Retail EPOS Terminals Market Size to Exceed $25bn by 2023

The (Retail Electronic Point of Sale) Retail epos market is at present valued around £11.7 million however come 2023 it will undoubtedly reach at an unexpected £25 billion. Yes, believe it or not the business will double in less than 10 years. This is great news for someone who is already in this market, or for someone looking to bounce into the action. But, what exactly is a Retail EPOS?

Defining Retail POS

For most of us, we have upgraded from the standard "swipe" credit and debit cards, and have transformed them out for the more advanced and better verified "chip" cards. This has helped with protecting consumers from fraud and misuse of their cards from robbery. Basically, what Retail EPOS terminals do is take that data and run through their software in a quick, simple and secure way. 

As indicated by a recent article in Global Market Insights:

"EPOS terminals are a combination of software and hardware, which allocate its customers to accept card payments directly without updating the cash registers. The EPOS terminal varies with the size of the business unit and selling terms with the channel providers and partners. 

It is an electronic device that performs various functions in the retail part. For example, ensuring the fund status in a customer bank account, examining the data of a customer's debit or credit card, relocation of funds from customer account to the retailer account and register the transaction. Moreover, it also prints the receipt of the transaction done"

What Does This Mean For Business?

With this surge in retail EPOS systems, it's important to jump in on the action and put resources into a high quality, working software for your business. With many consumer’s using the latest and best in class cards and technology to pay for your products. 

It's important to have updated machines that can accept their payments. Make sure to keep up with your customers and use a great software and Retail epos system, for example, EPOS software. When looking for an EPOS system, you need to discover something that integrates with the most of the common methods for payments. PIN and Chip allow you to track your sales and transfer to your PC in an easy way to follow.

Never lose any sales by not having an updated system for your customers to pay with. Now it is the time to invest before 2023 to stay competitive. Regardless of what your industry is. Grocery stores, bar, hotel, or small retail business jump on the trend before it's too late.