Technological innovations are also coming up to help retailers streamline payments and assure the security of credit cards. Tchnological innovations in the industry also target to enhance efficiency in the back office operations of the firms. Te technological innovations in the retail industry to be discussed in the paper include a technology to encrypt card information at the point of sale, te use of mobile devices in retail shopping and the use of NCR software. Mreover, te use of radio frequency identification in the retail industry will be 2012).
Tere has been a move by retailers to adopt technological innovations that enable them enhance the security of their customer’s credit card and streamline their back office activities as a way of improving efficiency and customer service (Bird, 2012). Mst of the retailers are adopting technologies that help encrypt the information gathered from the credit card once it is swiped at the point of sale. Oe of the technological products is the VeriShield Protect developed by Lenexa-based Balance Innovations LLC, alows encryption of credit card information up to of processing a transaction.
Bll Stores adopted VeriShield Protect and this has helped to streamline processing of transactions (Chilson, 2012). Tis technology has the benefit of assuring customers that the security of their information is maintained and the cash processing becomes easier thereby saving on the time taken to process each transaction. B cutting on time taken in processing transactions, aretailer is able to reduce queues in its stores and therefore become more attractive to customers (Chilson, 2012). Te other technology adopted by retailers to enhance the way process is by use of electronic systems to process checks.
Fr instance, te vbEPIX electronic system developed by Lenexa-based Balance Innovations LLC allows retailers to scan cheques in the store and their delivery for payment (Chilson, 2012). Cnsequently, te technology helps cut down the trips made to the bank thereby reducing the expenses incurred. I addition, trough the use vbEPIX system, te manual activities conducted in depositing cheques are eliminated thereby streamline the process of processing transactions (Chilson, 2012). Tis technology is particularly critical to retailers that paper checks.
scanning and processing of cheques help cut down the. ..
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