Payment Trends and Innovations in Retail and Hospitality

Over the past few years, the disruptive payment technologies have utterly changed and transformed the business reality. The retail and the hospitality industries make no exception.

What are the top payment trends and innovations in the retail and the hospitality industries? What positive changes they are bringing to customers and businesses?

Read below to find out more!

The rise of digitalization and cashless payments in retail and hospitality

Are we getting closer to a cashless world? Which country will be the first to quit cash once and for all? We hear these questions a lot lately and we can quickly take a guess, but it makes more sense to admit one fact instead– people are giving up on cash.

Contactless cards and digital wallets are the new big players on the payment field and they are not planning to leave anytime soon, as more and more customers embrace the idea of paying with a tap of their card or smartphone.

The driving force of fintech is changing things not only for customers, but for retail and hospitality businesses too. Year after year, the banks had dictated the financial services, but fintech companies like myPOS entirely transformed the way businesses bank and accept payments.

myPOS empowers retail and hospitality businesses of any size to manage their finances through an unique online payment platform, where all payments are settled instantly.

Our full-service payment package combines the power of smart POS devices to accept any payment, the flexibility of myPOS Online features and the added value which myPOS Extras bring to customers. The good news is that all comes with NO contracts or annual and monthly fees.

Unlocking the power of omnichannel

Speaking of the latest payment trends in retail and hospitality, we should pay special attention to omnichannel (also known as multichannel) retailing.

In short, the idea of omnichannel retailing is all about encouraging customers to make purchases through all available sales channels. By offering a range of physical, online and mobile engagement points businesses incentives the customers to buy, and thus increase customer engagement and sales.

The most common challenges when it comes to omnichannel retailing are consolidation and costs, but they can be easily overcome with the right payment processing solution.

myPOS makes it easy and affordable for businesses to cross-sell and integrate all sales and payments into one single platform. Not only are all payments aggregated in one place, but our clients have real-time access to their funds, point-of-sale devices, cards and reports.

Transforming well-known payment services

The disruptive fintech forces are reinventing the traditional payment solutions which are quite well-known in retail and hospitality.

Widely used services like MOTO and pre-authorization have been digitalized to meet the customers’ and business’ needs and demands.

For example, myPOS clients can make MOTO transactions not only on their physical POS terminals, but on a secure web page, available in their myPOS account. The service called Virtual Payment Terminal takes out the hassle of manually processing payments received by email or over the phone and gives one more opportunity to businesses to cater to customers.