Sunday, January 15, 2017

Swipe Card machines are a dead technology which will kill retailers

The technology behind Swipe card machines, is older than the internet dialup connections themselves.

It requires a card to touch a terminal, then the device needs to dial up to a server, then the server needs to carry out AAA(Authentication, Authorisation and Accounting) and then send a response back to the swipe card machine.

Then there is the problem of settlement, which needs to be done everyday, for the statement to be generated at the bank's end.

The next problem, is that the bank usually is different from the merchant's bank, which means that there will be another delay in terms of transferring the money from the swipe card POS bank to the merchant's bank.

Next the merchant needs to manually enter all the settlements into the accounting system

Instead of all of this, imagine if you could just use a mobile application, which is a POS as well, with your full inventory, so that you just select your products, or the customer themselves do it through the application on the phone and then make the payment directly.
Then the mobile application, will do the settlement with the cloud server and the statement will then directly reflect in the accounting software.

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