It has been more than a year since the EMV® chip-enabled credit card shift for retailers.
While use of EMV-enabled credit cards are expected to reach more than 74 percent by the end of 2016, that is only half the puzzle. EMV-friendly POS platforms are the other half, according to Javelin Strategy & Research.
The point of sale market has grown because of the EMV shift and because POS setups are much easier to use than they used to be. That demand has been driven by small- and medium-sized businesses because POS systems are more durable than traditional cash register systems, with the market expected to reach $73.12 billion worldwide by 2020, according to Research and Markets.
While many smaller retailers realize they need a POS upgrade, they aren't clear on which one to move to, said Ian Benton, a small business banking analyst with Javelin Strategy & Research.
"Small businesses need to start taking lessons from the big retailers who have moved extremely quickly in the past two years to transform how customers shop and earn rewards in their stores," he said.
When asked to rank barriers to adopting new POS setups, cost (72 percent), new hardware requirements (71 percent), and security concerns (61 percent) were the most important matters ranked by small retailers, according to Javelin Strategy & Research.
SalesPad POS is an inventory-minded point-of-sale solution to help retailers get things done. The iOS point-of-sale app targets productive and efficient sales order processing and employee management that seamlessly integrates with SalesPad Cloud and Intuit QuickBooks Online.