Integrated commerce enables merchants to buy a point of sale system for not only their physical store, but their website and mobile environment as well. It includes mobile acceptance, coupons, offers, and loyalty. These extra payment capabilities for applications run at the point of sale either on a mobile device or in the back office.
Merchants have the capability of sending out offers and running loyalty programs at the same time. In addition, merchants have the ability to review transactions and monitor against data breaches from the comfort of their offices. With these services becoming more readily available, it should not come as a surprise that this topic comes up in business’ meetings when discussing company objectives.
With the obvious advantages of integrated commerce, it would seem that the days of simple terminals are coming to an end. Integrated payments are opening vast new markets for payment providers, thanks to the new capabilities that they offer.
For example, tying the data to the payment mechanism will give you valuable information concerning how your business operates and the preferences and habits of your customers. Integrated systems offer a golden opportunity for merchants to have a closer relationship with their customers.
Greg Cohen, chief revenue and strategy officer at Merchant Warehouse, states that “There is a place in the ecosystem for traditional payment acceptance, but today, when a retailer shops for a point of sale terminal or other business solutions, they expect payments to be part of the integrated bundle.”
June 2014 has seen steps in favor of the integrated payments model with the acquisition of Mercury Payment Systems LLC by payment processor Vantiv Inc. According to an article by David Heun of ISO & Agent, a bet of $1.65 billion was bet in favor of the model at the point of acquisition.
Upon the company launch 12 years ago, Mercury Payment Systems LLC predicted that the POS environment would change. The company felt that it was only a matter of time before there was a switch from traditional terminals to ones that were operated through a bundled hardware and software environment.
At present, the integrated point of sale is in the early stages. Despite this, businesses are investing and making it a part of their future strategy. As ISO & Agent reports, it would seem that “the days of salespeople peddling point of sale terminals by simply pulling hardware out of a box are numbered.”
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