The 21st century has seen rapid advances in technology, from medicine to artificial intelligence. This has created a wealth of opportunities for new products and new types of businesses, with whole new industries springing up around the latest technology.
However, this new technology doesn’t necessarily have to leave traditional bricks-and-mortar stores behind. On the contrary, it can open up new opportunities and efficiencies for even the most conservative retail businesses.
Modern Payment Technology
New types of payment gateways are a blessing for both businesses and their customers. These online payment systems are user-friendly and quick, making online transactions a breeze and allowing consumers to avoid the headache of carrying bundles of cash. Although the older generations are used to carrying cash and sometimes find it difficult to navigate online systems, these payment processes are being embraced across all age groups.
The younger generations in particular have adopted online payment systems quickly. Just about everyone is discovering how safe, secure, and convenient it is to pay online rather than carrying cash around everywhere. As once-reluctant consumers realized these benefits, they switched to online payment systems, and now there is no turning back!
Benefits of Online Payments for Businesses
For businesses, electronic payment systems are not limited to online shopping. In fact, these are the best mode of payment for traditional brick-and-mortar businesses as well. The trend for online shopping has been growing for many years and greatly accelerated since the start of the COVID-19 pandemic. However, many people still prefer to shop in person, so these stores aren’t going anywhere.
Going to a physical store means you can explore every product, checking it’s quality and verify its freshness. Not to mention that shopping can be an event in itself which many people love to enjoy in person. Online and offline shopping experiences have their pros and cons, and both have their place.
It’s also essential that brick-and-mortar stores also provide their customers with the best and most secure payment systems. If you are planning to start a brick-and-mortar store, then learning about payment systems should be at the top of your list.
The Best In-Person Payment Systems
Whether you are about to start a new business, or an experienced business owner but new to electronic payment systems then you need to be across the best and most secure online payment systems. Online payment system infrastructure allows vendors to accept credit or debit cards, and other electronic payments. This is a third-party service that includes processing, verifying, accepting or declining transactions over secure internet connections.
Drafts, cheques, and of course cash are traditional payment systems that are becoming quickly obsolete. These days, businesses are moving towards modern payment systems like electronic POS, online payments, payment apps, and electronic funds transfers are all convenient substitutions for cash.
Most Efficient and Secure Payment Systems for Brick-and-Mortar Stores
With safety and security more important than ever before, it’s important to be familiar with the most secure payment systems available.
Credit and Debit Card Readers
Credit and debit card readers remain one of the most efficient payment methods for businesses and most convenient methods for customers. Also known as card payment terminals or PDQ machines, credit card readers are handy devices that sit on your shop’s counter and allow your customers to instantly pay by card.
Mobile Card Readers
Mobile card readers are another fantastic solution for face-to-face businesses. They work in a very similar way to card readers, the key difference being that you can take a mobile card reader anywhere. This makes it an ideal choice for mobile visitors such as tradespeople and mobile hairdressers, and also for brick-and-mortar businesses such as cafes, where it would be handy to be able to take payments while moving around.
Mobile Payment Systems
Just because you run a brick-and-mortar store, this doesn’t mean that you need to limit yourself to physical payment systems. You can take advantage of online payment systems to offer your customers more convenient, safe, and secure ways to pay. Mobile payment systems let your customers pay through a portable electronic device such as a mobile phone or tablet. This technology is used to transfer money through applications like PayPal, Venmo, and PayTM.
Key Takeaways
Sub-par payment systems can greatly limit your business, deterring sales and limiting your business’ growth. Having a host of reliable, efficient, and convenient payment systems is essential for all businesses, from online stores to brick-and-mortar businesses. For modern in-person stores, this means not only accepting credit card payments but also offering online payment systems.
Adopting the latest technology is essential for modern businesses to stay agile and competitive in today’s competitive landscape. Don’t be afraid to embrace the latest technology – it will help you attract more customers, make more sales, and grow your business!
