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Thanks to the rapid expansion of e-commerce and Amazon, there is no doubt that a range of new card payment options are on the rise. At the same time, retailers are still handling enormous amount of cash daily because cash remains by far the most commonly used payment method by shoppers throughout the world. In the Euro zone, for example, cash was the main payment choice for purchases under €45, which accounted for 91% of all POS payments.
Hurricane Sandy. Lightning storms. Flooding. These are the punches that Mother Nature has dealt restaurant managers at the Jersey shore in recent years. Also a challenge for these managers is running a business during the busy summer months. Everything, especially the point of sale system, has to be up and running at top performance during these peak times.
Theft is one of the retail world’s biggest challenges, especially in the independent convenience sector where stores are often manned by a handful of people that are not equipped with the latest security gizmos. In fact, nearly half of retailers (49 percent) have experienced theft of cash from their premises. This hurts businesses and their customers because merchants often have to pass on these losses by raising prices. With cash management solutions, businesses can fight back against theft and achieve an advantage over competitors.
As a second-generation POS dealer, Delaware Valley Registers, Inc. (DVR) has had to make many adjustments to its business over the years to remain relevant. With the rapid pace of technological change in the retail and restaurant markets, resellers need a strategy to stay ahead of trends and provide their customers with the most powerful, secure, and cutting-edge solutions. For solutions providers who don’t, the result is typically them going out of business.
Today, selling merchant services without any sort of value-add is a recipe for disaster. Those in this business suffer from shrinking margins and high attrition rates when competing on price alone. Some ISOs and agents, however, have adjusted their business model to address these trends.
Erik Metzdorf knows what it’s like to be a victim of your own success. When his food truck, Metzy’s Taqueria, rolled onto the streets of Newburyport, MA, in spring 2014, a line of customers wanting to buy tacos and burritos wrapped around the block. While it shouldn’t take more than a few minutes to fulfill an order, customers were forced to wait much longer.
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