What Drives POS Purchases?

Affordability & Convenience, Not Bells & Whistles, Are the Decider

 

Your POS solution doesn’t have to be fancy to be effective. A recent survey* of over 650 POS customers found that:

  • 63% say competitive payment options are the most important factor
  • 8 in 10 value monthly spend over technology features
  • 7 in 10 are likely to evaluate an all-in-one subscription-type service for their next POS need

Cost is king: POS technology has evolved, and ever-increasing simplicity powered by breakthrough technologies lead the headlines of every industry publication. But technological prowess alone stands second to affordability. POS customers are willing to give up technology bells and whistles in favor of payments that align with tight budgets that have been through difficult times.

In fact, more and more POS dealers and manufacturers are pushing into recurring revenue-driven, as-a-service offerings that seamlessly bundle hardware, software and service for a monthly fee. Despite these options being almost universally more expensive in the long term than the more traditional way of acquiring new POS technology, customers are increasingly seeking this option, because low monthly payments are easier to shoulder.

The takeaway: Convenience and affordability is the leading decision point over technology features.

Financing equipment is our specialty. As a leader in POS industry finance, TimePayment can help build the solutions that adapt to the ease and affordability required by today’s demanding customer. If you have a unique finance need or are interested in building a more bundled payment alternative, we can help.

 

* 1H22 Greenwich | Sawbux Survey of Commercial Finance Decision Making

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