Since 1994, Retriever Merchant Solutions has been providing retailers with payment-processing systems. Based in Munster, Indiana, Retriever Merchant Solutions services point-of-sale (POS) technology to retail, wholesale, jewelry, restaurant, professional, and online businesses. The payment-processing industry as a whole expects to see newer technologies, namely mPOS, become priorities for retailers over a number of reasons.
POS and mPOS (mobile POS) solutions are quite different from one another. POS simply encompasses a number of ways that merchants take sales using software and hardware, typically via a cash register and other tools. Nowadays, most POS is cloud-based. Alternatively, mPOS takes payment solutions up a notch by allowing retailers to use mobile-phone technology and tablets to take payment while allowing customers to move around the store. Like POS, mPOS technology is cloud-based, but it is usually connected to a printer and the Internet and can take credit/debit payments.
In the last few years, mPOS technology has become the preferred method of payment for retailers, and for a few reasons. For one, mPOS technology allows associates to float the floor and ring up transactions, reducing checkout wait times. Moreover, mPOS allows for mobile wallets (contact-less credit transactions). Finally, mPOS has the potential to free up floor space, space usually designated as the cash wrap (where cash registers sit).
The benefits are numerous, but more than ever, 45 percent of retailers are seriously making mPOS technology a priority with BOPIS (buy-online-pickup-in-store) and BORIS (buy-online-return-in-store) becoming a part of the platform. As payment-processing companies innovate new technologies, the compounded annual growth of the industry is expected to grow to 11.2 percent in the five years spanning 2018 to 2023. Walgreens and even the Girl Scouts are adopting mPOS technologies in an attempt to increase their profits. As more retailers adopt mPOS, the entire retail landscape will have to adapt to this new technology to compete.
POS and mPOS (mobile POS) solutions are quite different from one another. POS simply encompasses a number of ways that merchants take sales using software and hardware, typically via a cash register and other tools. Nowadays, most POS is cloud-based. Alternatively, mPOS takes payment solutions up a notch by allowing retailers to use mobile-phone technology and tablets to take payment while allowing customers to move around the store. Like POS, mPOS technology is cloud-based, but it is usually connected to a printer and the Internet and can take credit/debit payments.
In the last few years, mPOS technology has become the preferred method of payment for retailers, and for a few reasons. For one, mPOS technology allows associates to float the floor and ring up transactions, reducing checkout wait times. Moreover, mPOS allows for mobile wallets (contact-less credit transactions). Finally, mPOS has the potential to free up floor space, space usually designated as the cash wrap (where cash registers sit).
The benefits are numerous, but more than ever, 45 percent of retailers are seriously making mPOS technology a priority with BOPIS (buy-online-pickup-in-store) and BORIS (buy-online-return-in-store) becoming a part of the platform. As payment-processing companies innovate new technologies, the compounded annual growth of the industry is expected to grow to 11.2 percent in the five years spanning 2018 to 2023. Walgreens and even the Girl Scouts are adopting mPOS technologies in an attempt to increase their profits. As more retailers adopt mPOS, the entire retail landscape will have to adapt to this new technology to compete.
