Tag Archives: 2021 trends

Clover Point of Sale Trends for 2021

The Clover® point-of-sale or POS system is one of the most popular choices you can utilize in your business today. With Clover, you can create a fully integrated POS system that supports many apps and plug-ins. You can also handle online ordering services through Clover without paying anything extra. Clover also provides one of the most affordable services around, you could pay $70 a month at the most for a Clover station.

The best part of Clover is that it is constantly evolving. You’ll find many new things to do with your Clover POS setup as new programs and setups are developed. You can use some of these points right now when using Clover for your POS demands. These are some samples of what you can expect, as the industry is always changing with new ideas and plans in mind.

Individual Employee Monitoring

You might have many employees using the same Clover POS station, managing all your employees with separate logins, but Clover goes one step further with their performance tracker programs.

The performance tracker system lets you review each worker surrounding how many transactions one manages, how much these deals are worth, and anything else someone might achieve. You can use this to see which employees are doing well and which ones need further improvement.

Further Payroll Support

Performance tracking is essential, but so is keeping the payroll under control. You’ll need to know when your employees punch in and out, how much they are earning, and many other factors surrounding how they work. Clover will evolve to offer more payroll support, especially with the use of apps like Time Clock.

The Time Clock app from Homebase allows businesses to keep tabs on when employees are working. It also offers an employee scheduling platform where you can keep records on future schedules and send them to your employees. You can also include details on schedule changes, job postings, open shifts, and other factors. Time Clock lets you send these details to all your employees, ensuring everyone is on the same page when handling your data.

Managing Bar Tabs

Bar tabs are becoming more common these days, as people are looking to make it easier for them to pay for what they order at restaurants and bars. Clover will expand its offerings to enhance how well it can handle bar tabs.

The Bar Tab Auths app is one choice to note, for example. Bar Tab Auths let businesses pre authorize credit cards on new bar tabs. It reduces the repetitive nature of the work, and it also keeps records on regular customers and payment methods. The system ensures all data being collected works well and is easy to monitor and read.

Flexible Platforms

Clover offers a convenient station setup that lets you collect money with ease. You can use a Clover station with a touchscreen monitor, a credit card processor, a printer, and other accessories. But you can also expect mobile Clover platforms to become more popular as time moves forward.

Separate mobile payment systems may be available for your needs. You can load a Clover setup on a mobile device like a tablet or smartphone. Clover is expected to add support for multiple items in the future, so you can expect mobile transactions to become more prominent in the future.

The Clover Mini Provides More Control

Giving customers the ability to complete transactions themselves can be a necessity for success. The Clover Mini is one program that may work well for POS purposes. The Mini is a stationary countertop screen that links to a Wi-Fi network and collects payments from NFC or chip-based card readers. The system is easy to run, plus you can program a secure setup in the work as necessary. You’d have to use a suitable POS program that runs with an app from a marketplace to make it work, but it won’t be tough to run if you have the proper materials that are necessary.

Additional Integrations

You can also expect Clover to support more integrations. The Android-based setup Clover uses ensures you can load and program different add-ons and other integrations to your liking. You could use the Clover Station app store to review the thorough list of programs available for many industries. More integrations will be made available soon, so expect these programs to become more interesting and useful.

Working With QuickBooks

The QuickBooks accounting program from Intuit is already ideal for many businesses. But QuickBooks has been a standalone solution that takes a while to manage. You’d have to manually enter in data to your QuickBooks account to ensure everything is accurate. The program can collect a thorough amount of data, but it isn’t always easy to manage.

The good news is that QuickBooks will be easier to utilize if you have a Clover station. QuickBooks has a new app on Clover that was produced by Commerce Sync. The system integrates QuickBooks to your Clover POS station. The POS data will move directly to your QuickBooks account, saving you precious time managing your accounting needs. You’ll also ensure everything remains accurate, as all Clover data will immediately move to your QuickBooks reports without risking possible losses or errors.

Maintenance Is Critical

Consistent maintenance is essential for ensuring a Clover POS setup can work. Clover will expand its offerings to make it easier for people to order paper for any printers that attach to a Clover station. Abreeze Technology already has a new app ready for use in Order Paper that helps people find paper products for whatever Clover printers they utilize. For example, people can find the paper they need and order it as necessary, ensuring they’ll have the equipment they require for their work plans.

