With the hyper-competitive nature of today’s business climate, keeping up with your competition is hard enough to manage, let alone trying to get a step ahead. Technology can further complicate matters, especially when it comes to point of sale (POS) systems. Just as the modern POS system has long surpassed the ever-reliable cash register or paper ledger in ease of use, it has also become a key operation point to better serve and understand your customers.
It is important that you, as a business owner, know and understand the key characteristics of modern POS systems like intuitive interfacing, easy payment options, and top-notch security and support. Doing so will shed light onto which POS solutions would work best for your business, and gain the knowledge needed to find the right vendor to give your business a modernized competitive edge.
Trait #1 — It Has a Well-Designed Interface
Slick. Intuitive. Flexible. Do any of these terms apply to your POS interface? If not, you are doing a disservice to both your business and your customers. Your POS terminals will most likely be the last interaction they will have with your business before walking out the door, so it’s crucial that these last moments go smoothly and welcome them to return.
Some confusion can come into play for small business owners due to the overwhelming amount of POS options that are on the market. However, we have seen the most success with a new POS system when the business opts for a simple, user-friendly terminal device that is easy to use and has a streamlined, clean interface. Ease of use is important to keep orders flying out of the kitchen and purchases ringing up, but it has other behind the scenes benefits you might not have considered. A simple POS interface is also helpful to your staff. Transactions will take less time, as your cashiers won’t need to teach a customer how to use a complex new system and they’ll be able to adapt to it more quickly themselves. This means employees will also require less initial training to master the system. The ease of use that a modern POS solution brings to the table will have customers leaving your business on a positive note and your staff feeling more confident about their jobs.
Trait #2 — It Provides Added Business Flexibility
Surprisingly, we run into far too many companies that limit the customer’s access to varied payment options and their ability to interact with the business. There aren’t many viable reasons for a business to not accept all major forms of payment or provide omnichannel interactivity (which is a fancy way of saying they’re able to access the business online, in-store, on their mobile phones, and more). As the move towards modern payment options—such as mobile payments—and increased accessibility continues to grow, it is up to you as a business owner to adjust your POS strategy to accommodate your customers.
This also opens up the possibility of entering into the mobile app ordering world that is quickly causing businesses to take notice. In Q1 2018, Starbucks announced that 11% of its revenue came from its “Mobile Order and Pay” feature. While your business may not reach the heights of Starbucks, the trend of mobile ordering is evident. This makes a modern POS that can accommodate mobile orders and speed up customer transactions a must in order to compete.
Improving payment methods and switching to a POS system that can handle omnichannel transactions is a major boon to your customers and will benefit you beyond customer satisfaction Remember, one of the building blocks of a successful business is convenience, and it’s something your customers crave. As an added bonus, your business will also have reduced errors in transactions and real-time data on what you have on your shelves and in your stockroom, all while seeing a reduction of overall processing fees and associated costs.
Trait #3 — It Includes Up-to-Date Cloud Security Systems
Insecure transactions are a sure-fire way to lose customers. In late 2017, Forever 21 announced that some of its POS transaction data had been compromised due to data encryption being turned off for a period of seven months. This resulted in an unknown number of customer credit card numbers being compromised and indirectly contributed to an estimated loss of over $40 million dollars in 2018.
Protecting all transaction data is of utmost importance if you are to gain and retain customer trust. Going further, this involves not just credit card transactions but your inventory and potential shipping information as well. Your POS solution, if out of date against the most recent of security breaches and not actively syncing to the cloud, can leak valuable information to unscrupulous parties, leaving you potentially liable for damages.
It is worth noting that security needs do not end when you lock the doors for the evening. You will want a solution that provides you with 24×7 protection and support, whether your data is stored on-premise or in the cloud. With this in place, you will maintain your customer’s security regardless of the hours you keep. If you’ve been holding off on making the switch because of the perceived security a pen and paper system affords your business, most modern POS systems have rendered that a concern of the past.
Ensure Your Business Future by Modernizing Your POS
Your point of sale system is invaluable when it comes to a well-organized, efficient business. This is a key place where your customer relationships are built. Running smooth transactions on crisp and engaging POS terminals will make your business stand out. Modern POS terminals are easy to use by customers and staff alike and provide next-gen technology when it comes to securing transactional data. When you implement a modern POS solution, you show that you fully understand your customer and their needs, which is essential to making a first-time customer a long-time customer.
Modernizing your POS system can be a lot of work, but it doesn’t have to be. Whether you are in need of an entirely new POS solution or are just looking to update your current one, talech is ready to help take the burden off of you and give you the modern point of sale system you need to compete. Contact us today to sign up for a free demo and more information on how to bring cutting-edge technology to your business—and customers.