The Latest Payment Technologies
The payment trends for small businesses are rapidly evolving, and the payments landscape is becoming increasingly complex as technology advances and new payment options become available. 2023 is shaping up to be an exciting year for small business owners who want to take advantage of the latest payment technologies to drive their business. As the payments environment evolves, so must small business owners. In this article, we’ll explore some of the top payment trends for 2023 that small businesses should be aware of and investigate how they can make use of them to benefit their operations.
Interested in what we’re saying?
Mobile Point of Sale (mPOS) systems are revolutionising the way businesses handle transactions, offering flexibility and convenience by turning smartphones and tablets into fully functional sales terminals. This technology is useful to anyone who regularly accepts or processes payments, so read along if that sounds like you. But first, what does a POS system do?
Put simply, POS stands for Point of Sale. A POS system is the hardware and software that allows businesses to manage sales transactions and accept various payment methods. It has a credit card reader to accept payments so both businesses and customers can go through the checkout process efficiently when making purchases in store. POS systems come in all shapes and sizes, so in this blog we'll explain all there is to know about mobile point-of-sale (mPOS) systems to help you streamline your payment process.
Overview of Payment Trends in 2023
As technology advances and new methods become available, the payment landscape is becoming increasingly complex and competitive. Small business owners must keep up with industry trends and incorporate new strategies into their operations to remain competitive. The main trends shaping the payments landscape in 2023 include mobile payments, contactless technology, SoftPOS platforms, cryptocurrency adoption, automated billing solutions, security measures, digital wallets, instant/real-time payments and artificial intelligence in fintech solutions.
As a small business owner, you need to stay up-to-date on these changes so that you can take advantage of new opportunities to streamline your payment processes and offer customers better experiences.
Mobile Payments and the Rise of Contactless Technology
The rise of mobile payments has revolutionized the way people make purchases and pay bills. This trend is set to continue in 2023 as more consumers rely on their mobile devices for payment transactions. At the same time, contactless technology is becoming increasingly popular for smaller purchases such as food and drinks at coffee shops or fast-food restaurants. Small businesses should consider accepting both mobile and contactless payments to provide customers with an easy and secure purchase experience.
The SoftPOS Revolution
Traditionally, merchants have been reliant on hardware and payment devices (e.g. EFTPOS terminals) to accept payments in-store or in-person. The downside of this is that these devices usually come at an exuberant cost for the business owner. These costs include device rental fees, sign-up costs, paper receipt replacements and replacement costs for damaged or faulty devices.
This is all looking to change with the recent increase in SoftPOS (i.e. software-point-of-sale) solutions. These solutions turn existing mobile devices into point-of-sale and payment machines. With this, monthly rental fees, extra hardware costs and replacement fees are eliminated from the business owner's overheads. All they need is a phone.
To find out more about how to turn your phone into an EFTPOS terminal, contact Pebl through the instant chat at the bottom-right of this page or contact@pebl.me.
What are the Advantages of a Mobile POS System?
Here’s some key advantages of a mobile POS system. For more points, read our article on the 7 key benefits of mPOS devices.
- Mobility and Flexibility: Unlike traditional countertop POS systems, an mPOS system is portable, allowing businesses to move the terminal to wherever the customer is, enhancing the customer experience by reducing wait times and enabling more personalised interactions.
- Ideal for Businesses without Permanent Locations: The portability of mobile POS systems makes them perfect for pop-up shops, food trucks, and vendors at fairs or markets. Even service-based businesses like home repair or cleaning services can process transactions on-site without the need for complex setups
- Supports Multiple Payment Methods: Mobile POS devices can handle various payment options, such as contactless credit or debit cards, mobile wallets like Apple Pay and Google Pay, and even QR code payments, providing customers with better service and convenience.
- Industry-Specific Features: Some mPOS solutions are tailored to the needs of the food and beverage industry, allowing orders to be sent directly from servers to kitchens or enabling customers to place their own orders at the table.
- Lower Investment Costs: Compared to full-size POS terminals, mPOS systems require a lower initial investment, making them an affordable option for small businesses with limited budgets looking to quickly start taking payments.
- Enhanced Security: Mobile POS systems are designed with secure payment processing in mind. They handle the entire transaction within the mPOS terminal, ensuring no sensitive data is stored elsewhere, which enhances security and reduces risks for small businesses.
The Growing Popularity of Cryptocurrency
Cryptocurrencies are gaining traction among consumers due to their low transaction fees and secure nature. Small businesses should consider accepting cryptocurrency payments to tap into this growing market. Accepting cryptocurrency can also help small businesses stand out from the competition and attract new customers.
.svg)
.svg)
