Over the past two decades, the way consumers spend money and pay for things has changed dramatically. Sophisticated cashless payments are making cash purchases obsolete. Around the world, less people are carrying cash than at any time in history, and that trend is increasing. Even third-world countries are using advanced POS systems more often than not.
ARBA Pro Retail Systems offers cashless payment options that are customizable for your particular POS needs. Let's consider three examples of cashless payment solutions that might be viable for your establishment:
Near Field Communication(NFC)- NFC allows payments to be made from smartphones and other portable devices. These payments can be made by bringing the portable device within close proximity to the POS hardware. The portable devices are linked to a smart wallet, and all info is transferred during payment.
Credit/Debit Card Payments- Credit and debit card payments are the most common cashless payments today.
Payroll Deductions- Payroll deductions are great for businesses with cafes, bars, restaurants, and the like. Hospital cafeterias are one of the most common implementers of payroll deduction POS systems. Employee badges can be scanned when a purchases is made, and the amount of the transaction is automatically deducted from the employee's next paycheck.
When choosing cashless payment solutions that fit your business model, you should consider local/regional customs and behaviors as well. What's popular in one country may not be popular in another. For example, certain parts of the EU are using cashless payments more frequently while other parts aren't following that trend.
Asia has lower credit/debit card usage than other Western countries, but access to Internet is prevalent in most Asian nations. Hence, non-card cashless payments may be a better option there. It is important to be aware of nuanced trends from region to micro-region.
Do Your Research and Keep it Simple
Keep it simple. Easy payment options equates to more business. Shopping card abandonment is a disappointing and frustrating phenomenon many stores have to deal with. It takes time and money to pay an employee to put all the items back in their proper places. Some items, such as food items that spoil quickly, cannot be restocked because of the health dangers they pose. Those products have to be wasted.
The number one cause of shopping cart abandonment is the customer's realization that their method of payment isn't accepted in the store they're shopping in. Therefore, it is essential to be able to receive and process all modern forms of payments. Technology is changing every day, so it's best for entrepreneurs to stay in tune to what's going on in the POS world. Cashless payment solutions are no exception.
Contact ARBA Pro Retail Systems today to discuss your cashless payment needs. Our professionals can install and train you, along with your staff, how to implement cashless payments into your POS package. Doing so will add new revenue streams and bring your establishment into the 21st century.