Retail is reinventing itself. It is not just about buying merchandise anymore, customers are looking to be delighted with a great shopping experience. Online shopping helps provide convenience and maybe even lower prices, however, it is not able to provide the same experience the customers get in physical stores. The comfort of high-quality noise-canceling headphones or the fit of a soft fleece jacket is unparalleled compared to not being able to touch and feel the product online before you buy them.

Payment acceptance for the longest time was thought to be a necessary business expense. But over the last decade, a few significant changes have transformed the definition of “payments” in the industry. One of the changes that acted as a catalyst in this transformation is the improved efficiency in carrying out electronic transactions. Combined with the advancement in technology over the last two decades, innovative solutions have become easily available in the market for all merchants (big or small) looking to improve efficiency and enhance their customers’ experience.

The end of summer is approaching, marking the beginning of the back-to-school season. Parents are gearing up their kids to get ready for their new terms. Retailers are simultaneously getting ready for all the business that is coming their way. According to a Deloitte’s 2018 Back to School Survey, total back-to-school spending is expected to reach $27.6B, or $510 per household, slightly up from $501 in 2017.

Payment solutions, specifically smart terminals, have evolved from just being a device for payment acceptance to providing merchants with tools to boost their business, learn more about their customers and improve in-store experiences. Even though securely accepting payments is critical for any merchant, today’s solutions can not only add value to the customer’s experience but also help merchant improve efficiencies.

We live in a technology-driven world and the need to be at the forefront of it is important for any retail business. Providing customers with the utmost convenience as they shop and improving their experience is critical to any merchant’s continuous success.