How technology has displaced cash | for those who do | The USA Print

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SMEs are immersed in a profound process of digital transformation, which they must face with guarantees to guarantee their survival. Together with the self-employed, small and medium-sized companies play an active role in the Spanish economy: 99% of the productive fabric of our country is made up of SMEs and self-employed workers, who generate two out of every three jobs. That is why it is essential to provide them with the necessary tools that allow them to overcome the challenges they face, including digitization.

Technological innovations provide speed and security in commercial transactions, and new payment methods –which are the basis of any business– take on special importance. Few customers pay in cash anymore, and credit or debit cards are the order of the day. According to the latest data from the Bank of Spain, in 2021 card spending exceeded 195,246 million euros compared to the 111,131 million that were made with cash. Likewise, purchase operations at point of sale terminals (POS) They increased last year by 21.61% compared to 2020, which confirms the clear trend towards the use of digital money.

According to the latest data from the Bank of Spain, in 2021 card spending exceeded 195,246 million euros compared to 111,131 million that were made with cash

These payments are not only made with plastic cards. 37% of Spaniards already use their mobile phone to shop, according to the Study on Mobile Payment Trends in Spain. The speed, ease of use and control of finances are the factors that most convince those who choose this option.

options for business

In the face of such an avalanche of change, it is important that businesses not be left behind. That is why it is important that they are updated and know the different electronic payment systems that they can adopt in their day to day:

• Payments contactless. Some credit and debit cards incorporate technology contactless NFC. They are easily recognized, as they have the wave logo printed on the front or back. To pay, the card is placed on the POS reader until a beep sounds. These contactless payments stand out for their security, speed and convenience. It is currently the most popular type of transaction in Spain.

• Chip cards. Traditional magnetic stripe cards, highly vulnerable to fraud, have been replaced by those that include a chip. Its level of security is higher, since customers insert the plastic into a reader until the transaction is complete. The chip creates a unique impression each time the card is used, minimizing risk.

• Digital wallets. An electronic wallet or e-wallet is the equivalent of carrying a credit or debit card in your smartphone. In this apps With a mobile wallet, bank details associated with a card can be safely entered and stored. Thus, instead of using the physical card to buy, you can pay by phone thanks to NFC technology, as in payments contactless. For a business to accept payments with a digital wallet, it must have a POS system equipped with technology capable of processing the transaction.

• Digital invoices. One of the trickiest things for any business is getting paid from customers and vendors, something that becomes even more frustrating if you rely on paperwork, checks, or writing down their credit card numbers when you talk to them on the phone. Digital invoices streamline this cumbersome process.

All this implies an effort by SMEs to adapt to the new times, although fortunately numerous initiatives have been developed that seek to facilitate the work of companies, whose work is more necessary than ever for the recovery of the economy. Since last January, Square offers in Spain a comprehensive suite of tools software Y hardware customizable to the needs of each business, which is designed to help in the management and growth of companies of different sizes and sectors – including retail, hospitality, health and beauty, home repair and professional services.

When everything is carried out from a single platform, payment management is simplified.
When everything is carried out from a single platform, payment management is simplified.Getty Images/iStock

From the Square platform they can efficiently control their sales, reservations, registrations, payments, customer relations and much more through a fully integrated system. Square’s offer includes POS equipment and commerce solutions on-line. Accepting card payments becomes a fast, simple and secure process, without additional fees or long-term contracts.

Square markets four point-of-sale terminal kits. Square Reader, Square Terminal, Square Stand and Square Register. Businesses that hire Square to handle their payments get many benefits

Among the payment solutions it offers to businesses, Square markets four point-of-sale terminal kits. On the one hand, SquareReader, a simple card reader that allows you to accept payments anywhere, whether with contactless or chip cards, or through a mobile device. It is enough to connect the device wirelessly to the mobile via Bluetooth to charge customers and receive money quickly. While, SquareTerminal It is a smart and portable dataphone with a built-in receipt printer that allows you to manage inventory, accept payments and even view reports in real time. This equipment – ​​wireless, secure and with software integrated – it’s intuitive, easy to set up and lets you start selling instantly.

For its part, Square Stand is a powerful POS for iPad with card reader and software integrated. Its use is very simple, it is not necessary to receive specialized training or visits from the technical service to be able to use it. As soon as the application is downloaded, it is already operational. By last, Square Register is the most complete POS, with two intuitive screens, a software easy to use and an integrated payment system. Easy to set up and use, it offers everything you need to run your business: payments, online ordering, home delivery, and more.

The benefits businesses get from using Square to manage their payments are numerous. “There is total transparency in the commissions, SMEs or freelancers receive the money from the next business day of their sales, the system accepts all types of payments and can be configured in a few minutes and start selling instantly without the need for assistance, it is you can send the ticket to the client by email or sms…”, they explain in the company. And there is more. Since everything is carried out from a single platform, payment management is simplified.

Miniguide to choose the best POS for a small business

In order for SMEs and self-employed workers to be able to choose the best POS terminal – the technology that allows them to register sales and accept payments – it is important that each business understands what type of tools it needs to function and grow. A coffee shop has very different needs than a clothing store, for example. And a POS system that works for a plumber just doesn’t work for a greengrocer. When deciding on one or the other, the main factors to take into account are cost (both initial and fixed costs), security, PCI compliance (i.e. how payments are processed, connect systems and manage customer data securely) and easy to use.

The advantages of using a POS are numerous. Not only does it allow you to accept all forms of payment, including cash, credit cards and mobile devices. You can also print receipts, store cash in drawers and scan barcodes. Other functions include finding items and managing inventory, recording and reporting sales, and assessing customer satisfaction, as well as sending funds to a bank account after each transaction. For this reason, choosing a suitable POS helps to speed up those administrative tasks that involve so much time.

All companies, including the smallest ones, that accept card payments and want to have a simple system to control their sales, should consider incorporating one of these terminals. Because the more data each business has about its activity, the better decisions they can make.

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