If you’re in retail, then you know the satisfaction of the loud “ka-ching” sound your cash register makes at the end of a transaction. It’s a great sound, which is why you mimic it after draining a three-pointer in basketball. Although, with the way technology is trending, the famous “ka-ching” noise may soon be forgotten.Traditional cash registers, also known as dedicated point-of-sale systems, are rapidly being replaced by tablets and smartphones (mobile point-of-sale terminals). The use of mobile devices for transactions has been around for many years, but the technology has especially become popular in the last few years. Research firm Timetric reported that between 2011 and 2012, the number of mobile devices used for transactions more than doubled. This mobile transaction solution is expected to account for half of all point-of-sales systems by 2017.
The idea of a using a mobile device to process transactions was first marketed to small businesses. With the addition of a small credit card scanning device that plugs into the headphone port of your mobile device; accompanied mobile transaction services offered by Square, ShopKeep, Intuit, PayPal and more, we are seeing this technology being used for more than just vegetable stands at farmer’s markets. Today, more and more medium-sized retailers with high amounts of customer traffic are switching out their clunky cash registers for shiny new iPads.
There are a several advantages to switching. One advantage might even be with credit card fees. With all the different financial institutions trying to attract new vendors to their mobile service, many companies offer competitive rates that are worth considering. Many of these rates will vary if a credit card is scanned or the number is entered manually, therefore, you will want to know this ratio for own your business before shopping.
Another advantage from having an iPad where your cash register used to sit is that your customers will see your business as a trendsetter. You will also be able to better connect with the growing percentage of your customer base that’s adopting mobile devices for their everyday tasks. Another group that will appreciate the switch are your employees; especially the ones who are already using an iPad. This will make it easier to train your new hires on the how to ring out customers using an app, instead of putting them in front of an outdated machine with too many buttons.
You may be sad to see the old cash register go, and you may miss hearing the satisfying “ka-ching” noise. Although, if the “ka-ching” noise is what’s keeping you from upgrading, then keep in mind that you can always add a ka-ching .mp3 sound effect to play after every swipe.
Do you need help switching over to a mobile point-of-sale solution? Call Setton Consulting at 212-796-6061 and let us find you the best transaction solution for your business.