Out with the cash register: the CIM benefits of new payment technologies

Published on 09 May 2013 by in Latest News

payment technology CIM Out with the cash register: the CIM benefits of new payment technologies

Marks and Spencer have cemented their position as the UK’s leading contactless payment retailer this week, rolling out contactless payment services in 644 of the company’s nationwide branches.

The move will see Marks and Spencer processing 230,000 contactless payments per week, with one in three card transactions under £20 already taking place via contactless payment in the chain’s Finsbury branch. This marks a major turning point in the evolution of the technology, going from a niche offering to a mainstream option provided by one of Britain’s most recognisable high-street brands.

In turn, this may usher in an age where consumers come to automatically expect businesses to offer alternatives to the traditional cash register, from contactless card readers to mobile payments and iPad mounted payment systems.

Beyond the obvious advantages for consumers, increasing the speed and convenience of making a payment, these checkout replacements may also imply a number of benefits for businesses. Primarily, as the number of different payment technologies has increased, more affordable solutions have emerged that allow smaller businesses to accept non-cash payments, such as inexpensive card swiping attachments for iPads.

Secondly, developers behind the expanding range of payment solutions are starting to think in terms of joined up systems rather than stand-alone terminals. This means not only keeping track of stock levels through purchase data, but also trying to create a profile of each customer by linking payments to a customer’s contact details, customer service history, purchase and browsing behaviour.

Capitalising on this monitoring system, checkout terminals of the future could allow customer service assistants to view a customer’s profile while they are in store to enable them to deliver a more personalised service. A consumer could be alerted when they had left out a frequently purchased item from their usual shopping basket, for example, or be given the option to order recently-browsed items for delivery if they aren’t in stock.

Visit the numero blog again soon for more information on how the latest technological trends are radically changing the customer interaction management landscape.

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