During the payment innovation boom of the past few years, a number of forward-thinking organizations began implementing solutions designed to drastically improve the checkout process. This blog has mentioned a number of them, including Apple and JC Penney, but several other industries will soon be experiencing the benefits of advanced card processing software, among other payment methods.
That's according an article in Forbes, which lists five different applications for innovative payment solutions – noteably mobile payments – that will be gaining steam in the coming months. Some of the entities listed by Forbes have already begun to implement new payment tools – such as coffee shops and national retailers – but others have not been known for payment innovation and, should they upgrade their payment systems, they could go a long way towards improving all operations.
Perhaps the most intriguing is fundraising. While major charities and powerful organizations such as political offices have established effective methods to process payments over the phone, those who collect money in person typically have not. Take the Girl Scouts for example. As they stand in front of grocery stores selling cookies, they usually have to rely on their potential customers to carry cash. That isn't often the case. If they accept credit cards by taking down the number and processing it from a computer, it typically takes a long time for the transaction to go through and these payments often carry high interchange rates.
According to the article, a Girl Scout troop in California has begun using a mobile card reader that processes payments on site and saves the merchant a tremendous amount in fees.
"Rather than having to wait for credit card information to process for days or weeks at a time, each fan of the delicious cookies was given the option to pay with cash, check or credit – and to have the information processed quicker than ever before," the article says.
As solutions such as POS card processing systems continue to evolve, more traditional industries will likely adopt these products.