08.02.22 -- Integrating Cash With Digital Channels

Customers today expect to be able to make purchases on their preferred channel, be it online, marketplaces, social media, stores, etc. In fact, 40% of customers are ready to discard a purchase if they cannot do it on their favorite channel.

The headline you just read was the consensus thinking of the executives attending a recent online meeting of the RSPA Niche & Startup ISV Community. Often times VARs attempting to penetrate this vertical focus only on the point of sale system and related software, and they find little success because of the glut of companies pushing their own POS solution.

From shopping for clothing to online-gaming purchases, eCommerce is redefining consumerism in a way that has taken the world by storm. Along with the emergence of faster, more efficient delivery services, eCommerce offers customers a seamless, on-demand alternative to brick-and-mortar stores that they can easily access and enjoy from the convenience of anywhere, using mobile devices or tablets. From 2011 to 2020, however, global payment fraud tripled from $9.84 billion to $32.39 billion, leaving consumers wary about allowing online sellers access to their payment credentials.

The COVID-19 pandemic raised safety concerns over cash handling, but those fears dissipated as the pandemic dragged on. By October 2020, cash had rebounded and reasserted itself as “the top way to make a purchase throughout 2020,” according to a report by Javelin Strategy & Research for ATM operator Cardtronics.