Over the past few years, many businesses have made the decision to adopt a modern point-of-sale device that allows them to more quickly and easily process not only traditional credit card swipe-based transactions, but also new types of purchases that are growing in popularity.
For instance, the mobile payments revolution and EMV liability shift have dramatically increased the number of companies that can process advanced and more secure transactions, but there are still plenty of merchants that haven't taken such a step yet. Often, this is done because of the costs that are often associated with such a switch. Fortunately, there may be options available to obtain low-cost POS devices through a reseller rather than buying a brand new device with a higher price tag.
Why is this important?
Even beyond the EMV liability switch that shifts the cost of fraud back onto companies that suffer it, merchants of all sizes moving to adopt more affordable, modern POS devices is likely also a good idea simply because that's what consumers have come to expect, according to Payments Source. The fact is that the vast majority of shoppers now have credit and debit cards with EMV capabilities and use them on a regular basis. The same is expected to become increasingly true when it comes to mobile purchases in the near future.
"For the first time in a long time, customers are starting to push the envelope on the shopping and the buying experiences and merchants have to respond," says Marc Castrechini, vice president of product management at a Boston-based merchant services company, told the site. "Customer preferences are changing. They will actively gravitate toward merchants that offer what they want and avoid ones that don't."
Major investments on the way
Indeed, it's expected that the market for retail-based point-of-sale terminals will climb significantly in the years to come as more businesses around the world move to adopt the new processing powers more modern systems provide, according to Global Market Insights. It's believed that mobile POS devices alone will see an 18 percent compound annual growth rate from 2016 to 2024, and that the overall market will reach a value of about $45 billion during that period.
This growth may be especially important as companies move to tie traditional and emerging payments to loyalty rewards, coupons, and so on, the report said. Many businesses are now investigating the feasibility of such a move, and it's expected they're going to gain a lot of steam in the next several years.
The issue of cost
Many merchants - especially smaller ones - may see the value of these systems, but remain worried about the cost. The good news is that about 2 in 5 restaurants that were recently surveyed about the cost of their POS systems reported paying less than $10,000 to implement it. Moreover, the cost of these systems is falling, with an average cost for all new adopters of about $13,344. That's down from more than $18,000 in 2012.
For these reasons, reaching out to a reseller and investigating as many options as possible will likely be a wise move for merchants and restaurateurs of any size.