Online shopping continues to grow popular with time. And its impact can be felt even by merchants who choose to retain their physical stores. The point of sale is now experiencing significant changes and is expected to make work easier for the businessperson.
This means payment providers must adopt the new modifications if they have to keep up with the increasing numbers and rates of online shopping. First, we need to acknowledge that the shift from selling in-store to trading online comes at the cost of face-to-face transactions. A report disclosed that e-commerce would experience an upsurge from 2016’s $518 billion to $708 billion come 2021, whereas in-store sales will increase from $4.46 trillion to $4.36 trillion.
Another study by the Department of Commerce indicated that of all United State’s 2017 third-quarter sales, e-commerce made 9.1%, a rise from last year’s 8.2% during the same quarter.
For payments processors, this growth in online retail is no sign of a drop in the significance of physical POS sales. It’s important to remember that most in-store merchants also insist on having a dependable digital presence, only that most times there’s no proper synchronization of the two. Often, brick-and-mortar merchants have a different acquirer for their websites which makes product returns difficult in cases where a buyer purchases online and wishes to return the good for exchange at the physical store.
Acquirers may soon want to sell in-store while also taking credit cards despite the significant difference in the two sales platforms. For instance, if you make 80% of your revenue in-store and only 20% online, then it’s pointless to have two acquirers. It is wiser to have one acquirer offer you both services. If not sure who to work with, go for merchant advice service review.
Market experts also have reason to believe that other factors like;
- the decreasing use of paper checks,
- the possible increase in use of credit and debit cards,
- and the looming expansion in use of mobile payments methods and wallets
…may also give the Point of Sale an upper hand in the market.
Author Bio: Electronic payments expert Taylor Cole is a passionate entrepreneur who enjoys to write, produce music, and travel. Bestpaymentproviders is the UK’s best merchant advice service review company, serving both traditional and high-risk merchants.