POS systems have been around for a number of years, but they’ve certainly come a long way from their humble beginnings. The modern POS system is a powerful, all-in-one tool that businesses across various industries are utilizing to improve their overall business practices and create a more streamlined company. From inventory management to payment processing and beyond, POS systems can do it all.
Here are five ways that POS systems are changing in the future for the better.
If you want to get a POS system, you’re in luck; the new standard for the tools is cloud storage and backup. Cloud storage is secure, quick, and simple; giving businesses an edge when it comes to POS data. Everything you do in your POS system will be updated on the cloud, which is accessible from pretty much anywhere with an internet connection. Have to leave town for a business meeting? You can log in to your POS terminal from your browser to keep an eye on sales throughout the day.
Cloud storage has made a huge impact in the digital world, eliminating the need for bulky hard drives or hard-to-find flash drives. You’ll never have to worry about losing all of your data when it’s backed up to the cloud, and your information is always secure. Most POS systems are making the switch to cloud-based software to give their customers the upper hand when it comes to POS.
Mobile terminals are quickly becoming a new favorite among POS users, offering greater flexibility and the ability to walk the sales floor with the “register” in-hand. Your employees will have the ability to process payments, check inventory, and perform various other tasks while on the sales floor. This helps eliminate the need for static registers with employees standing behind them all day.
Mobile terminals help businesses cater to the trend of mobile payments. Whether it’s a credit or debit card, online payment, or touchless method, consumers are shifting away from cash usage towards digital methods. Having a mobile-friendly terminal that’s also portable allows you to accept payments anywhere there’s an internet connection! If you visit trade shows or other events, this is especially useful.
Make no mistake, the way we exchange currency will continue to change and evolve, and it’s important that POS systems change as well. If you can’t accept anything other than cash and credit card payments, it may be time to make the switch to a modern POS system.
Modern POS systems can integrate with your CRM software in real-time, providing the business with incredibly useful information on each transaction. Customer behavior, among other things, is one of the most important pieces of data you have at your disposal, so you’ll want your POS system to help collect it.
This level of integration helps eliminate the need for separation of the CRM and POS, unifying the two into an unstoppable powerhouse of information. Get to know your customers on a more personal basis by learning their purchasing habits and create better relationships. The better your relationships are with your customers, the more likely they are to remain loyal to your brand.
Along with CRM data, POS systems are collecting data on purchases, revenue numbers, and foot traffic in your store. Knowing your conversion rate is an important piece of determining whether or not visitors are making a purchase, and when you know what times of day are busiest, you can staff your store more efficiency and save on labor costs.
Data is the currency of a successful business, and the more data you have access to, the more you’ll know about both your business and your customers. With a focus on collecting as much data as possible, POS systems are quickly becoming the best overall tool for businesses in just about industry.
Of course, with any payment-processing system, security must be a priority. With cyber-crimes higher than ever, companies must focus on protecting both their own data and that of their customers. There have been far too many data breaches in recent years, and POS systems are taking aim at this growing issue.
With a single system integrated with both back and front-end processes, security is more important than ever. With tools like firewalls, authorized access, and more, POS systems take the security of your customers’ information very seriously. As the tech evolves, we’re sure to see further changes that will increase the overall security of the typical POS system.
As tech and business change, so must POS systems. From cloud storage to better security, the POS providers of the world are working to not only improve the tools included with a POS system but also to further protect the data contained therein.