These points are useful when you’re looking to support your Clover POS setups and accounts. Clover will continue to evolve in 2021 and beyond, as it will provide more solutions that will make your POS efforts easier to manage.

The Clover® name and logo are trademarks owned by Clover Network, Inc., an affiliate of First Data Merchant Services LLC, and registered or used in the U.S. and many foreign countries.

Smart Tech Keeps Convenience Stores Relevant as Industry Declines

As the pandemic continues and more people turn to online shopping versus running into local convenience stores, the industry has seen a decline of almost 2 percent since 2019. Consumer spending habits changed drastically as everyone tries to stay safe.

Fortunately, smart tech helps keep convenience stores relevant in society by thinking outside the box and helping stores offer services they didn’t offer before.

How are Convenience Stores Changing?

With fewer people commuting and/or fewer people making traditional brick-and-mortar purchases, merchants are finding ways to meet customers where they need it.

For example, 7-Eleven and other large convenience stores implemented delivery services. Some partnered with companies like Shipt and DoorDash, while others offer their own delivery services within a specific radius.

Convenience stores also offer contactless payments for their credit card customers and self-checkout choices for consumers who want as little contact as possible.

Some convenience stores in large areas, such as airports, are utilizing Amazon’s ‘Just Walk Out’ technology which recognizes the items a customer takes and charges the purchases to their credit card. Amazon has used the technology in their retail stores for a while and convenience stores are taking advantage, too.

Focus on How you can Instill Convenience

The name of the store says it all – ‘convenience.’ It’s why millions of people subscribe to Amazon Prime – they can have what they need/want to be delivered the next day usually. They don’t have to leave their home and still have the convenience of what they need in hand.

As the pandemic continues and the convenience store industry sees almost a 2 percent decline, it’s important to think outside the box.

How can smart technology help you give your customers the convenience they desire?

Credit card processing is big. While most stores already accept credit cards, instilling contactless payment methods is the key. Customers want as little contact as possible. When they feel safe shopping in your store because of the minimal contact, they’re more likely to shop at your store.

Smart apps and mobile payments are another great option. Whether you partner with a delivery company like DoorDash or you do your own thing – providing customers with contactless delivery gives them the option to stay loyal and safe.

If delivery isn’t an option for your convenience store, consider curbside pickup. This offers your customers another way to get the products they need without unnecessary contact.

Think Outside the Box

Today, it’s all about convenience and safety. Customers are even willing to pay more in certain situations if they know their safety is protected.

Show your audience you care about their wellbeing and will do whatever is necessary to keep them safe while providing the products they know and love.

As the pandemic continues and the industry continues declining, it’s about who stays in front of the issues, utilizing smart technology and giving customers alternative ways to shop and pay so they have the products they need and continue to patronize your business.

COVID-19 Payment Trends Are Here to Stay, Says Visa

As we near the one-year anniversary of the pandemic, it’s apparent that the latest payment trends that took place at swift speeds are here to stay.

The most common changes businesses are implementing include contactless payments, ‘buy now, pay later’ options, and increased security protection. In short, small and micro businesses need to cater to customers in the areas they need it most – they want to stay safe, yet still conduct business as usual.

According to the Visa ‘Back to Business Study,’ more than 80 percent of small and micro businesses changed the way they accepted payments and/or did business. The study also found that business owners are still looking for ways to implement new strategies to protect consumers from fraudulent transactions, accept contactless payments, and offer additional payment opportunities.

What Most Businesses are Doing Today

Contactless payments – The largest surge of payment changes are how merchants collect payments. In-person swipe or chip cards aren’t nearly as common as contactless payment options. In the summer of 2020, only 20 percent of small businesses offered contactless payments. Today, that number is at 40 percent of businesses and climbing.

Increased digital payment options – Many small businesses also reported meeting customers where they are – online. Most customers want to do business digitally to avoid unnecessary contact that could put them at risk. Whether that means curbside pickup or home delivery options, many small businesses are adapting to what consumers need.

Protecting against fraud – Protecting against fraudulent transactions is the key to successful business transactions. Many businesses still have a long way to go in this department, but many businesses are going in the right direction.

