The evolving technology in the credit card reader space

Technology has changed significantly in the last few years, but how has the credit card reader evolved?

The time where a card payment machine was simply just that, has passed. Although the credit card reader was already a communication device to payment systems, the increased digitization brought new capabilities and interactions that were previously not possible. Not just that, but also the rise of additional services that can be leveraged by companies without requiring development on their side.

credit card readerIn this article, we will explore the additional services that are possible on top of the traditional credit card reader functionality.

Insights into payments

Payments are one thing, having insights into them is another. What are the categories that are selling well? What is the influence of the weather on your sales? By having insights into your sales data, you can grow your revenue and serve your customers better. Modern credit card readers offer you integration with applications that provide insight into your payment. An example of this is the myPOS application for Android and iOS. It offers you a dashboard and insight into sales data.

Modern means of payment

While you might think about a payment device being a terminal, there are more modern solutions being introduced. For example, there are small payment devices that can be linked to your smartphone. These devices allow for contactless payments and can be set up within minutes. If that is not futuristic enough: with myPOS Glass, now you can turn an Android smartphone into a payment terminal leveraging the NFC functionality. No more need for a physical terminal and an even faster set-up for merchants. It is also possible to send payment links to customers. For example, if you sell something online (e.g., eBay), you can send the customer a link. Next, the customer can select their preferred method of payment and the goods can be sent.

Services catered to your industry

Payments are still payments, right? How innovative can these devices become? It turns out the innovation is not only found in the terminal, but also in the services offered on top. Similar to the App Store and Google Play, payment providers are offering stores with a broad range of services.

Taxi payment services

For taxis, payment is more than a transaction. It is a calculation of different parameters, such as distance, labour costs, fuel costs, among others. There are dedicated applications that are put on top of the payment services to cater to these needs. For example, myPOS has an app market where third parties can introduce applications for payment solutions. There are already multiple payment services available for taxi companies.

Integrated hospitality system

In the past, restaurants used to have a system that managed the seating and menus separate from the payments. With new technologies, these can become integrated. App providers have developed solutions that allow you to create a map of the restaurant, add menu options and conduct payments all through a single application. This makes it easy for smaller and medium-sized restaurants to digitize their activities, something that was previously only possible for a limited set of organizations.