Cash is becoming increasingly rare in the retail sector. Increasingly, with the development of digital technology, other means of payment are emerging. These include, of course, the credit card, which has long since become indispensable, but also payments via smartphone, e-wallet, e-mail and SMS. To be able to meet the needs of its consumers, who are accustomed to buying on the Internet and using new technologies, the company must equip itself with appropriate payment solutions. A wide range of hardware and software tools are available on the market. From classic cash registers to payment terminals and mobile applications, the choices are numerous. It's up to you to adapt and optimize them to suit your business.
What are the payment solutions?
We can't list all the cash solutions here. Let's take a look at the most common, which are the following 5.
1. Cash registers
Cash registers are widely used in small shops and restaurants. It features a cash drawer for coin storage, and now often processes credit card payments.
Manufacturers offer high-performance cash registers: touch-sensitive, connected, synchronized, equipped with management software... Everything is done to make transactions more fluid.
2. Payment terminals
The electronic payment terminal (TPE) is a device capable of reading a bank card, including contactless or mobile cards, and recording the transaction. The data is transmitted to the bank, which then transfers the money to the merchant's account. TPEs have been modernized and now integrate other functions such as inventory management and accounting software.
3. Mobile payments
Accepting credit card payments wherever you are is possible thanks to a small device connected to your smartphone or tablet. All you need is a card reader supplied by a financial institution, then download the free application.
4. Online payment
Paylib, PayPal, Stripe, Apple Pay, among others, are payment methods that enable Internet users wishing to buy online from a mobile, tablet or computer to pay for their purchases. The transaction is secure for both buyer and seller. The purchasing process is quick and simplified, as there's no need to enter bank details each time.
5. The automatic coiner
No human intervention is required. The device calculates the amount to be paid, collects the cash or card payment, gives change and, what's more, detects counterfeit bills. Time savings and security guaranteed.
How to optimize cash solutions?
Each sector has its own specific features. The first step is to determine the company's needs. Then choose a tool adapted to the type of activity.
In a tobacconist's shop, for example, cash transactions need to be carried out quickly. The chosen system must be simple, practical and accept a variety of payment methods.
It will no longer be possible for itinerant merchants to do without a Smile&Pay card reader, as passing customers don't always have cash with them when they make a "coup de coeur" purchase.
Restaurateurs will prefer more sophisticated cash register software, enabling them to manage inventory and reservations in real time. On the other hand, they'll want to make sure that the software is easy to use for a constantly rotating staff.
E-commerce merchants will avoid shopping cart abandonment with a clear and fast payment solution.
Whatever the type of business, the main selection criteria to bear in mind are :
- ease of installation and use
- the ability to customize for your business
- guaranteed time savings
- price in relation to the functionality actually required
- adaptable peripherals
- after-sales assistance
To select the best POS solution, it may be useful totest several. Most providers offer trial periods. Tools that are too general are generally disappointing to use. All aspects, whether technical, practical or financial, should be examined.