Why Contactless Payments are so Important

Many businesses focused first on mask use in-store, which is a large concern. But consumers have more concerns than the airborne risk not wearing a mask poses. They want to know they’re protected from all shared devices which include pens, credit card machines, and handling cash.

Offering contactless payment options for credit card processing keeps your customers safe and gives them a reason to come back. If they don’t feel supported or validated in their concerns, they’ll take their business elsewhere.

What Else are Businesses Doing?

Besides the precautions taking place in the store with credit card processing and avoiding shared devices, customers want an online shopping option too.

Businesses that didn’t sell anything online are now online. According to the Visa study, in the summer of 2020, only 27 percent of small businesses jumped online, while by winter of 2020 43 percent of businesses are online and the number keeps growing.

Small businesses that want to see their business through to the end of this pandemic must meet the customer where they are. The trends that the pandemic started aren’t going to go away when the pandemic dies down. Instead, it will be the ‘new normal’ for most consumers, so the sooner you jump on the bandwagon, the more your business will grow.

Hot Fintech Trends Emerging from the Pandemic [2023 Update]

The pandemic has been harsh on our financial infrastructure and has brought sea changes in the fintech industry. Fintech companies started coming to the forefront since the previous year, helping to shape digital payments.

In the previous year, people have taken to online shopping in large numbers, and today, almost every buyer is looking for contactless payment modes. As 2020 was approaching its end, the next one has already begun forming a new era with a promising future for the fintech world.

According to research conducted by the deVere Group, the coronavirus pandemic has been a major cause of the rapid growth of fintech apps, the usage of which increased by 72% in Europe.

The situation is similar in the US too, where around 73% of Americans are now viewing fintech tools and solutions as the new normal, as per another report. What’s more, 67% of the American shoppers have planned to continue using fintech apps for managing their day-to-day finances even in the post-COVID-19 period.

Experts have predicted the acceleration of the more fintech trends that are believed to impact every financial area, ranging from making transactions to banking. Some of the top fintech trends for 2023 are:

Digital-Only Banks

The rise of digital-only Fintech banks is one of the recent trends that made headway in 2020. Digital-only banks is the name given to those banks that offer several virtual banking solutions. These include crypto payment gateways, P2P transfers, contactless MasterCard providing free transaction fees, international remittance, and the ability to purchase different cryptocurrencies, such as Bitcoin, Litecoin, Ethereum, etc.

Digital-only banks are extremely convenient to consumers as it eliminates waiting in long queues, tedious paperwork, and the need to make frequent visits to the bank. This trend is expected to gain momentum in 2023, which in turn, would reduce the number of bank visitors.

Because of this new trend in banking, the number of people visiting banks physically is predicted to drop by 36% from 2017 to 2023. Some of the top reasons to go digital-only with your banking are:

You can reset pins right from your home.
You can manage your expenses conveniently.
They offer quick balance review features.
Enjoy instant bill payments on-the-go by snapping pictures.
Digital-only banks come with real-time data analytics.

Blockchain

The cutting-edge technology of Blockchain has transformed the fintech world completely. Since one can make payments faster and more securely, financial institutions like banks can confidently adopt Blockchain technology to stay ahead of the competition. It also comes with low processing fees and has a global reach.

According to a Business Insider Intelligence report, nearly 48% of the banking representatives believe that Blockchain technology will significantly impact the banking industry in 2021 and the years to follow.

The US and China are the leading users of Blockchain technology, which ensures its fast adoption in other markets across the world. Blockchain makes sure that all cross-border payments and the data stored are safe and secure.

One vital aspect of Blockchain is its new philosophy of decentralized finance that works on minimizing centralized procedures. The reason why Blockchain is so popular is its highly protected environment. Once your data is recorded into its system, it is extremely difficult for hacklers or malicious users to modify or access that data.

RPA

Robotic Process Automation, or RPA, refers to the process automation technology that uses digital workers or software robots to automate several tasks, thus saving time and human labor. RPA is designed to manage repetitive business processes using software robots that can fully or partially replace manual operations.

Since the process involves software robots and other digital workers, it is error-free, fast, and more accurate. The RPA technology has been largely beneficial for the financial service industry, as it improves the entire organizational efficiency in a more cost-effective manner.

