Mobile POS solutions quickly gaining traction in the retail industry
Cash transactions were the norm within the retail industry for many years. Then along came credit and debit cards, which were beneficial for both businesses and consumers in that these products allowed merchants to quickly process payments and shoppers to keep accurate track of their finances. Now, mobile is making its way into the realm, and just as companies had to implement systems to accommodate card-carrying patrons, they will have to do the same with mobile payments if they want to satisfy consumers who prefer to use their smartphones and tablets for buying merchandise.
Mobile growing around the globe
While the United States has seen rapid adoption of mobile payments from both retailers and consumers, the technology is one that has spread across the globe. As individuals continue to use these gadgets in their daily lives, they are realizing that smartphones and tablets can be incredibly convenient when it comes to getting some shopping done. To retain customers who use their mobile devices and attract new ones, companies are implementing systems that accept payments from these devices.
Storefront Backtalk reports that research from the IHL Group revealed that mobile is a priority for many retailers this year. The study found that 28 percent of businesses have plans to incorporate mobile payment solutions into their operations by the end of 2013. By doing this, companies will be able to reduce the lines at checkout and boost satisfaction among customers.
Some within the retail industry may think that the fast adoption of mobile payments will spell the end for other payment forms, such as cash and credit and debit cards. However, that is certainly not the case, the source notes, as the IHL Group research discovered that 85 percent of big-name brands that have or will implement mobile payments technology said that the solutions will be used as an "add-on" to current checkout processes.
Mobile payments for all business sizes
It's not only larger merchants that are adopting mobile technology, as a study by Constant Contact found that one in five small businesses are currently using a solution that accepts payments from devices.
It's apparent that mobile payment systems are quickly becoming useful for merchants, so making the move now is the best way for companies to ensure they are able to accommodate customers regardless of their payment preference.
