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When merchants work with a bank in selecting a new point of sale (POS) system, they often do not realize the wide array of features and benefits a POS can deliver. Perhaps it’s because these merchants previously had a more basic solution like a stand-alone terminal; perhaps they had a POS but it did not have a full suite of modern features. Whatever the reason, few merchants realize the full extent of what a POS can do.
It’s crucial for a bank to explain to merchants what is available to them in a POS, and how far the technology has come—not just in the obvious ways like processing speed, but in areas like back office and security, as well.
Here are five ways a modern POS can help your business.
Improved customer experience.
One of the single-most important factors in the success of a business is the customer experience and there are so many little things that can influence it. A modern POS system can help you create a more positive experience for your customers.
For starters, you can greatly speed up checkout with faster credit card processing, and convenient features like programmable pricing and item scanning, discounts, and receipt delivery through email, text, or traditional print versions.
Another checkout feature a modern POS system provides is payment acceptance beyond traditional cash and credit cards – like PayPal®, Apple Pay®, and Samsung Pay®. This not only speeds up transactions, but also allows you to better cater to the varying preferences of your customers.
Tailored to meet your needs.
No matter what industry you’re in, there is a POS system designed to meet your needs. For retail look for features like inventory, employee management, and loyalty programs. For mobile, and quick-service restaurants consider a POS system that allows for remote and/or pay-at-the-table transactions.
Similarly, a service or repair business needs to accept payments (credit cards, mobile wallet, etc.) no matter where they do business. And if you’re in a healthcare practice make sure your Financial Institution can refer you to a partner that offers the right payment solution so you can stay on top of accounts receivable and minimize bad debt.
Designed to increase data security.
A modern POS should offer EMV® multilayered data security (chip card reader) to ensure that the card in use is valid and that your business is protected in the event of a breach. EMV® should be available in even the most straightforward POS systems. To take it one step further, POS systems that accept digital wallets allow for increased security thanks to their built-in encryption and pin-code and fingerprint authentication.
Simplify back office tasks.
Every business owner prefers to focus on their core passion – a florist wants to sell flowers, a music store wants to focus on instruments. But modern businesses have a wide variety of demands that divert the attention of business owners.
A great POS can help to simplify life for these owners and allow them to get back to that passion. Modern point of sale systems can go far beyond mere payments and processing to help with many other parts of business—employee management, scheduling, taxes, and more.
New business owners are often shocked by the amount of time these tasks take up, and seasoned owners often dread the tasks which require so much of their attention. But with a better POS, a business owner can drastically cut down on the time they need to spend on those processes.
Flexible for your business.
A flexible POS solution makes life easier both for businesses and customers. For instance, many POS solutions offer different form factors that cater to your situation – and allow you to work across different channels.
A restaurant, for instance, may for the most part only need a conventional, countertop POS, but certain occasions can require a different solution. For instance, if a restaurant is going to be part of a festival, or is interested in starting a food truck, a portable POS can often make setup and travel far easier. But it won’t help if the mobile POS can’t work in tandem with the countertop POS in the restaurant.
That’s why flexibility is so crucial. POS systems can help to simplify life in areas as diverse as taxes and employee management, but it’s only possible if a company can use it in all the ways they want.
TSYS has teamed up with NFIB to offers members payment processing solutions to grow their businesses. Learn more>>