77% of Small Business Merchants Plan to Substitute the Cash Register for Mobile Checkout

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Only 26 percent of retailers currently capitalize on mobile payment technology (according to a recent study conducted by Infogroup Targeting Solutions). Parry Rosenberg - Vice President of Sales and Marketing at MONEXgroup - explains the benefits of substituting your Cash Register for a Mobile Checkout.

There is currently only a mere 26 percent of retailers capitalizing on mobile payment technology.

Everything today is compact. The world seems intent on saving all of the space it can: smaller cars, smaller cell phones, roof-top gardens – every inch is put to work. So why should the store of a Canadian small business merchant be any different?

While many products are steadily becoming smaller - they are also becoming more efficient. A cash register that can accept and distribute currency to customers is slowly being phased out and replaced by mobile payment checkout solutions - allowing businesses to instantly check inventory and accept debit and credit card payments from Smartphones and digital wallets.
In fact, retailers using Mobile POS Solutions are expected to triple by 2018.

There are only a mere 26 percent of retailers currently capitalizing on mobile payment technology (according to a recent study conducted by Infogroup Targeting Solutions). However, 77 percent of retailers plan to make use of mobile checkout strategies in the next few years – with more than half of the retail executives planning to implement the technology by 2018.

“This is essentially the compact car of the payment processing industry,” says Parry Rosenberg, Vice President of Sales and Marketing at MONEXgroup. “This system can increase revenue streams and perform other essential business tasks - all the while being completely mobile within the store. It’s small and economical - leaving your storefront with more room to display goods and products for sale!”

Major corporations, it seems, are already noticing the trend. Coach, for instance, announced that as an organization, it would be eliminating all cash registers in favor of handheld checkout systems. The organization explained that this decision was based on the “quantified success of the mobile point of sale terminals” in its stores.

“What this means for Canadian small business merchants is simple,” says Rosenberg. “Major corporations such as Coach are recognizing the future potential of mobile checkout strategies and Canadian small business merchants should, too. Ignoring the calculated business decisions of the most successful corporations can lead to lost revenue for Canadian small business merchants.”

To find out more about Mobile Payment Solutions for your business, let MONEXgroup provide your business with the most up-to-date Mobile Payment Technology available to ensure you have maximum floor-space to showcase your products – ensuring success and a more spacious, stress-free shop for your customers this holiday season.

Monexgroup is the leading independent provider of payment processing services in Canada offering the lowest rates in the industry. Our services include: debit card and credit card point-of-sale (pos) terminals, mobile, integrated and e-commerce online payment products. MONEXgroup serves over 20,000 merchant accounts across Canada in all market segments including: restaurants, business-to-business, professional services, leisure and hospitality.

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Holly Murray

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