Your cash register can be so much more with these POS features
The financial services industry might have to consider renaming the point-of-sale. The term, as it stands, doesn’t do justice to what POS devices and systems are capable of doing nowadays. As we’ve stated before, even a basic card machine should do more than just facilitate card payments to be considered worth the investment. In some parts of the world, businesses (especially restaurants and mobile businesses) have completely replaced card readers with smart devices like tablets and smartphones with mobile payment apps. The POS paradigm is definitely changing and as a business owner you need to be aware of exactly how.
Here are some the features that could revolutionise your business’ POS ecosystem:
Customer relationship management (CRM)
Customer satisfaction and its close relative, customer experience, are huge driving forces for business growth in 2016. Personalisation is now essential as more and more customers demand an unforgettable and unique experience every time they interact with your business. And so customer relationship management software was combined with POS to provide better insights into client needs and promote customer loyalty.
Are you aware, however, that your cash register could enhance your customer relationship management? By centralising services like discount vouchers, loyalty points and marketing tools in one streamlined environment, you can monitor and improve your consumers’ buying journeys faster and more effectively.
Big data is an invaluable resource for businesses these days. Thanks to technological innovation, we’re now able to harness its power and apply practically to business decisions. Like CRM, however, you needn’t invest in independent business analytics tools for this service; all you need is a POS service that will provide it for your business as added value. So much useful information is transmitted with every transaction that having a way to harvest and contextualise it is a bit like always having the answers to a test. Business intelligence and analytics are giving enterprises an edge on their competition and, in general, elevating the standard of business.
Mobile point-of-sale has really taken off. All kinds of business, not just mobile ones, are finding uses for mPOS solutions. It allows your staff to walk around the premises with a speed point, eliminating queues at the cash register. It can also be used as a back-up to your traditional POS device during power failures.
All you need in most cases is a smartphone or tablet, a secure internet connection and a secure card reading device Doctors are using mPOS devices for house calls, food trucks ride around with them, beauticians, massage therapists and all kinds of bricks and mortar establishments have also caught the bug. Who knows, in a few years point-of-sale systems might be completely mobile.
You’ve seen the headlines, read the think pieces and probably heard enough by now to know that everything is moving to the cloud. It’s not a drill anymore, it’s actually happening. In fact, almost all of the features on this list rely on the cloud to work optimally. Cloud servers lead to faster business operations and open up opportunities for remote work and business mobility. It’s the way of the future and pay points have mined it to boost their uptime and expand their capabilities.
If you’re a business that has an in-store and online buying experience, wouldn’t you want a universal system to manage it all? Instead of having a point-of-sale system for your in-store cash register and a separate e-commerce system for online customers, you can have both in one seamless management suite. POS systems like Lightspeed offer this and they integrate with mPOS devices and smart devices too, so a business can always be selling at various pay points at all times.
If these are anything to go by, POS systems of the near future will be feature-rich and robust resources for businesses. In the meantime, if you’re looking to switch to a new point-of-sale system, have a look at our infographic to help you with your decision making.