This is a relatively new industry that has experienced significant growth within the past ten years as cashless transactions take precedence in customer purchases. Credit card usage grows at 17% annually. As technology evolves to meet growing consumer demands, POS Systems, ATMs, electronic cash registers and credit card terminals will continue to provide new product lines.
Technological developments and systemic enhancements promise to upgrade and refine the hardware and software we offer frequently so that we are able to continually offer new and exciting products and services. These improvements make processing cashless transactions easier and more efficient for merchants and their customers, while increasing the security and reducing the fraud potential in the exchange of funds.
Introduced over 40 years ago, ATMs continue to be in demand as the convenience of accessing cash increases. As of today there are approximately 2 million ATMs around the globe. The price for this convenience is also on the rise. As of October 2014 the average fee for using an out of network ATM climbed 5% the past year to a new high of $4.35 per transaction, according to Bankrate.com. ATMs are consistently changing to meet federal and network regulations and some are being made to offer much more than cash withdrawals. As smartphone technology increases, we may soon see cardless/touchless ATMs in the future.
With the increased popularity of wireless networking and cloud computing combined with the decreased cost of mobile devices, mobile POS systems are the wave of the future. While full-system POS systems will always be around; the advantages of mobile is attracting both hospitality and retail industries.
Constant regulatory compliance and mandates such as ADA, PCI, EMV and the Durbin Amendment is why you should work with Cornerstone Processing Solutions, Inc. We will make sure that your processing solutions are compliant and up to date. For more information on regulations and fraud prevention please click here.