When you hear the phrase “payment processing for retailers,” your eyes might start to glaze over. Before you fall asleep, we encourage you to think of your merchant services account and the point of sale (POS) hardware and software that your payment technology partner provides in a new way. Believe it or not, this system can transform virtually every aspect of how you do business!
Under the hood of your POS solution.
At first glance, your POS system might seem to be nothing more than the tablet or terminal that you use (along with a card reader) to accept your customers’ credit and debit card payments. Indeed, today’s smart payment systems are admirably suited for this purpose, with iron-clad security built in and enough speed and efficiency to keep both buyers and sellers as reassured as possible in today’s world that they will not be the next victim of a data breach.
However, there is likely a lot more than this when it comes to your POS system. First of all, the system also likely came with other accessories like barcode scanners, receipt printers, and cash drawers. And most important, there is the software that runs the entire operation. This is this suite of programs that creates a hub from which you can run your entire business with intelligence and efficiency.
Master of inventory management.
When you have a handle on every aspect of the products you sell from the time they are delivered until they leave in your customer’s hands or electronic shopping cart, you can control your purse-strings and as a result, make accurate predictions about when and how much to re-order. With the help of the barcode scanner accessory, POS systems can keep a record of each piece of merchandise in your warehouse. You can configure your system to send you alerts when supplies run low, and the reports feature will let you see which products are flying off the shelves, as well as which are poor sellers. That way, you can make any necessary modifications to your layout, sales strategies, marketing campaigns, or staff training.
Customer relationships guru.
Along with the products you sell, your customers are one of your business’s most vital resources. Keeping them happy and coming back should be one of your highest priorities. The great news is that with the right POS solution in place, you’ll have the tools to personalize your buyers’ shopping experiences without costing you endless hours.
The key is the database capabilities of today’s POS systems. Harness them by incentivizing customers to provide unique details about themselves such as shopping preferences, hobbies and interests, special life milestones, etc. Then the sky's the limit. You can then send out targeted promotions and discounts based on these details that encourage future purchases while simultaneously helping to cement a strong, dynamic relationship. Today’s shoppers want more than a transactional experience, and your POS system can help you create the personalized buying journey that they are demanding.
Integration with other systems.
In addition to your front-facing, customer-focused side, your business also has behind-the-scenes operations that are just as important. In fact, your company’s success depends on the smooth and accurate functioning of your accounting and employee management sectors. Once again, smart POS systems have what it takes to consolidate all of these.
For one thing, they can work seamlessly with other programs and systems such as accounting software. As a result, the product ordering and sales information it gathers can be effortlessly passed onto the fiscal side for budget reconciliation. The same goes for all things employee-related, including schedules, salary records, benefits, and much more. When tax time rolls around, you don’t need to worry about rifling through files and receipts in a vain attempt to gather all of the information the IRS needs; it will already be automatically tracked within your POS system for easy retrieval.
Reports generation expert.
Say goodbye once and for all to manually generated documents and spreadsheets that you need to pore over for hours and even then can never be quite sure of their accuracy. Contemporary POS systems combine comprehensive database features with robust reporting tools to give you instant snapshots of virtually every aspect of your business functions: inventory, sales trends, employee productivity, profits and losses, and much more. Best of all, accuracy is enhanced because the system automates all of these processes, markedly reducing the chances of human error.
Your unimposing POS terminal, peripherals, and software are nothing less than a business miracle worker. It can streamline the vast majority of your vital processes, from inventory management to financial reconciliation and everything in between. If you are only using your POS system to accept customers’ credit card payments, isn’t it time to unleash the rest of its amazing capabilities? You will be amazed at what it can do for your business and your customers as well!
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