However, looking forward to the year ahead we can predict that real progress will now be made in the fields of payments and POS; many of which will have a real impact for smaller hospitality providers. With more legislation and fantastic technologies coming to the fore in 2019, there are the four key areas which I believe will have a significant effect on the hospitality industry:
Payments - PSD2 Directive
The introduction of The Payment Services Directive (PSD2) - designed to promote payments innovation will have both a positive and negative impact on the sector. The legislation will encourage open banking, which is considered to 'transform banking into a more flexible network of financial providers and services'.
We should expect that in 2019 this directive will accelerate the faster payments system in the UK as it reduces the fees for processing PSD2 payments. Hopefully we will see it levelling the field for payments, reducing the cost and allowing hospitality providers to have more choice of how they take payments, as well as encouraging the integration of technology into businesses.
However, there is a lack of communication for both consumers and smaller businesses about how this may benefit them, but also what any associated risks may be. I would advise hospitality businesses to do their research before jumping into any scheme. In addition, loyalty or rewards schemes are currently not as developed as those of major card or payments providers, but this is something we are expecting to change as the market grows stronger and more established over the coming years.
Pin on Glass (PoG)
A subsequent application will be the introduction of Pin on Glass (PoG). The term describes traditional payment terminals that have evolved from larger models that operate using buttons, to a touch screen interface. PoG is the touch screen, or glass-based capture mechanism
. PoG will become more commonplace during 2019, as the prices will reduce - making PoG-type products a more financially attractive option. We will also see increasing numbers of mobile apps being created to accompany this trend. Overall this will enable entry level merchants in the sector to start taking payments, which will result in more mobile type transactions direct from a phone, as opposed to needing third-party intervention - creating the coveted 'frictionless' payment environment.
Nearer than many would think is behavioural biometrics - iris, fingerprints, facial movement and voice - all big news in payment technology right now. We are at an early stage but are beginning to see 'pay by selfie' or 'smile to pay' services - promoting cashless environments and embracing payments at lightning speed.
Biometric payments will revolutionise the payment landscape, and there is a whole new generation ready for this, which will certainly change the buying process. Hospitality businesses need to start planning for this change, and to address their changing customer needs.
One of the big topics in the industry right now is the potential staff shortages following Brexit. It’s something I firmly believe we all need to prepare carefully for. In 2019 self-serve will be utilised on a much larger scale, as it is one of the greatest technology tools available right now that has the ability to support many hospitality providers in delivering high-quality service.
In certain areas of hospitality we are looking at a revolution of the traditional role of service staff. Higher footfall and faster payments will generate the need for more staff in operational and back office roles to give better service and more product and scope.
As in recent years, 2019 will be all about technology integration and creating best-in-class solutions. Those who choose not to evolve will find themselves being left behind.
About Lolly (www.itslolly.com)
Lolly is a Point of Sale (PoS) and payments specialist serving small and medium businesses across the UK in the hospitality industry; from coffee shops, pubs and night clubs, to mobile catering, pop ups and corporate caterers.
The company offers a complete point of sale package where customers can use its EPoS software on tills and PoS tablets. Lolly then networks these to card payment machines, to speed up service and provides a cloud-based back office, supplying real-time business analytics. The tills and software are designed to help businesses with their bottom line.
Lolly launched LollyPoS - the first Windows-based downloadable EPoS with integrated payment processing. The solution is designed to provide a simple, efficient and dependable point of sale solution anytime, anywhere.
Lolly provides enterprise level EPoS to hospitality and retail SMEs at an affordable price. Today, it is the only UK business of its kind that can truly scale from a downloadable product to a fully connected real-time network of tills, powered by an enterprise-level inventory reporting management system.
Businesses simply upgrade as they grow, removing the need for costly installs as the needs of their business become more complex.
For further information please contact:
Katrina Suppiah, Publicité
+ 44 (0)20 8543 6582