The transactional process of paying for goods and services has changed radically over the last couple decades. Not that long ago, cash registers and tellers were the only point of sale system in existence. Tellers had to manually enter each product cost, total the sale, take the money, place it in the cash drawer, then hand the customer a paper receipt. The only transaction record a business would have would be their own copy of the paper till roll.
Point of sale systems evolved with computerization and eventually stored product price data on the register itself or on an attached computer. Newer POS systems included a barcode reader, which eliminated the need for manual price entry, and transaction details were stored electronically. Transactional processes have become ever more sophisticated over the last dozen years. Modern POS systems now integrate with other electronic systems and databases, which means that a day’s transactions can be immediately reconciled with accounting and inventory management systems. Add in mPOS (mobile point of sale) and businesses now have the ability to take card payments from anywhere in the world with a network connection making point of sale fast, reliable, convenient, secure and truly portable.
Paying for transactions with mobile devices (mPOS) has proved mutually beneficial for both consumers and merchants. Consumers find it easier to ditch credit cards all together and rely on their mobile devices to make payments. Mobile point-of-sale transactions give merchants the ability to integrate loyalty and incentive programs into mobile payment applications, track customer trends and inventory, increase check-out speed and save money on credit card fees. An estimated $37 billion in mobile transactions occurred in 2015, and that total is expected to explode to over $800 billion by 2019. Net Element (NASDAQ: NETE) is at the forefront of facilitating this mPOS boom.
Net Element owns and operates a global mobile payments and transactional processing provider, TOT Group. TOT Group companies include Aptito, Digital Provider, Restoactive, PayOnline and Unified Payments, which was named the fastest-growing private company in America in 2012 by Inc. Magazine. Through its wholly owned group of companies, Net Element delivers tailored turnkey solutions that fit each merchant’s specific needs. The company’s online and offline payment capabilities allow merchants to transact business anywhere, any way and at any time. Simultaneously, Net Element’s mobile payments and value-added transactional platforms deliver speed and convenience to mobile customers, giving them the ability to conveniently make secure purchases with just a few clicks on their mobile devices.
It’s a long way since checkout tellers manually tapped prices into cash registers. Small businesses now access and utilize functionality that even large retailers could have only dreamed about 20 years ago, and consumers are embracing the speed and convenience of mPOS. Providing state of the art platforms and systems for this new transactional process places Net Element directly in the path of opportunity.
For more information, visit www.NetElement.com
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