Although it hardly seems possible, the holiday season will soon be upon us. As a merchant doing everything you can to thrive during these challenging times, you need to take action now to make the most of the potential for increased traffic and sales during these all-important few weeks of the year. While you are coming up with your strategy to make this happen, be sure that you take full advantage of the many tools and capabilities to be found in today’s smart point of sale (POS) systems.
Modern POS systems at a glance.
Although it may seem to be nothing more than a means to accept credit card payments, today’s smart POS systems pack a great deal of punch. They usually consist of some or all of these components.
- A terminal or tablet that acts as a hub.
- Card reader or readers. These may be portable (attached to smartphones or tablets) or integrated into your POS terminal and are used to receive payment information and safely send it to the payment processing company.
- Processing software that also contains numerous customer relations and business management tools.
- Peripherals like barcode scanners, cash drawers, and receipt printers.
With a smart POS system in place, you’ll not only be able to offer fast and secure checkout, you’ll be able to streamline your back-office tasks by simplifying your customer, employee, inventory, and chargeback management.
Faster transactions.
As a retailer, you know the many drawbacks of long lines at the checkout counter. They are frustrating to time-conscious customers and annoying to staff. Moreover, they slow down your operations and make your associates less efficient.
Now thanks to the latest POS technology, payment information can be exchanged in a matter of mere seconds. If your readers are equipped with NFC contactless technology, shoppers can complete their sales simply by placing their wearable device or smartphone within an inch or two of your compatible reader. As a result, there will be less fumbling for cash or cards, lines move faster, and you may even be able to reassign staff to other pressing tasks. Many retailers even choose to take advantage of mobile point of sale (mPOS) technology that lets associates complete purchases for customers on the sales floor or at curbside, making the process even faster and more seamless.
An enhanced customer experience.
At no time of the year are customers more eager to have an efficient and positive shopping journey than during the holiday rush. Having the right POS system in place can enhance numerous aspects of the purchasing process, including the following.
- Using the details customers have provided that are stored in the POS database to predict potential interest in products.
- Sending personalized emails that take these factors into consideration to encourage future online and in-person visits.
- Rewarding loyalty with discounts and other promotions tailored to each customer.
- Making the browsing process richer and more efficient. This can occur when sales associates are outfitted with mPOS systems that can pull up your entire product catalog, making recommendations and information sharing possible.
- Streamlining the returns process. Often a source of irritation and anxiety for buyers and sellers alike, returns can be made seamlessly thanks to today’s POS systems. Now, looking up a purchase and refunding the cost can be done quickly and without a hitch.
At every juncture of the buyer-seller relationship, contemporary POS solutions can be used to send reminder and confirmation emails and to encourage feedback that you can then use to improve not only that person’s experience but your entire customer service model.
Increased security.
When someone buys products with cash, there is no reliable way to track the purchase. However, merchandise bought via your POS system can be immediately recorded and easily retrieved if issues arise in the future. Digital security protocols such as the Payment Card Industry Data Security Standard (PCI DSS) ensure that retailers, merchant services providers, payment gateways, and other vendors keep consumer credit card data secure and protected from hackers and other types of digital bad actors. This emphasis on safety works to instill customer trust and protects everyone involved in the transaction. In many cases, the result is increased sales and happier buyers who return to make more purchases in the future. Don’t make yourself vulnerable to data breaches and reputational risk. Make sure you safeguard sensitive cardholder data by partnering with a payment technology provider that offers a program that simplifies PCI compliance.
Competition is fiercer than ever in today’s cutthroat commercial climate. When you take full advantage of the tools and capabilities jam-packed into modern POS systems, you will maximize the chances that your business will rise above your many rivals this holiday season. If you have any questions about what your particular POS configuration can do for you, get in touch with your merchant services provider today to learn about all the gifts it can bring to your store this holiday season.
