Retailers are jumping aboard the eCommerce train as the ability to accept credit cards online becomes a critical business investment. One thing making businesses slow to accept cards online is the complexity of “legacy” payments systems.
Legacy technology (also referred to as “legacy systems” or “legacy networks”) place limitations upon the payments structure of a retail business with antiquated POS systems, software that does not integrate, and numerous expensive transaction charges. Retail businesses that use legacy systems are then left unable to compete with other businesses that accept credit cards online or via mobile device. Therefore, technologies must be made adaptable to legacy systems that require them.
In a recent report from eMarketer, retail eCommerce sales are set to reach an outstanding $4 trillion by the year 2020. In the US, retail eCommerce sales will exceed $423 billion this year alone. As these projections rise, legacy tech and new technologies will grow in the following ways:
Retail will shift, but not change. Retail transactions will continue to flourish and allow for businesses to accept credit cards online and on mobile devices. Consumer behavior will shift toward online shopping beginning on one device and ending in-store or through another digital platform as eCommerce grows. Technology will always follow customer demand, and retailers will need to keep up.
Amazon will continue to disrupt eCommerce. Amazon has already threatened retailers with the announcement of Amazon Go. Amazon aims to reduce the distance between the product and the consumer by introducing other quick technologies like Echo and Dash which eliminate the need for standard retail. Some retailers are creating more omnichannel experiences to keep the physical store relevant while also enhancing the eCommerce technology.
There are ways to integrate the new with the old; just because your business utilizes legacy systems, you don’t have to be slow to accept cards online. Your consumers will want new software and new technologies to keep them interested in your business. Payline keeps up to date with the latest in technology for your business. With our expert knowledge in how to accept credit cards online and via mobile devices, Payline is always looking toward the future.