Once a staple at the end of shoppers’ grocery shopping trip or near the exit of a restaurant, point of sale (POS) systems, such as traditional cash registers, are basically heading into extinction. Business proprietors holding merchant accounts increasingly rely on more fluid types of transaction processes, especially when it comes to credit card processing and all that surrounds accepting credit cards.
While still viable and reliable, traditional cash registers and stationary credit card readers and authorization devices are becoming a thing of the past. Restaurant owners, grocers, retailers and many other business owners with merchant accounts are finding a whole new world of payment options and credit card processing unfolding before them.
Many of the basic elements for customers using their credit cards for payment remain the same, such as simply presenting their credit card at the point of sale and having the merchant run it through for approval, but other than that, the changes are many. Merchants might find it interesting to explore at least five ways that point of sale systems are evolving.
1. A World of Big Data at Each Merchant’s Fingertips. Big data isn’t only for big business anymore. Small business owners and entrepreneurs can access extremely helpful data once they begin to immerse themselves in this bold new world of expanding transaction methods. With POS systems, small business owners have invaluable access to essential market-specific data that will help them improve their own business. Business owners can see their own financial data up against market standards to give them an idea of how they are doing in relation to their business competitors and others who have a similar type of business.
2. Mobile POS Using Smartphones and Tablets. The solo entrepreneur out traveling the world and selling their wares has it easier than ever with point of sale systems since they can take payment anywhere or anytime while keeping track instantly.
3. Merging Offline and Online Sales. With the ability to take business on the road with new POS systems abilities comes the potential for complex bookkeeping. However, with current credit card processing for those with merchant accounts, it is easier than ever to combine the two and keep track easily.
4. Instant Customer Information Retention. Merchants can keep a history of customers through their use of a certain credit card to gauge a certain degree of customer loyalty and repeat business.
5. More Security with POS Systems. Merchants might worry about opening up their business over the Internet, but as POS systems evolve, so does the security surrounding them. While POS systems are vulnerable, the government and other entities continually work toward creating more security. In the meantime, business owners should make sure to have the proper security.