware installation costs are dropping, especially since the advent of tablets. At the same time, tablets are making integrated POS systems more accessible to merchants who previously could not afford to implement such a system.
It is also necessary to note a huge boom in software development separately for each segment of the retail trade, from dry cleaners to hairdressing salons.
Many simplified POS systems are now equipped with software capabilities that previously seemed unattainable. Features like loyalty program management, customer tracking and analytics are starting to appear in cheaper software packages, analysts say.
It used to be thought that a complex payment acceptance system with advanced functionality was too complex, expensive and unnecessary for small merchants. Now, with the advent of tablet systems, the integrated POS system has become more accessible and relevant to merchants of different sizes. In addition, if earlier POS terminals cost tens of thousands of dollars, today an integrated payment acceptance system can cost a merchant $ 50 per month.
The features merchants want in an ideal POS terminal depend a lot on the type of business. For restaurants, for example, order management is most important. This is why restaurants have long gone without integrated POS systems, which allow them to track and manage orders more accurately and in a timely manner.
For retailers, in turn, the function of inventory management and customer loyalty is very important. Retailers have a limited amount of free capital. So the integrated systems of POS terminals allow them to efficiently manage a product that lays on the shelf for an extended period of time.