Additionally, financial institutions can automate several back-end office tasks, including customer onboarding, security checks, trial balancing, account maintenance and closing, mortgage processing, credit card processing, and the list is endless! With RPA, banks can automate their core processes, thus saving time to focus on other vital areas.

Artificial Intelligence and Machine Learning

Banks across the world have started embracing AI to handle their day-to-day operations. According to Autonomous Research, AI is predicted to reduce 22% of the operational expenses of financial institutions by the year 2030. In short, banks will be able to save around $1 trillion by incorporating Artificial Intelligence technologies into their processes.

Artificial Intelligence and Machine Learning go hand-in-hand, since the algorithms of both have the ability to record each transaction with utmost preciseness and accuracy. What’s more, AI can be used to manage and mitigate the increasing cybersecurity risks and threats, as it can identify fraudulent activities immediately.

Besides, AI and ML, together, have tremendous capabilities of managing your customers through top-notch client service solutions, such as Chatbots. With such rapid growth in AI technologies and their increasing adoption by numerous industries, banks, and other financial institutions will soon implement them for better customer service.

Biometric Security Systems

In the face of rising cybercrime cases, customers are looking for more secure payment environments, since digital transactions are more of a necessity than a trend in this pandemic crisis. Therefore, companies in the fintech industry are implementing new ways to offer more secure payment infrastructures, such as biometric security systems.

Biometrics like fingerprint authentication, facial recognition, etc., is the best way to add an extra layer of protection and security to one’s payment solutions. Biometric systems help consumers to be confident while making digital transactions.

Since the current COVID-19 restrictions have made it necessary to go contactless, or more specifically cashless, biometrics is the need of the hour. However, contactless biometrics like face ID recognition is having a higher adoption rate in COVID-19 times, while the touch-based fingerprint reading market is witnessing a downfall.

Open Banking

Open banking is a revolutionary technology that enables users to manage their money more efficiently and get the best deals on products and services. It helps consumers make smarter and more cost-effective buying decisions while also accessing all their accounts in one place.

Open banking is a practice of sharing one’s financial information between authorized service providers at the users’ consent. The technology enables banks and Fintech companies together, allowing seamless data networking across multiple institutions.

Experts and industry leaders predict that open banking will reshape the banking sector as we know it. In fact, a report has proven that open banking has already generated $7.29 billion in the year 2018. The numbers are expected to hit $43.15 billion by 2026!

Open banking has the potential to benefit various banking and other financial institutions, consumers, fintech workers, API industry figures and app developers, and even underserved markets.

Open Banking Use Predicted to Double [2023 Update]

According to new research, open banking users are expected to double up and reach 40 million by the end of 2021. On the other hand, payments are predicted to hit $9 billion by 2024.

Juniper Research has predicted that the total number of API technology users aggregating bank accounts and gaining access to new services would rise from 18 million by the end of 2019 to 40 million in 2021.

Another report named, “Open Banking: Opportunities, Challenges & Market Forecasts 2020-2024” found that the pandemic was a reason behind the increasing demand among consumers to aggregate their accounts.

The main motivation behind such a change in behavior was to gain better insights into one’s financial health and how to manage one’s money more efficiently. Since the COVID-19 outbreak people have become more conscious about how and where to make expenses, and how to cut down on their costs by making only the best purchases.

What is Open Banking?

Open banking is the practice of securely sharing the consumer’s financial information with service providers, to help them provide better user experiences. The process enables you to bring all your accounts into a single place.

For instance, open banking can let consumers view account information, and even access their funds across multiple banks, all without switching platforms.

However, none of your sensitive information would be shared with any third party without your consent. You will never be asked for login details or passwords. The shared data enables service providers to develop and innovate better apps and solutions around banks and other financial institutions.

Open banking has shown consumers new ways to spend and manage their money and purchase more responsibly and cost-effectively. The practice of open banking has been incredibly beneficial for startups, SMBs (small- and medium-sized businesses), financial institutions (like banks), and consumers.

Additionally, open banking can also help businesses explore new revenue streams, have an extended market reach, and have better operational efficiency. It is a more sustainable service model, specifically for the underserved markets. App developers, too, can find it much easier to work with open APIs, saving time and labor.

Since open banking apps have proper access to your financial data, these solutions can recommend you the best products and services to save your money. This improved user experience provided by open banking tools boosted momentum for adopting open banking technologies and principles.

