R e t a i l  T e c h  T a l k

July 2024

A Few Articles from In and Around the Retail Technology Industry

The Benefits of an Integrated Payment Processor 

Article by CRS, July 4, 2024

Accepting electronic payments is an essential part of running a retail business. In fact, according to Statista, cash sales through a POS have plummeted within Canada in recent years down to roughly 1% of all transactions. With digital wallets on the rise throughout the country, it’s imperative for retailers to have the technology they need in order to stay current within today’s consumer trends. 

With that being said, the large volume of electronic payments that retailers are facing are often less convenient to process than a cash transaction when that retailer doesn’t have a payment processor that’s directly integrated into their point of sale system. With a cash transaction, the retailer can stay within the one system to process the payment at the click of a single button (or maybe two, depending on the complexity of the transaction). 

An integrated payment processor makes electronic transactions JUST as simple as a cash sale.

What is an integrated payment processor?

There are two types of payment processors – a stand alone or an integrated one. A stand alone payment processor requires manual input of transaction totals into the pin pad itself before handing it off to the customer to complete the sale. Once completed on the pin pad, the retailer then has to reconcile the transaction on the POS system, letting it know that the customer paid via electronic payment options. At no point does the pin pad or the POS system connect on their own. 

An integrated payment processor is directly linked to your POS, so the pin pad will automatically take the transaction total from the POS sale and the customer can make their payment. When processed, the POS sale is closed, automatically recognizing that an electronic payment was made.

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Mission Critical: Your Data Back-Up Strategy

Article by CRS, July 4, 2024

No – that’s not an exaggeration. This IS mission critical! If you don’t have a data back-up strategy in place, then you and your retail business are at serious risk! One wrong move could cost you thousands of dollars in downtime and recovery costs…and recovery of the most important business data is likely impossible if you haven’t been actively backing it up.

We are all guilty of thinking that something like that wouldn’t happen to us. We all think that if we’re careful enough, we won’t lose anything. But the reality is, that is simply untrue. Data loss can happen to ANY of us for a number of different reasons often outside of our own control, and it’s time we become proactive with our precious business data rather than reactive if something does go wrong!


Cyber attacks are among the top reasons why a data back-up strategy is so important for retailers. With the drastic rise in cyber attacks across the world in the past few years, our data is more valuable than ever! It’s important for us to know and understand the different kinds of cyber attacks out there and the different steps we can take to prevent them from happening. 

You may be thinking, “Who would want to access MY business data?” Maybe you’re a small retailer and think that a hacker wouldn’t bother with a smaller entity when there are much larger fish to fry. Maybe you’re a retailer that specializes in something very particular and think that because of that, nobody would have any interest in your business. 

It isn’t the content of the data that a hacker is interested in when they perform a cyber attack – it’s the data itself. Your business data is important to YOU and losing it could cost you time, money, or even your business itself. Therefore, hackers know that by holding it hostage, like in the form of a ransomware attack as an example, you will likely be willing to pay them money to get that data back.

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Why Retailers Need a Centralized POS System

Article by Priority Software

What is a centralized POS system?

A centralized POS system is a business tool that allows retailers to quickly process sales and payments. It helps you implement an omnichannel strategy and serve your customers via a single source of truth that is constantly updated. This not only helps customers but also allows employees to be more efficient, and deliver a streamlined customer service and shopping experience.

Many retailers utilize multi-channel POS systems which enable them to sell at different touchpoints and process payments quickly. However, these systems often fall short of creating a truly streamlined omnichannel experience. Because they operate in isolation, they can create data inconsistencies that disrupt back-office operations and ultimately lead to a frustrating shopping experience for customers.

Although many of these POS systems are sold as omnichannel, they aren’t. This is because they do not streamline backend processes such as warehouse management, inventory management, stock procurement, and real-time data updating across operations. They merely enable omnichannel payment processing without taking other backend processes into account. However, a centralized POS system does all this and more.

Why do retailers benefit from using a centralized POS system

Retailers benefit from a centralized POS system because it helps them unify customers’ shopping experiences with unseen backend operations so that everything is aligned and feels intuitive. You will no longer have to worry about missed orders or abandoned carts simply because product availability was not accurately displayed on the screen.

Think about it. If your customers arrive from multiple touchpoints and are just about to complete their checkout only to discover that the product they wish to purchase is no longer available in the warehouse, they will be genuinely disappointed. They will feel frustrated, tired, and annoyed with the whole experience and will probably not return to your store again.

On the other hand, if you estimate when you can procure the product again and have it delivered to them, you can even complete the sale in advance. These kinds of risks can only be taken when you have access to complete data stored on a single source of truth.

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