Businesses struggling to keep pace with mobile market growth

By: Teamwork Retail

The mobile marketplace has evolved significantly in recent years, as customers and businesses alike embraced products such as tablets and smartphones. For retailers, these tools enable them to replace outdated point-of-sale systems in favor of mobile retail POS software that is integrated with cloud environments. These systems make data accessibility possible across the entire organization.

Despite advancements, businesses are struggling to keep pace with the market’s innovation, a recent joint survey by Kount, Inc., CardNotPresent.com and The Fraud Practice discovered. The analysis found merchants are not aware of the increasing fraudulent activity harming the payments industry, while firms are also concerned with integrating new sales infrastructure.

David Montague, president and executive consultant at The Fraud Practice, said companies are generating more revenue and adopting the latest systems to support their audiences’ needs.

“At the same time, there is a noticeable shift from a focus on risk management to managing the complexity of payment methods and channels, including mobile wallets and mobile point of sale payments. Organizations must work to find a balance in managing both as the industry continues to make strides in all aspects of mobile channel development,” Montague suggested.

Merchants should always plan ahead before adopting any new system to account for security risks. Selecting mobile POS software from a reputable vendor can eliminate many of the risks associated with incorporating the latest tools. With cloud-powered suites in place, employees can access real-time data pertaining to purchases to make sound decisions, either to improve how they perform their jobs or to offer personalized customer service.

The mobile market will continue to advance at a rapid rate. Although merchants may feel overwhelmed at the moment, there are POS service providers available to make their transition simple and, importantly, secure, so they can take full advantage of the most innovative tools on the market.

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