Anyone who follows the technology or payment industries is well aware of the fact that the two are merging to create a number of options on the market to expand how companies operate. Because of this, many businesses can easily find themselves overwhelmed if they decide it is time to upgrade their traditional cash registers to a new point of sale system and payment processing service.
Because of this, many small retailers have shied away from updating. A recent article from Street Fight Magazine examined the reasons why so many organizations are still clinging to outdated point-of-sale systems.
"The past few years have seen an explosion of local technologies, with venture capital and existing players alike investing heavily in bridging the so-called online-offline gap," the article reads. "But today, many of these services still revolve around a black hole of sorts — the point of sale. Much of the automation and efficiency that technology has brought to ecommerce is still out of reach for the local market because the sellers remain largely offline."
The piece goes on to say that the landscape is changing. Pushed by the dropping costs of mobile devices and cloud-based services, as well as smaller systems like Square, merchants now have easier access to the latest technology.
The article also features an interview with Revel founder Lisa Falzone. The company is one of the payment startups that it trying to get all companies updated to tablet POS services. She spoke about the "iron grip" that legacy point of sale systems have over many small retailers.
According to Falzone, the classic legacy industry is getting "fat and happy" and is not able to adapt to the changing consumer landscape. Instead, mobile devices are offering a new level of flexibility as the devices can be used for multiple purposes with the right applications and infrastructure. She went on to say that unlike the immediate benefits of e-commerce, selling smaller businesses on new cash registers can be more complicated.
"You have to go and convince every mom-and-pop to change out their existing products and adopt a new one," Falzone said. "But in the next four-to-five years, you're going to see a complete transformation in the industry, when at least 80 percent are going to have a next-generation point of sale."
With the help of a retail solution provider, any small merchant can easily start taking steps into the future and provide customers with a new experience.