How the payment industry is changing

Mobile devices will play a major role in the future of retail, which means point of sale systems will need to adapt.

The payment industry has undergone some major changes over the last few years, but there are still many merchants that are wary of upgrading their payment solutions and there are a few reasons for this hesitation.

A recent article from Street Fight Magazine examined the payment landscape. The boom in technological innovation has been driven by the need to bridge the gap between retailers' online and offline services. However, the achievement of this goal depends on improvement in point of sale systems.

"Many of these services still revolve around a black hole of sorts — the point of sale," the article reads. "Much of the automation and efficiency that technology has brought to ecommerce is still out of reach for the local market because the sellers remain largely offline."

The piece goes on to discuss the growing influence of mobile commerce, which is seen as pushing the change in the payment landscape. The latest innovations are also being driven by the dropping cost of entry when it comes of these platforms.

Lisa Falzone, the founder of Revel, was interviewed in the article and said that the hardest part will be to convince mom-and-pop business owners to take steps to upgrade. However, over the next four-to-five years, the industry is expected to undergo a "complete transformation," with at least 80 percent of businesses adopting next-generation point of sale systems.

With the help of a payment solutions provider, any organization can easily start taking steps into the future and deploy the latest versions of the cash register.

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