What tool is your business currently using to accept payments? Are you using an outdated register with a credit card terminal? Are you losing hundreds or even thousands in merchant fees to your merchant bank? Can you accept the latest payment methods, like touchless or online payments? Chances are, if you’re using older equipment, the answer to the latter is no, and that can become an issue for your business as time progresses.
Using POS systems to accept payments makes things easier, more secure, quicker, and more organized. These handy tools are affordable, versatile, and are preferred by thousands of businesses the world over. Why is that? What’s so special about POS software, anyway? Let’s dive in.
Point of Sale
A POS, or point of sale system can process credit, debit, cash, online, and touchless payments. Depending on the system and the brand, you’ll get access to plenty of other features as well, including, but not limited to, the following:
- Real-time inventory management
- Cloud storage and backups
- Versatile payment processing options
- Analytics and reporting tools
- Customer management tools and/or CRM integration
- Bookkeeping software integration
- Detailed inventory catalog
- Intuitive software interface
- 24/7 customer support
These are just some of the extra features you can expect from a POS system to help you run your business, but let’s get back to the meat of the conversation: payment processing.
Speed
Have you ever stood at a checkout terminal for a few minutes while the credit card struggled to process? This can hold up the line, cause frustration on both ends (customer and business), and make the checkout process at your business a dreaded experience for customers.
Customers expect to move quickly through the line and have their payments processed in a timely manner. Ideally, a credit card transaction should take no more than a few seconds to complete. With a POS system, this will almost always be the case, except during times of slow internet speeds or outages.
POS systems are quick when it comes to processing, and they’re designed to keep lines moving. A lot of modern POS systems also have mobile capabilities, which means they’re able to move with you throughout the store via a mobile device. This means processing payments on the sales floor and further improving the expediency of your checkout process and cutting down on lines.
Security
As long as your POS provider is performing regular maintenance and security checks on the system, POS payment processing is one of the most secure payment processing methods. High-level encryption helps keep out hackers and keeps your customers’ data safe. Since you’re storing things like credit card info, addresses and phone numbers, and even tracking purchase history within your POS software, security should be a top priority.
Versatility
Every year that goes by produces new and improved payment methods for consumers. Cash is seeing less and less use in the consumer markets, and things like online, touchless, and mobile payments seem to be moving to the forefront. This means your business must be able to process a wide variety of payment methods, or else risk losing customers.
Everyone has their favorite way to pay. It’s your job as the retailer/business to provide your customers with an avenue to use their favorite payment method(s), thus ensuring their loyalty and satisfaction. If you don’t accept it, they won’t come!
ECommerce Applications
Another benefit of using a modern POS system for your payment processing needs is that it can integrate with your eCommerce operations. Running an online store alongside your brick-and-mortar operation? Your POS system can process payments on both ends, as well as keep inventory accurate and organized.
It’s always easier to manage things when you’re not tracking down inventory or using a different program for eCommerce. Trust your POS system for both ends of your business, and you’ll be entirely satisfied with its performance and how well-organized your operations become.
Trust of the People
Businesses aren’t the only ones that benefit from POS systems. These tools have the blessing of the customers, as well! They love the fast checkout times, easy payment options, and security that POS checkouts have to offer. If you could do one thing this year that could drastically improve your customer experience, would you? That one thing is switching to a modern POS system.
The Bottom Line
There’s a reason POS systems are serving millions of customers and businesses all over the world. These tools offer amazing value and affordability for small and large businesses alike and serve a number of functions that you’d otherwise need half a dozen other software programs for. Don’t wait any longer, get your hands on one of these tools to take your business into the next year with confidence and the ability to keep customers satisfied.