Key Points to Know About the New Research

Juniper reported that the rapid growth seen in open banking practices was pioneered in Europe. In Europe, regulators pushed beyond standardization and minimized the barriers to entry. The reports further showed that the practice was later taken up and advanced by the Chinese and the Far Eastern markets.

The principle of open banking originated from the 2015 European Union reforms, which were designed to help consumers switch between banks more seamlessly. The technology that supports and enhances this also enables users to make faster and easier real-time money transfers or payments. This alone has boosted the rise of numerous digital payment solutions and so-called “challenger banks.”

In the Juniper Research release, Nick Maynard, Juniper analyst, said, “Banks must embrace open banking” to capitalize and accelerate their ongoing digital transformation endeavors. Maynard further said that the practice of adopting open banking could enable banks to introduce more innovative services to their consumers backed by open APIs. Otherwise, they might risk their market position in the face of increasing, digitally agile competition.

The research company also states that payments will be vital for accelerating the growth of the industry. In fact, the total volume of payments to be made through open banking technology is predicted to be around $9 billion by the year 2024. It is mostly because open APIs are promising enough to facilitate more secure and protected “direct from account” payments.

Further, the report said debit and credit card providers should also adopt the new open banking practices and technologies to avoid falling behind in the market competition during this vital shift.

Previously in 2020, Juniper had already reported that open banking “has made significant progress,” in spite of the challenges faced due to the pandemic outbreak.

The report added that providing an enhanced open banking experience can be a compelling selling point that differentiates and labels the service provider as a part of a superior digital app experience.

Juniper researchers believe that open banking can create a high-level playing field across several markets in which regulatory intervention has resulted in the deployment of open banking practices.

However, Juniper highlighted that open banking can be both an opportunity and a threat for many traditional banks and other financial institutions. It is an opportunity because it offers improved consumer experiences and helps them get better deals while efficiently managing their money. It’s a threat because open banking exposes users’ financial information, which can be a boon for potential competitors gaining access to it. And the report states that this threat can be equal for all the players in a specific market.

Hence, established banks must build more innovative and advanced open banking services to provide high levels of security. They must offer better benefits to attract users from the still-developing or less innovative markets.

The Future

With the increasing popularity of open banking technologies, the practice opens doors to several other innovations to be made in the digital payment industry in the upcoming years. It is expected to cause rapid growth in the financial service industry as well, which is keen on taking consumer experiences to the next level.

Besides bringing financial freedom to customers, open banking is also expected to redesign the entire financial service industry and revise the current user flow to eliminate any potential friction points. This is why it is supposed to add value to the consumers while improving their financial lives in the years to come.

FinTech companies and banks have got a new opportunity and way to improve their services, and fix issues such as:

Outdated banking solutions,
Unintuitive user interfaces,
The hassle of switching multiple accounts, and
Lack of resources to bring innovative tools and technologies to the forefront

It’s clear how the adoption of the open banking model by the financial industry can positively impact the future of online banking. If the financial institutions’ transition to open banking becomes successful, then that day is not far when the banking infrastructure or the security and ownership of consumers’ data would not be a decisive factor anymore.

The factors that will matter are a smoother and more convenient user interface, and faster and more secure payment. The banking industry’s transparent future promises to offer seamless access to different accounts, payments, financial data, etc., through any third-party financial solution that can offer limitless financial freedom to users.

Direct-to-Consumer Brands Flourished in 2020, 2021 Looks Even More Promising

The COVID-19 pandemic has been tough for a whole lot of industries, and in fact, some have yet to recover from the hurt inflicted. However, the previous year has unexpectedly accelerated the growth of some sectors, including the direct-to-consumer (D2C) markets.

2020 witnessed a sudden shift in the consumers’ behaviors, preferences, and purchasing patterns, compelling brands to implement major changes in their marketing strategies to cater to their unique needs. E-Commerce has been growing rapidly in recent years, especially in 2020, and the trajectory shows no sign of dropping, at least for the next few years.

A majority of the e-Commerce market is occupied by the D2C sector, mostly in response to the need for maintaining social distancing norms. For example, D2C brands like Casper and Warby Parker have been flourishing continually for quite some time now.

What is the D2C Business Model?

