Growth of Point Of Sale Transactions – Why You Need a POS Solution

The cry of “cash is king” has diminished to something of a murmur. 

COVID, personal safety, and convenience have all dictated that cash take a back seat in recent years as people choose plastic over paper.

The statistical minds agree, saying, “A new study has found that the total value of transactions processed by Point of Sale (POS) terminals will exceed $17.3 trillion in 2026, from $14.8 trillion in 2021; growing 28%.” (Source)

Will this information have any impact on your business?

Why is Cash Losing Ground?

Before we explore the new and exciting world of alternative payment methods, it’s worth understanding why cash is not as popular as it once was.

For one thing, cash is a little bit gross, and this is not a throw-away comment from a rampant germophobe. One article discussing the potential for cash to carry germs says, “Money can carry viruses, protozoa, and bacteria. Depending on where it’s been, it could carry almost anything. Another study of dollar bills in New York City found a whole host of active microbes, the most common of which was propionibacterium acnes, the bacteria responsible for acne breakouts.”

Essentially cash has the potential to be a travelling portaloo, and with COVID still breathing down our necks, we can do with a little less in the way of pathogens in our world right now.

From a safety perspective, many of us try to avoid carrying large sums of cash. There may be times when we have to make a withdrawal but knowing that criminals target people coming out of banks makes us think twice. One source says, “A common method for criminals is known as “Spotting”. This is where bank clients are followed home and robbed after withdrawing large amounts of cash. It’s difficult to profile spotters because they are different ages and male and female and they aren’t the ones committing the crime outside the banks.”

For these reasons, and the simple convenient of tapping or swiping a card, POS solutions are increasingly important to businesses. 

Evolving Point of Sale Solutions

A few short years ago, a point of sale (POS) system was that device that you swiped your card through after buying your beer. However, this system has evolved since then, and now a POS solution is so much more than that. (This is one area where we can thank COVID for the push.)

Alternative Payment Methods

Aside from the debit or credit card swipe or tap that make up the majority of transactions for retailers, other simple and safe options are coming to the fore. 

Omnichannel business models have forced companies to explore and understand the new array of payment options available to consumers. This, plus the fact that customers are more demanding and more tech savvy than ever, means that businesses have to submit to their needs.

QR Codes, Zapper, Google Pay, PayPal, Stripe, Klarna, and Apple Pay are just a few of the alternative payment methods available today.

Moving to mPOS

Because of this shift, mPOS (mobile point of sale) terminals are tipped to outstrip dedicated POS use, and grow from 20 million in 2021 to 32 million in just 5-year’s time. (Source)

An mPOS is a mobile device such as an iPad, smartphone, or similar hardware that operates in the cloud. These versatile payment options open the door for small businesses that have always been cash-based to accept other forms of payment. They also allow for easy payment solutions for events, floor sales, counter sales, and markets. 

In a recent article on the topic of mPOS we noted, “Another benefit of mobile point of sale is that it ensures secure transactions from one device to another. This will decrease your risk of liability because transactions will be protected with extensive online security processes.”

It’s all looking pretty positive from this side, don’t you agree?

Make the Move

With so many easy and secure payment solutions popping up, it makes sense to accommodate as many as feasible for our business. Are your point of sale systems up to the task?

If you’re keenly focused on flexibility and security for your next POS solution, and you are eager to enhance your customer experience, then we can help. We have a range of data options that are robust, reliable, and secure and are sure to future-proof your business. 

Contact our team today.