Often, in business, the goal is speed and efficiency. If you can make a task faster without diminishing its quality, that’s money well spent. How payments are processed is no exception, and one of the best ways to streamline it is by linking it to the Internet of Things (IoT). With a direct online connection, Point of Sale (PoS) processing becomes much more secure, easier to set up, and faster.

How IoT Benefits Payment Processing

Basics

Simply put, the IoT is the concept of connecting basic devices to the internet. If you've been to a restaurant or a retail store that's accepted payment via a card reader on a tablet, that's a type of IoT-linked PoS system. Using either Wi-Fi or a cellular connection, the payment immediately gets processed online through the software.

Advantages

As more and more customers turn to credit or debit cards instead of cash, it behooves businesses to accommodate for that. In the past, most credit card machines depended on a traditional phone line to process payments. For some businesses, especially smaller ones or startups, getting a machine, as well as a secure line for it, was a costly endeavor, not to mention time-consuming to have it installed.

Now, thanks to the IoT, it can all be done wirelessly. Since most businesses are now already outfitted with Wi-Fi, setting things up is a breeze, and, if the connection is robust, more reliable. As you may expect, the transactions done through Wi-Fi are also faster than those sent through a phone line.

Beyond Payments

With an IoT-linked system, businesses can process credit and debit card payments outside of the confines of their brick and mortar location. For businesses that attend trade shows or conventions, having an IoT-linked device that already depends on an online processing software creates more sales opportunities. Depending on the software, it may also link directly to your inventory, so you won't have to worry too much about the paperwork when you return from your travels.

Whether you’ve just opened a cafe or you sell handmade homewares, if you’re interested in installing an IoT-connected PoS system, P2 Business Solutions can help. Companies nationwide have trusted this telecom agent for a wide variety of services. Their experienced agents can find the best options suited to your needs and get it up and running ASAP. For more information about their IoT services, visit their website or call them at (203) 564-9016.