As opposed to the B2C (business-to-consumer) model, D2C companies manufacture and deliver their products directly to the end-user without involving any middleman or traditional stores.

B2C companies manufacture the goods and pass them over to a retailer who then delivers them to the customers. In B2C models, there is typically an intermediary retailer, such as Walmart or Amazon, who sell the products of various manufacturers.

The best part about D2C models is that buyers can enjoy a more simplified and streamlined shopping experience. Moreover, retailers no longer need to worry about meeting another company’s policies and standards or stocking up their shelves.

As a result, D2C merchants can develop more meaningful relationships with their customers and build a stronger brand image. This new business model also enables retailers to receive instant feedback on their products and services, thus creating more positive reviews and testimonials.

The Rising Popularity of Online Shopping

The pandemic has greatly accelerated growth in online sales and the D2C movement. After the WHO declared COVID-19 a global pandemic in March 2020, e-Commerce stores and retailers have witnessed a surge in online shopping.

In May, some businesses started reopening, which further gave a significant boost to page views and order counts. The next month saw a steady growth with order count and page view up by 57% and 75% respectively over the previous year.

Since people avoided stepping out, and most of them were working from home, they were ordering their daily essentials online. Since consumers were shopping online and didn’t have to worry about limited cash issues, they were spending more while purchasing online. And this was a huge plus point for retailers, especially the D2C businesses.

Why 2020 Was a Year for D2C Brands

The obvious answer to this is that brands are realizing the benefits of creating direct sales channels to connect with their consumers better. D2C strategies focus on enhancing customer relationships by offering more personalized solutions.

Further, the new business model is encouraging the development of more advanced recurring revenue systems, such as through subscription payments. Some of the key reason behind the success of D2C include:

Creating customized experiences. Direct-to-consumer business models are flexible enough to offer more personalized services to buyers. One can have complete control over the entire experience chain, be it product delivery, sending personalized messages, or offering a seamless website browsing experience. In short, D2C brands aim at providing more value-added services by building an emotional appeal around them.

Improvement of profit margins. D2C brands are now able to cut down distribution costs by eliminating all intermediaries. This further enables them to have greater control over their profit margins.

Taking control of data. If you are maintaining an excellent customer relationship, then you probably have access to all your buyers’ data in real-time. For example, tracking and analyzing vital consumer data like purchase histories, patterns, behaviors, trends, unique needs and preferences, etc., allow you to understand your shoppers better.

Since you know your customers’ tastes and have an idea about what they are likely to purchase next, you can explore new strategies to address their requirements at the right time. For instance, you can implement new marketing automation tools and workflows or try clustering new audiences.

Digital-first marketing opportunities. D2C brands are exploring various opportunities and possibilities of the digital world, getting global control over all their channels. They are working on regulating their brand and merging all their conversion efforts under one funnel. The journey towards D2C models might be through the development of more intelligent workflows throughout the product cycle.

Some Tips for a Better Future!

Now that D2C is going to take center stage for at least the next few months, here are some tips you can try to grow your D2C brand.

1. Don’t Close Your Physical Doors Entirely

Although online portals have a stronger presence within your target group, there are ways you need to improve your customer relationships. Offering efficient services and quality products at your brick-and-mortar store is among them. In fact, some brands are also providing the option of order pick-ups from a nearby retail store.

2. Cultivate the Right Talent

Adopting the new D2C model might mean a shift to a new business environment, mindset, and even talents. Whatever your strategies and upgrades, make sure each of your plans is centered around your customers. Use the right talent and hire the right teams to create engaging customer experiences.

3. Look Beyond SEM and Social Media

No, we are not saying that you must abandon special media marketing and SEM strategies altogether. In fact, try to look for better ways to promote your brand side-by-side, making social media strategies.

For instance, try to tie up with the latest streaming and smart TV services to attract your audience better and in more engaging ways. These advertisers are able to reach wider audiences than expected due to the pandemic.

4. Have a Specific Purpose

The pandemic crisis and lockdown restrictions have forced people to explore new hobbies and talents, which is why the previous year has seen a drastic change in customers’ behaviors and buying trends. Also, people have started to go for less expensive options and alternatives.

So, try to have a specific purpose, a unique value proposition, and a stronger way to engage your consumers.