MYPOS Connect vs. Traditional Payment Systems:

Why it might be time to modernize your approach

Jonathan Cranford
February 13, 2024

We all know mobile technology has changed customer expectations in many areas, and now it is changing customer expectations on the convenience and efficiency of paying for their goods and services. Whilst not exactly a good-bye to cash* and physical cards, we are all slowly turning to our mobile phones and smart watches as the default to pay for goods. The latest term is frictionless payments, these are designed to remove any, and all, obstacles in how your clients can pay you. This can be as effortless as a swipe or a tap and seamless integration with popular digital wallets like Apple Pay - Apple (UK) or Google Pay (UK) – Pay in apps, on the web, and in stores. With MYPOS Connect technology this is also extended to the easy transmit of a payment link to a user’s phone to arrange a click and collect in store or click and ship from warehouse order.

Customer expectations

The end customers are expecting seamless and secure transactions when they reach for their mobile phone to make payment. They are also expecting a very simple process, and this is key to the design of MYPOS Connect systems. The interface to make payments needs to be simple. Our EPOS customers serve their customers in stores, restaurants, remotely and in pop-up locations globally.

Robust security measures are expected by the end customers to protect their financial information and personal data from unauthorized access or cyber threats. This includes encryption technology, multi-factor authentication, and secure payment gateways. Customers want assurance that their sensitive information is safeguarded throughout the payment process, giving them peace of mind to transact confidently using their mobile devices.

End customers also want flexibility in their payment options when using their mobile phones. They expect support for various payment methods, including credit and debit cards, digital wallets, and mobile payment apps. Whether they prefer Apple Pay, Google Pay, or other emerging payment solutions, customers expect businesses to accommodate their preferred methods seamlessly. Additionally, they appreciate features such as loyalty rewards, discounts, and promotions integrated into mobile payment platforms.

Customer dislikes

We have all experienced one or more of these: The pain of a slow payment experience; a long queue to take payments; payments being declined; a preferred way to pay not working or being accepted; digital wallets not working or accepted; authentication issues.

The only way to handle this is to offer multiple payment methods. If the payment process is too hard or to slow the end customer may delay their decision and purchase. Offering modern solutions, and traditional cards and cash is usually the best way to avoid the loss of business.

How the way we pay is changing

According to the monthly insight produced in September 2023 by UK Finance, in 2022 in the UK, 87% of people made a contactless payment at least once a month or more. The average value of these payments also increased from £12.66 the year before to £15.10. With the inflation of 2023 these numbers are bound to increase. The survey also showed that 30% of the adult population reported being registered for at least one mobile payment service back in 2022. Naturally younger people were more likely to be making use of their mobile wallets.

The biggest driver to how we are changing how we pay though, is the move from traditional banking and finance to the surge in Fintech companies offering user-friendly mobile apps and online platforms that streamline processes like payments, transfers, and investment management.

As more individuals and businesses embrace digital platforms for their everyday activities, there's a growing demand for convenient and efficient financial solutions that can be accessed anytime, anywhere.

MYPOS Connect and our partnerships.

At MYPOS Connect we have been helping our clients take payments since 2001. For our journey, credit card integration began back in 2004 and we have partnered with numerous carefully selected companies to offer fast and easy payments.

Our requirements include :

• Mobile and virtual wallet compatibility

• Local payment method integrations

• Buy Now Pay Later options enabled

• Embedded loyalty options

• Allowing account-to-account payments

• Catering to multiple payment methods and schemes

• Simple interbank transfers and cross-border payments. Open banking will be a major saver of fees for many.

• Robust security against payment fraud risks

We proudly partner with these payment platforms Adyen , Dojo, Worldpay, and Stripe

With these partners you can ensure speedy settlement and transparency on fees. They act as the acquirer, the middleman between the issuing bank, where your customer has their card account and your business bank account. When receiving a payment, the acquirer checks with the issuing bank whether the card number is valid and if there are sufficient funds for the purchase.

A shout out to Secure Link Services

No blog about payments systems would be complete without referring to our Secure Link Service product. This enables our customers to create and send payment links to users via SMS or e-mail. Of course, these are not just basic payment links, they include the option to review an order, potentially edit an order, pay by open banking or credit card and other payment options.

About MYPOS Connect

Founded in 2001, we provide EPOS touch screen software services to retail, hospitality, trade and wholesale clients. We are located in Arundel West Sussex UK