The Retail Electronic Point of Sale (Retail EPOS) is currently valued around USD 11.7 million but come 2023; it’s bound to reach an expected $25 billion. Yes, that’s right – the industry will more than double in less than a decade. This is great news for somebody already in this market, or for someone looking to jump into the action. But for the average Joe – what exactly is a Retail EPOS?
Defining Retail POS
For many of us, we have upgraded from the standard “swipe” credit card and debit cards, and have changed them out for the more advanced, and better secured “chip” cards. This has helped with protecting consumers from fraud and misuse of their cards from theft. Essentially, what Retail EPOS terminals do is take that information and run it through their software in a fast, easy and secure way. According to a recent article in Global Market Insights:
“EPOS terminals are mainly a combination of software and hardware, which allocate its users to recognise card payments directly without updating the cash registers. The EPOS terminal varies with the size of the business unit and selling terms with the channel suppliers and partners. It is an electronic device that performs various functions in the retail sector. Such as ensuring the fund status in a user bank account, examining the information of a consumer’s debit or credit card; relocating funds from client account to the retailer account and register the transaction. In addition, it also prints the receipt of the transaction occurred”
What does this mean for business?
With this surge in retail EPOS systems, it’s important to jump in on the action and invest in a high quality, functioning software for your business. With so many consumers using the latest and greatest cards and technology to pay for your goods. It’s important to have updated machines that can accept their payments. Be sure to keep up with your customers and use a great software and Retail Point of Sale transaction system, such as EPOS software by CES Software. When shopping for an EPOS system, you want to find something that integrates all of the most common methods of payments. PIN and chip allow you to track your sales and upload to your computer in an easy to follow way.
Don’t lose out on any sales by not having an updated system for your customers to pay with. The time is now to invest before 2023 to stay competitive. No matter what your industry is. Supermarket, bar, hotel, or small private business, jump on the trend before it’s too late.