Saying the cash register is important to the success of a retailer is an understatement. However, choosing what kind of point of sale solution an organization adopts can be complicated because the marketplace is evolving at a rapid pace.
PayPal recently released a white paper that examined how the POS system has evolved and what could be on tap for the future. The main takeaway is that change is on the horizon and organizations need to be aware and ready for it, or risk falling behind.
Scott Ellison, PayPal's senior director of corporate strategy and the author of the report, said the pace of innovation is picking up.
"POS is poised to undergo profound transformation in the next several years, due to the intertwined drivers of mobile device and sensor proliferation, the transition of back-office systems to the cloud, the emergence of new customer and merchant experiences that will be created by developers, and the resulting rapid changes in consumer behavior," Ellison said.
He chalks this up to solutions like e-commerce and mobile integration, as well as improved functionality of POS software and hardware systems are making it important for organizations to pay attention to the changing landscape. On top of that, updated software is opening the door to big data and analytical solutions that are able to improve the customer experience and how the business operates.
With the help of a retail payment solution provider, any merchant can ensure they know what the high end systems are and which is the best option to adopt.