The labor shortage continues, and businesses need to find new ways to manage tasks. Self-service has payments covered.
Experts believe self-service technology will be a $77 billion market by the end of the decade, and payments might be the biggest part of it. The stigma around self-service has diminished as people realize that it’s not replacing employees, but rather performing jobs that may never be filled. As of July 2023, there were 800,000 job openings in the retail industry alone.
Moreover, the workforce isn’t likely to grow. A UN study reveals the world population will eventually have a smaller percentage of people from 18-65. Businesses must find ways to adapt to operate with fewer employees. In addition, merchants must also find ways to make the most of the labor that is available, allocating it to mission-critical work and using technology for simple and repetitive tasks, like accepting payments.
It’s clear: self-service payments aren’t a fad — they’re here to stay.
Where consumers are using self-service payments today.
Merchant services providers must position themselves to provide self-service payment solutions to meet the demand in a range of use cases across industries, including the following.
- Self-checkout.
One of the biggest drivers of self-serve technology adoption is how comfortable consumers have become with handling checkout on their own. In fact, nearly three-quarters (71%) of consumers have a strong affinity for self-checkout in stores and already use it or want to if the merchant offered that option. Additionally, almost two in five supermarket checkout lanes feature automated self-service payments. Scanning groceries and swiping a card or holding their smartphone against a payment terminal is now second nature for many supermarket shoppers.
- Self-ordering kiosks.
The modern fast-food experience brings self-ordering kiosks to the masses. McDonald’s has made a name for itself as a leader in installing automated kiosks in many of its restaurants. This puts consumers in control of their ordering experience with a large, user-friendly touchscreen and easy-to-use terminal that takes a variety of payment options. But it also helps restaurants save on staffing costs and manage a labor crunch, making workers hard to hire and keep. Then there’s the added benefit of kiosks driving bigger baskets; McDonald’s saw average ticket size jump 30% when consumers could browse more of the kiosk menu at their leisure.
- EV charging.
An estimated 92 million electric vehicles will be traveling across America by the end of the next decade, making charging stations a fixture in the national landscape. Most people will pull out their smartphone app to pay when it’s time to juice up, but EV charging stations should come equipped with self-service payment technology as a backup plan for when phones fail. Giving consumers a number of different payment options — card, contactless, and more — means they can get back behind the wheel in no time.
- Car washes, parking, and tolls.
Self-service payments are essential during rush hour when people want to get home after a long day. Replacing the usual punch-and-print ticket with tap-and-go card payments lets people breeze out of parking lots and garages instead of idling in cars-long queues. Toll booths were quick to jump on the contactless bandwagon because the benefits of speeding millions of drivers through the typical toll plaza bottleneck were too tempting to ignore. Car washes make a great use case for going the self-service technology route. The more vehicles they can serve, the more money they make, so adopting mobile wallets and other speedy payment methods drives revenue and maybe a loyalty boost, too.
- Transit.
Public transportation’s digital evolution runs on self-service technology. First came the ticket-printing payment kiosks that made interfacing with a station attendant virtually obsolete. Now, millions of people expect to wave their ever-present smartphone over a subway entrance gate or when they board a bus to get where they’re going without delay.
What your clients need to deploy self-service systems.
Businesses interested in adopting self-service payments want technology that checks all the boxes on their list.
- Hardware: Clients want their investments to pay off for years to come, so ensure you provide hardware designed to last in the environment where the kiosk is deployed.
- Security: Give your customers peace of mind with PCI-compliant solutions that prevent tampering and keep hackers out.
- Choice: Offer options that clients can customize to their unique needs and grow their profits.
- Centralized management: Be sure business owners operating self-service tech in several locations can manage everything from a convenient, central platform and access critical real-time reports.
- Customer service and support: Support should always be available to quickly address issues and minimize downtime.
Are you ready to meet demand?
Self-service solution adoption is growing, and all signals point to this trend exploding as technology matures in the years ahead. When clients enquire about their self-service options, do you have the answers they’re looking for? Invest in your success — get in touch today to see how our solutions can pad your portfolio with in-demand self-service payment technology.
