Voice of the Industry

Why integrated POS solutions are key to driving merchant success

Tuesday 8 October 2024 12:14 CET | Editor: Irina Ionescu | Voice of the industry

Dan Palmquist, VP of US Partners at Nuvei, discusses the shift toward omnichannel retailing, emphasising on merchants’ needs to adopt all-in-one POS systems.


Today, merchants face mounting challenges as they navigate the complexities of a retail and service landscape that’s constantly evolving, driven by changing customer demands and heightened competition. The shift toward omnichannel retailing — combining online, in-store, and mobile sales channels — has introduced complexity that requires more than just traditional point-of-sale (POS) systems. In 2019, the global POS terminal market size was valued at USD 61 billion and is projected to reach around USD 121 billion by 2026, growing at a CAGR of about 10%. This growth underscores the increasing need for advanced, all-in-one POS systems that can streamline operations and support merchants in managing this complexity more effectively.

The importance of all-in-one POS systems

The shift toward all-in-one POS systems has been driven by the need for merchants to manage multiple facets of their business — such as payments, inventory, and customer engagement —through a single, cohesive platform. By integrating these tools, businesses can eliminate the inefficiencies that come with managing separate, disconnected technologies.

In the retail sector, merchants have reported a 50% reduction in transaction times after adopting advanced POS systems. This improvement not only speeds up sales operations but also enhances the overall customer experience by significantly cutting down on waiting times, contributing to higher customer satisfaction and increased productivity.

The adoption of integrated platforms also supports faster, more personalised customer interactions. In a 2023 global survey among senior marketing executives, delivering personalisation in real-time was identified as the top challenge, with 56% of respondents highlighting it. These advanced POS systems capture valuable data, such as purchase history and preferences, allowing merchants to create tailored promotions and offers. Integrated loyalty programmes further encourage repeat business by offering personalised rewards, ensuring a seamless experience for customers whether they’re shopping online, in-store, or through mobile channels.


Merchant needs and expectations

To thrive in this competitive landscape, merchants are looking for specific features in their POS systems that go beyond basic payment processing:

  • Ease of use. Merchants prioritise systems that offer intuitive, user-friendly interfaces. With easy onboarding, businesses can get up and running quickly, allowing employees to focus on serving customers instead of learning complex technologies. 

  • Scalability. As businesses grow, so do their needs. A POS system that can scale — adding new features such as loyalty programmes, online ordering, or advanced reporting — ensures that businesses won’t need to upgrade to an entirely new system every time they expand.

  • Security and compliance. Given the rise in cybercrime, security is a top priority. Integrated systems provide built-in tools for protecting sensitive data and ensuring compliance with regulations like PCI-DSS, safeguarding merchants from costly breaches.

  • 24/7 support. Downtime can be costly. Whether it’s fixing technical issues or guiding merchants through system features, round-the-clock support ensures uninterrupted business operations.

 

The evolving role of ISOs in meeting merchant demands

Independent Sales Organisations (ISOs) have traditionally focused on selling payment processing services, but with the rise of all-in-one POS systems, this approach is no longer enough. Today, ISOs must evolve to offer comprehensive, value-added solutions that go beyond payments, addressing the broader operational needs of merchants. To differentiate themselves, ISOs can now provide complete POS solutions that integrate payment processing with inventory management and customer engagement tools.

This shift presents an opportunity for ISOs to move from transactional sales to consultative partnerships. By understanding the specific challenges merchants face — whether it’s requiring stronger reporting tools for peak sales hours or integrating with e-commerce platforms — ISOs can offer tailored, strategic solutions. Partnering with robust technology providers like Nuvei and deploying Clover with Nuvei’s ISO/Agent programme strengthens this consultancy role, giving ISOs access to advanced features such as real-time analytics, fraud prevention, and omnichannel capabilities. These tools not only optimise merchant operations but also position ISOs as trusted advisors, creating deeper, long-term relationships and driving merchant success.

Maximising the value of integrated POS solutions

As the POS landscape continues to evolve, ISOs are increasingly expected to provide solutions that go beyond simple payment processing. Clover's all-in-one system not only manages transactions but also supports vital business functions like inventory management, employee scheduling, and customer engagement. This comprehensive approach benefits merchants by streamlining operations and providing tools that foster growth and efficiency, especially for businesses looking to scale or optimise their workflows.

By partnering with a provider like Nuvei, ISOs can deliver these enhanced solutions seamlessly, equipping merchants with a platform that meets their current needs and adapts as they grow. This collaboration positions ISOs to offer truly integrated solutions, helping them build stronger relationships with merchants and drive long-term success.

 

Conclusion

The POS landscape is changing, and merchants expect more from their technology partners than ever before. To thrive, ISOs must embrace all-in-one solutions as essential tools for modern business. These systems offer the scalability, security, and efficiency that merchants need to grow in a competitive market.

ISOs who adapt to this new reality will solidify their role as indispensable partners to merchants. In doing so, they will not only meet but exceed merchant expectations, driving long-term success for themselves and their customers.

About Dan Palmquist

VP of US Partners at Nuvei, Dan brings over 20 years of leadership experience in the payments industry, with a focus on merchant acquiring and commercial issuing. He has held senior roles at Nuvei, Paysafe, and Global Payments/TSYS, where he led teams in driving direct sales and partnership revenue programmes.

 


About Nuvei

Nuvei  is a Canadian fintech company accelerating the business of clients around the world. Nuvei’s technology allows companies to accept next-gen payments, and benefit from card issuing, banking, and risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 50 markets, 150 currencies, and 700 APMs, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.


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Keywords: mPOS, POS, online payments, loyalty programme, online shopping, PCI compliance, PCI DSS, cybercrime, regulation, ISO, omnichannel, omnichannel payments solution, fraud prevention, ecommerce, ecommerce platform, merchant
Categories: Payments & Commerce
Companies: Nuvei
Countries: World
This article is part of category

Payments & Commerce

Nuvei

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