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a. System upgrade is troublesome, involving terminal support, communication messages, POSP, etc .;
The vigorous development of the Internet industry has almost covered all the applications that can be imagined online. Not only that, the offline market is also being transformed by the Internet. The central bank has released information on the separation of borrowing and lending in the POS acquiring industry, breaking the 721 points, and the new mechanism of charging standards. As an indispensable merchant terminal device in the payment link, how does the POS industry make profits, how to transform, and where are the opportunities for smart POS How big is its commercial development space has become a topic of concern to everyone.
Traditional POS refers to support UnionPay card swipe to complete payment transfer, but they do not support the two-dimensional code payment, Apple Pay and other methods used by most consumers. The intelligent pos machine is a brand new concept product compared with the traditional pos machine. In addition to the scanning of one-dimensional codes and card swiping included in traditional POS machines, its main functions include scanning of two-dimensional codes, verification of membership cards and coupons, combined with the back-end CRM system for refined management of customer orders and big data analysis, etc. Features. Its main task is to make electronic payments, and its mission is to replace users' wallets and improve O2O closed loop.
Today, in response to the advent of the mobile payment era, the traditional payment ecosystem has gradually changed. Account payment and mobile phone external credit card models of Alipay and WeChat payment have received the attention of the industry and users, but POS acquisition has always been online. The most mainstream and the most stable payment method. The third-party payment representatives represented by Alipay and WeChat are in a strong enclosure, on the one hand, they seize the consumer's mobile payment portal, on the other hand, they are also working closely with offline merchants. For merchants, whether it is Alipay, WeChat payment, or NFC payment such as Apple Pay, as long as it is convenient to collect money, they are very welcome.
"The difference between smart POS and traditional POS is more online payment. Internet transfer and mobile WeChat online payment are already very popular. Why are many companies still committed to developing smart POS for merchants?"
First, smart POS payment, online transfer payment, WeChat payment, etc. are all forms of online payment. There are always some people who are unwilling or unable to pay via network transfer or WeChat for a while, but require a card to pay for online transactions. The demand for this kind of people or such scenarios is the target audience of smart POS. Secondly, the emergence of smart POS greatly increases the applicable scope of card payment (regardless of space or business scope), and smart POS is compatible with any one-dimensional, two-dimensional code including WeChat or even light wave and sonic payment. Where the positive meaning is.
Compared with traditional POS, smart POS does have many advantages. However, I personally believe that smart POS will get greater development in some industries, but it is difficult to form a large-scale and influential network to replace the traditional POS acquiring network in the short term. The two will have a relatively long-term coexistence stage. It is easy for a single merchant to replace traditional POS with smart POS, but the core competitiveness of traditional POS lies in a systematic, standardized and industrialized POS acquiring network (ecological chain). Smart POS must establish a similar network (ecological chain) May replace traditional POS.
1. Limitations of traditional POS
b. Poor scalability support for non-standard financial services;
d. The terminal has poor interactivity and troublesome operation;
e. It is more troublesome to integrate with other business systems of merchants; although traditional POS can also support some value-added services through custom menus, its communication protocol is mainly based on ISO8385 messages, which leads to troublesome expansion and upgrade.
2. The advantages of smart POS Smart POS is generally customized based on the Android system, so it can be understood that smart POS itself is a full-featured Android machine, so smart POS basically avoids some of the limitations of the above smart POS.
3. The application mode of smart POS roughly summarizes the main application modes of smart POS service providers
3.1. In addition to the functions of traditional cash registers, such as cash register printing, receipt printing, and barcode scanning, the smart POS also provides: integrated payment solutions: supporting multiple payment methods, including cash, card swiping, and barcode scanning payment. (WeChat / Alipay), third-party account payment, etc. Member management (CRM) function: including membership card, various coupon management, member maintenance and other functions. Marketing management: management of advertisements, flyers, and promotional activities. Various convenient services: including mobile phone recharge, credit card repayment, bus card recharge, etc.
3.2. Smart POS + cloud SME SAAS service + open platform Aiming at the basic service for small and medium-sized businesses to open stores, through smart POS + cloud SAAS services, help small and medium-sized businesses to quickly open stores. include:
a. Invoicing
b. Accounting bookkeeping / online tax filing, etc.
c. Member Management (CRM)
d. Integrated management of WeChat public platform, Alipay service window, Baidu direct number and other platforms
e. Merchant mobile e-commerce platform
f. Open platforms (app store-like model) in which third-party vendors or developers participate, etc.
