Point of sale systems (POS) are advancing faster than ever and it’s important for businesses to keep up with these changes. They provide your business with more control, flexibility, and intelligence than ever.
Most businesses have replaced their traditional cash registers and credit card readers with mobile or cloud-based POS systems. This sudden change in technology provides your business with upgraded features and allows you to access your reports and transactions in one place.
They’re becoming an integrated part of your business operations ecosystem. Here are five ways that POS systems have changed. This guide will show how your business can join this cutting-edge technology.
1] Shared E-Commerce
By moving your entire operations online, your business can grow exponentially. Businesses used to have to run data from e-commerce platforms, which transferred over to physical POS systems.
To create a comprehensive report, your business would have to include both results into your accounting, spreadsheet, or reporting software. Thanks to integrated POS systems, you can save time by automating the entire process.
An e-commerce platform can sync up with your POS system. It also allows you to keep track of your offline and online transactions. There’s no need to manage two sets of inventory and payment systems. The POS system will streamline and synchronize your financial and product information into a centralized dashboard.
You’ll have access to customer insights and real-time data across two sets of channels without the need to run multiple reports on various systems.
2] Mobile POS Systems
Customers have been using credit cards and mobile wallets as a common form of payment. Seventy-five percent of transactions will be made without cash by the year 2025, according to market trends. Businesses like yours should consider using mobile payments since most customers are no longer using cash payments.
A mobile POS system allows your business to accept all major forms of credit cards anywhere with an Internet connection. This also gives customers control over how they want to pay.
You don’t have to rely on administrative staff or complicated equipment to accept mobile payments. Most mobile credit card processing services only require a credit card that can be swiped with a credit card reader and the required mobile app.
Other mobile wallet providers allow customers to pay directly from their smartphones without swiping their card. They can also use a POS scanner to read barcodes or QR codes directly from their phones. This simplifies the payment process for both the customer and the business.
3] POS + CRM
POS systems are now integrating with CRM solutions to increase revenue and sales. Past POS systems only provided data based on customer behavior, if they provided any information.
The upgraded POS/CRM system makes it easy to see which of your customers are the most dedicated and loyal. This POS integration may even allow you to create client records, so you can create e-mail marketing lists from your POS dashboard.
Some of these solutions are available on a smartphone or tablet. This allows you to collect customer data even when you’re away from your establishment.
The type of data you can collect include billing and shipping addresses, e-mail addresses, loyalty program membership details, and order histories. This allows you to organize this information, synchronize, and distribute it among various departments to improve customer acquisition and experience.
4] Big Data for SMBs
Big data isn’t just reserved for corporations and enterprises. Small businesses now have access to data from their POS systems. These systems now allow you to extract information from your POS transactions to make smarter businesses decisions. You get detailed reports on your inventory and volume, revenue and profit margins, staffing needs, and top-selling items.
This type of technology isn’t just available to retailers. Some POS systems operate the front of the house and back of the house for most restaurants. Meanwhile, restaurant owners can monitor food costs, labor costs, restaurant sales, and more in real-time whenever they want.
Other POS systems have a built-in appointment calendar that allows salon clients to pay while they’re still in the chair and to book their next appointment.
5] IoT & POS Security
Most POS systems lack security. The Internet of Things (IoT) makes it easy to connect your POS systems to your front-end and back-end processes such as your accounting software, CRM, and inventory management.
Unfortunately, POS systems have become more prone to cyber attacks and data breaches. Even the smallest of businesses are the most vulnerable to attacks.
POS systems should incorporate the use of strong passwords that are difficult for criminals for crack. You should also ensure that you install a firewall, use an antivirus program, restrict unauthorized Internet access, and disable remote access to your POS systems.
It’s also important to have the latest POS software updates on your systems. Your POS provider should follow compliance and security measures as part of your security-level agreement.