What’s next in the world of payment processing? With the constant flux in the way that we purchase products, it is clear that we have not yet arrived at the way things are going to be. One particular innovation in payment processing that has been making its way onto the scene is the mobility of payment terminals. Mobile payment terminals do not only present a benefit to the location independent business but are even starting to reinvent the whole shopping experience. As mobile terminals take hold, countertop terminals will start to disappear, leaving a whole different kind of approach to the way a store is run. This may not be something we are seeing much of yet, however it has already started to manifest itself in the restaurant industry as we will see.
Mobile Terminals in the Restaurant Industry
Some restaurants have already started to utilize mobile payment terminals as a pay at the table solution. Due to the EMV liability shift that is requiring all merchants to accept chip cards (or be held responsible for fraudulent charge), many restaurants that are currently still relying on old Micros or Aloha solutions will need to catch up with this trend or be open to chargebacks and fraudulent charges. For this reason, mobile EMV readers make a suitable solution to some of the outdated solutions currently being utilized by many.
But it is not just about liability and fraud protection. Mobile EMV readers also positively change the payment experience for customers. As some restaurants have already started to realize, customers do not like to wait for their card to be returned to them. Not only does it make a customer uncomfortable to temporarily part with their card, it is a nuisance to have to wait. There are also particular benefits to the restaurant in executing payments in this manner. A tableside point of sale helps get customers in and out quicker which turns into higher profits for the restaurant.
How Mobile Terminals Will Change the Checkout Experience
We have already started to see how mobile terminals improve the checkout experience by taking a look at how they affect the restaurant industry. However, the payment revolution doesn’t end here. Mobile terminals have a great potential to change the checkout experience as a whole. As mobile terminals become more and more common, the countertop terminal will disappear, completely changing the way retail shopping is done.
Imagine a store with no counters. Imagine if the barricade between you and the customer was lifted and cashiers were salesmen and salesmen were cashiers. You could free your employees to make sales, increasing revenue and improve the checkout experience by allowing customers to pay for their product on the spot. This is the future of payment processing. It means more profit for you and a better time for the customer. It’s a win-win scenario.