3.3. Big data service based on smart POS
E.g
a. For the C side: after having the member information, you can mine the user's preferences and personalize the recommendation based on the so-called scenes. b. for the B side: after having the merchant transaction data, you can do credit, credit, factoring and other services
3.4 Help financial institutions such as banks and UnionPay to carry out marketing activities and maintain cardholders
4. Future development of smart POS The advantages and application scenarios of active smart POS were discussed earlier. It seems that the future of smart POS is bright. Personally, I think that in the short term, smart POS still has a long way to go to achieve scale. In fact, the concept of smart POS has been around for many years, but why are few companies that rely on smart POS to succeed? Benchmarking companies such as Lakala, the main business that they are currently pushing is actually a traditional POS acquiring business, rather than the convenient service terminal that they are famous for. Square Stand, which is strongly promoted by Square abroad, also seems to have not seen much improvement.
If you carefully study the development history of traditional POS, you can see that the core of smart POS is to subvert the traditional POS, not the most advanced technology, but the network scale and influence of smart POS. The network scale (number of merchants) of smart POS has a great correlation with the final number of consumers.
To form such a network, even wealthy banks cannot fight alone. There has been no major progress for various banks to lay their networks for many years. Eventually, they have to rely on various industry chain alliances such as UnionPay and professional service providers to set various industry standards before they gradually improve. Even so, it was not until the third-party payment joined the acquiring camp that the domestic POS acquiring network was laid out on a large scale due to the profit-seeking needs of the development of third-party payment services (such as cashing out).
The same problem is faced with smart POS. If the number of terminals laid by a smart POS service provider is only limited to thousands or tens of thousands, even if there are thousands of such service providers, it can only be limited to A vertical industry bank is influential, and it is too early to truly overturn the traditional POS network. Rather than discussing the time limit for the replacement of traditional POS by smart POS, it is better to learn more about the successful experience of traditional POS industry chain operation, so that smart POS may be better than blue.
Collecting money is a top priority for all businesses. For a certain merchant, in the ordinary POS era, various banks and various third-party payment companies will scramble to distribute, so a spectacle of a merchant or even five or six POS machines appears. In the era of smart POS, only one smart POS can be connected to the account of any acquiring financial institution, and the money can be received from the account of any designated financial institution. Therefore, acquiring financial institutions no longer need to issue POS machines to merchants in the world, but to discuss the collection account with merchants holding smart POS, and strive to become the main acquirer of merchants.
This function may even rewrite the existing pattern of “the POS-side acquirerâ€, that is, the POS-side acquirer and the acquirer may be separated, and a purely intelligent POS hardware rental provider will appear; The right of choice has returned to the merchant or the pure POS side. At the same time, it is conceivable that the QR code receipt is no longer the privilege of WeChat. Any financial institution will develop its own QR code receipt APK, and everyone will compete to enter the merchant's smart POS. There is a hypothesis that in a smart POS that integrates "data collection" and "financial payment", if the merchant also incorporates management software such as invoicing, inventory, etc., the smart POS will become a logistics information of the merchant. Super information terminal integrating business information and financial information. If it is connected with the cloud management software system, the smart POS will become the information center of enterprise mobility.
This hypothetical hypothesis is indeed implementable, but it remains to be seen how realistic the demand for such functions is. On the one hand, for large enterprises, its huge information management system cannot rely on the realization of one or two transaction terminals; on the other hand, for shop-type merchants, it also has its own invoicing system, but each is independent, but the information Basically, it can also be synchronized. If such a merchant adopts a one-stop solution for smart POS, it will at most reduce the cost of related equipment, and will not make a substantial difference in management. In comparison, businesses are more concerned about how to increase their sales. It is not difficult to see that the market share of smart POS machines will still gradually expand and will become an explosive growth. Perhaps a supplement to the payment market may also become an alternative to traditional POS machines. It is the market transformation facing POS machine manufacturers that can continue to transform to survive smoothly.
In short, the world is always changed by new things. Just as the popularity of smart phones has catalyzed the era of corporate transformation under the Internet thinking, what kind of market will smart POS machines spawn?
We will wait and see!
March 29, 2023