Mobile POS Apps
One of the most innovative of the POS ideas is perhaps the POS app. These apps can be downloaded to your phone or other wireless devices, allowing for seamless payments without any cash exchange taking place.
The idea was first introduced by a small coffee shop located in the United Kingdom and quickly caught on with several other shops in the area. It works in restaurants and retailers alike, with a simple payment process that enables quick trips to your favorite stores. No more lines, busy restaurant counters, or wait times. You simply pay for your item through the app, pick it up, and enjoy it.
For our fast-paced world, this is a huge breakthrough, especially for the food industry. People are always on the move, so saving even a few minutes in the payment process can have a major impact on the overall transaction and customer satisfaction. Go here to find a POS system with incredible tools to boost your business.
Another creative innovation particularly effective in the retail industry is the adaptation of the self-service terminals. You’ve probably seen or even used one of these terminals in one fo the retail giants like Wal Mart or Target.
These terminals make the checkout process completely automated so that customers can checkout quickly and on their own terms. This is a level of customization that even makes customers feel more comfortable with purchasing more items.
According to this article, one retail chain actually experienced a twenty percent increase in the amount its customers spent in store when using the self-checkout terminals. Not only are customers spending more, but self-checkout terminals help cut labor costs, driving costs down and profits up.
Tablet-based POS systems have become wildly popular, with their portability and ease of use being among the greatest advantages of the POS system. Mobile terminals eliminate the need to have a static checkout point, so your employees can be on the sales floor interacting with customers rather than stuck behind a counter manning the register.
This mobility offers a unique advantage to the businesses utilizing them, creating a more effective customer service environment and eliminating the need to pay for labor specifically to operate immobile registers.
Modern POS systems have tools that allow integration with CRM (customer-relationship-management) software to provide valuable insight into customer spending habits. This information can help you restructure your business and your marketing efforts to better serve the customer and identify those customers that spend the most. This is incredibly useful insight, and its value should not be underestimated. With a window into the habits of your customers, you know exactly how to serve them and create loyalty among them.
By creating customer records and profiles, you’ll be able to track their transactions and send personalized emails and phone calls on specific promotions or discounts. Tailoring your marketing efforts to specific customers makes the customer feel valued, and therefore much more likely to shop at your store versus the competition.
As POS systems have advanced, so have the hackers attempting to breach them. This calls for more stringent protocols for security, and POS systems have stepped up to the plate. Guarding customer information such as credit card numbers and bank account and routing numbers has become the number one priority for all POS manufacturers.
With the infamous Target breach in 2013, retailers and POS manufacturers alike were forced to take extra security measures to protect consumer’s data. In 2015, the EMV chip was introduced to all credit and debit cards in the US, allowing for more secure transactions and better protection for consumers from hackers.
The way we pay has also evolved alongside the POS technology, with touchless payment methods and EMV chip cards. POS systems have had to accommodate these changes by making their terminals compatible with various payment methods.
All POS terminals accept cash and credit or debit cards, but not all accept methods like Apple Pay or other touchless payment methods. The older the POS system, the less likely is it to accept a variety of payment methods.
Being flexible with payment methods can help attract customers who otherwise would turn away from your store. You’ll appeal to a different customer base by accepting their preferred payment method, creating a new marketable audience to tend to.
POS systems have changed significantly, and will continue to do so as more and more of our technology becomes completely wireless and cloud-based. Staying updated with these changes will ensure you’re using the best POS systems available and providing a secure transaction for your customers.
Modern POS systems can even help manage inventory and employees with extra features. No longer do POS systems only serve the purpose of tracking sales, but have become an essential tool to efficiently running your business.