Cashless Payment Options on the Rise, Will You Be Ready?

5 Feb 2018
Turnkey
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store payment

For some time now we’ve been hearing about the benefits of mobile payment technology. Not only is it convenient and safe, it also speeds up check out times and offers companies a chance to strengthen brand loyalty.

As more and more people carry and use mobile devices across the globe, the rate at which mobile payments are replacing paper checks, cash and even debit cards is continuing to increase.

Mobile Payments Flourish

According to findings from Allied Market Research, the mobile payments market is expected to reach $3,388 billion globally by 2022, led by mobile payments made via SMS and NFC payments.

We’re now moving into the next generation of payments and are starting to see stores are depending on technologies that fully check out customers. The idea is that customer service will increase and businesses can cut down on costs.

Starbucks is also reportedly testing out a cashless store at one of its locations in Seattle to see what all the buzz is about. In this trial, the company said it will be seeing just how beneficial a cashless option can be for customers and operations.

Amazon is also currently experimenting with an Amazon Go concept store that takes the cashless trend a step further. The cashier-less store lets shoppers use their mobile devices, cameras and sensors to shop and leave the store without ever having to head to a register.

As these checkout options increase in demand, businesses will need to be ready to respond.

What are Cashless Stores?

Cashless stores, as the name indicates, do not accept cash as a form of payment. This is in contrast to the years small businesses were turning away customers who only carried plastic. Today, consumers demand less choices and want payments that are more secure.

In response, retailers are choosing cashless payment options like Apple Pay and Google Pay or even PayPal, but turning away exchange of the green stuff.

For businesses, this eliminates errors, staff handling and time spent counting cash drawers. Instead, everyone in the business is free to focus on improving how they serve customers.

What Business Can Do to Prepare

As these payment options become the norm, businesses like retail and foodservice will need to be ready. A legacy countertop cash register will no longer cut it.

Sophisticated POS systems that can process mobile payments, offer additional apps and support the next generation of customers is needed.

At Turnkey, we understand how important it is to deliver easy and effective payment options. Our goal is to provide your business with a user-friendly and customizable payment processing solution that delivers the latest technologies and options and ensures you’re ready to meet customer demands today and in the future.

Get in touch today!

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