With all of the news regarding novel technologies and payment methods, it might become difficult for businesses to remember that the real challenge in transaction processing will be the handling of diverse options that allow each individual customer to have his or her own choice. Sure, cash payments and credit card processing have become easy enough to handle, but they will need to be complemented with a wider range of point of sale capabilities in the near future.
After all, it does not take much for a shopping cart to be abandoned or products to be left at the physical terminal in a store, and consumers will be especially likely to balk on completing a purchase when the retailer will not accept the method of payment they prefer. So, the best path forward will likely be to focus on integrated payments, which bring systems together and ensure transaction processing is streamlined for both the business and its patrons.
Suffice it to say much work will need to be done to get there.
To achieve properly integrated payments that remain efficient and intelligent over time, businesses will need to keep track of the new trends involved. Wareable recently reported that Samsung appears to believe that smartwatches will become popular vehicles for payment processing among consumers in the near future, and as such has developed a tool that leverages biometrics as a core security capability.
As a note, the patent is still pending, but this new development would essentially authenticate identities through the wearable device itself, then streamline the experience for the user and provide retailers with another technology that can be targeted in sales programs, the source affirmed. According to the news provider, Apple Watch already has a TouchID biometric authentication system in place similar to the one released with the Apple iPhone 5s, and this will also be used to complete transactions in the near future.
What's more, Wareable pointed out that the Barclaycard bPay modules that are already becoming available include an NFC chip that makes it possible to complete transactions without any other form of identification. In many ways, it appears as though the transaction processing preferences of future consumers will be decisively focused on simplicity and speed, made possible through biometric and similar authentication solutions.
"Integrated payments systems streamline new POS technology adoption."
Slow and steady
Should retailers hope to keep pace with technology's progression, the time is now to begin leveraging integrated payment systems that are capable of expanding the functionality of point of sale packages. From mobile POS and EMV support to standard card processing and beyond, there is already plenty of work to be done to ensure that the systems are prepared for some of the more common methods seen today.
By being proactive in this regard, scaling the POS investments up as time goes on to bring in newer technologies at a steadier, less hectic pace will be a bit easier. With the right integrated payments provider to handle these new features on behalf of the POS provider, adopting newer solutions and incorporating them into standing systems will be a far easier endeavor.