TRANSPARENT TRANSACTIONS YOU CAN’T TOUCH.

As with all elements in this evergreen society of progression, every evolutionary idea eventually runs its course. Within the financial sector, the 21st generation is spectating as paper currency hits the iceberg and sinks into the depths of the Atlantic. Prior to the devastating impact of a global pandemic, the use of cash had been on a steady decline, with cash transaction rates having declined from 40% in 2009 to 30% in 2019.

COVID’S EFFECT

In plain text, Covid-19 nailed the coffin on the significance of cash. With deadly germs running rampant, countless cash users turned to digital payments in fear of virus transference due to the recycled nature of cash.

Furthermore, the rise of technological advancements is disengaging the general public from traditional notary. As referenced from Barry McCarthy of Forbes Magazine, Visa’s Back to Business study found that 54% of consumers opted for retailers that provided contactless payment as an option. (McCarthy, 2020) At the mention of contactless payments, Apple/Google/Samsung Pay often come to mind. However, payment methods have expanded to the likes of QR codes on pre-pay apps such as Klarna and Afterpay, through which consumers can make purchases with advancements of the exact tender in the form of a temporary credit card, after which the user can pay off the total in increments of 4 weeks (or longer – at the expense of additional interest).

ADAPTATION

As a result of the quarantine mandate taking effect across the world, many became reliant on contactless delivery services such as Instacart, Uber Eats, DoorDash, and newer meal-kit services like Hello Fresh & Blue Apron. Even before the pandemic hit, corporate giants were slowly catching onto the public’s inherent disinterest in interpersonal interactional transactions. In 2007, Amazon launched the Amazon Fresh grocery delivery service, and the pandemic proved to be the determinant of its delayed success in 2020. On January 22nd of 2018, Amazon went a step further in launching its first Amazon Go, a store that incentivizes customers with the added convenience of a grab and go model, by which shoppers access the storefront via QR code, grab the desired products, and go.

Now more than ever, quick-pay options are in high demand. Payment methods are ever changing, and now, we’ve come home to one that our generation can call our own – one that cash or card can’t touch.

Having explored the various contactless payment methods on the market, it is vital that more consumers understand the mechanics behind these seamless transactions. Millions of people joyfully bask in the convenience of using features such as QR codes or Apple/Google/Samsung Pay without understanding the mechanical features that make them possible. Join in for “Part II: What Makes Contactless Untouchable?” in which we explore the mechanical inventions of PAX’s A920/A80, Dejavoo’s Z series, and the newest Clover terminals, that make in-store contactless processing possible.

Read Part II: History and Future of Contactless Payments Here

COVID’S EFFECT ON TERMINAL PROCUREMENT 

Due to the effects of COVID-19, the shipments for the PAX S300 and several Dejavoo devices appear to be on hold until May 1st, if not later. In this blog, we shed some light on the situation at hand, and share insight on terminals that could effectively be alternative options.

THE 2020 STRUGGLE WAS NO TOILET PAPER… NOW IT’S TERMINALS?

Remember that one time stores couldn’t seem to keep toilet paper on the shelves? Oddly enough, terminals seem to be the next hot topic for unnecessary deficiencies… Or at least for the merchant processing industry.

Are You Struggling with Receiving Shipments from Manufacturing Companies?

Perhaps some of you are aware of the growing battle between high demand and low supply in terms of POS terminals. PAX devices, along with Dejavoo pieces, have been largely impacted by the disconnect of shipments making it from Point A to Point B. We are here to give you the 411 on how this situation may impact your business as well as share possible solutions.

PAX Terminals

In this tug of war for terminals, the PAX S300 has taken the biggest hit. It currently holds the number one spot for POS and EMV semi-integrated solutions. After connecting with several of our vendors, it appears that every ounce of their stock is now depleted. It’s possible the inventory won’t be available until May 1st, if not later. So what’s the next step?

Below are some alternatives that are currently high in stock:

• PAX SP30

This device is the closest you will come to a S300. Their functions almost mirror each other completely, and come with the exact same cords. The benefits for choosing to use the SP30 is its lower price and its potential to be a permanent alternative for the S300.

• PAX A80

Dejavoo Terminals

This week, Dejavoo released an announcement that there will be an increase in their prices as a result of the device shortage. This inflation is set to initiate on May 1st, however Dejavoo is offering a discount for those who are able to use a device without a dial up connection.

On top of that, they announced that the cheaper Z8 model is out of stock and are unsure when the next shipment will arrive in the US. The Z11 is an available option, although recent issues with software have caused the company to send out additional replacement. That said, the stock numbers for that device may decrease quickly.

Why Cash Discounting is Important

This shortage issue has the potential to negatively impact businesses in multiple ways. However, Cash Discounting presents an important opportunity for these cases. There is an expected influx toward third party applications for cash discount opportunities. If and when this arises, it is vital that your relationship managers are willing and able to provide a cash discount option for various devices.

Click here to learn more.