We're Excited About Next Generation Payments

nextgenpaymentsRetailers large and small are adopting new mobile payments systems all with the goal to make everyone’s lives easier. For both the customer and the business, payment will be faster and the experience customized. A customer becomes more than just a walking wallet and, perhaps one day, he or she won’t need to lug around plastic and cash.

Mobile payment systems have typically been found in small businesses or scattered amongst pop-ups, but you may be surprised when you find the new PayPal in-store payment options in retail giants like Home Depot or JC Penney.

PayPal’s payment tools are moving toward improved customer experience. With PayPal Here, local and mobile businesses can process credit cards easily and from anywhere. Larger stores may gradually be implementing in-store payments, which just require your phone number and PIN. Finally, PayPal is partnering with Vend, Shopkeep, Erply, and Leapset, four POS software companies that suit well to small business needs.

With PayPal’s partnering with these companies, payment is fast and sales are organized. With a check-in app that opens the path for loyalty program options, customers are recognized, connected automatically, and encouraged to visit more often. Additionally, combining PayPal with the POS software consolidates almost everything into one system, making the retailer’s life much less hectic.

But if businesses take it a step further with organization, they can’t track the quantities of their products they sell. Business owners’ lives are still chaotic when they’re stuck keeping tabs on inventory manually. What sells the best? How soon before you run out of this or that? What isn’t selling well enough?

While two elements of the equation are solved, they need one more to optimize their business management. Using a program like Shopventory that integrates with what they already use can make a small or mobile business excel beyond what they originally thought possible. It keeps track of inventory quantities and provides reports on your sales to help with your business strategy, all while integrating with your POS and payment system. A business trifecta, if you will.

Maybe one day all customers can rely on their phones as their preferred method of payment. For now, the mobile payments industry is growing more innovative and more businesses are adopting next generation payments to accommodate their customer and management needs.

Have you experienced any next generation payment methods? Let us know in the comments or on Twitter (@Shopventory)!