A Guide for Software Providers Considering the Payment Facilitator Model.
As a new, lighter POS approach emerges, Point of Sale (POS) solutions no longer have to depend on PCs to operate. Depending on a system’s configuration, the new POS model can leverage thin clients such as tablets and handhelds, giving the cashier the freedom to transact business at the point of decision.
Cash Still Rules. It takes money to make money. This old adage certainly holds true for businesses that process cash transactions. Cash costs U.S. businesses $55 billion yearly. While most of that is due to theft, the figure also includes time spent on processing, counting and transporting bills and coins.
If you think credit and debit cards are about to displace cash for retail transactions, think again. Legal tender remains the most commonly used form of payment, accounting for about 40 percent of U.S. transactions overall, up to two-thirds of purchases under $10, and half of transactions valued at less than $50. “Cash accounts for about 85 percent of global consumer transactions,” according to MasterCard. “In most countries the cashless journey has only just begun.” So while plastic and electronic payments have been hailed as the currency of the future, there is a long way to go.
As cash-handling industries such as retail and food service evolve, cost-efficient ways to process cash are a must. Mechanical and manual methods no longer adequately support businesses, as evidenced by the $50 billion of retail revenue lost yearly to theft. ISVs that integrate intelligent cash management solutions such as cash recyclers into their solutions help clients meet tough challenges, protect their businesses, and improve their chances at longterm success.
As a new, lighter POS approach emerges, Point of sale (POS) solutions no longer have to depend on PCs to operate. Depending on a system’s configuration, the new POS model can leverage thin clients such as tablets and handhelds, giving the cashier the freedom to transact business at the point of decision.
If you think credit and debit cards are about to displace cash for retail transactions, think again. Legal tender accounts for as much as 40 percent of transactions overall and up to two-thirds of purchases under $10. So while plastic and electronic payments often have been pegged as the currency of the future, the oft-predicted cashless society is nowhere in sight.
As a new, lighter point of sale (POS) approach emerges, POS solutions no longer require PCs to operate. Depending on a system’s configuration, the new POS model can leverage thin clients such as tablets, handhelds, and IP-enabled cash drawers to bring flexibility and convenience to in-store transactions.
Now that point of sale (POS) solutions no longer have to depend on PCs to operate, businesses have a wide range of options to set up their systems. Retailers, restaurateurs and hospitality operators can take advantage of standalone IP- enabled components to choose whatever configuration best suits their business objectives and customer needs.
The need for PC-centric POS solutions is waning as a more flexible model emerges. Leveraging cloud and mobile technologies, this model supports thin client and IP-enabled components such as cash drawers and printers.
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