Today’s electronic point of sale (POS) systems can help businesses to enjoy better security, efficiency and customer service in new ways. The latest systems are far more than simply digital cash registers; they have advanced features that offer added and fundamental value to the business.
1. Reduced fraud
POS systems allow the customer to stay in control of their payment data and pins. Staff no longer need to handle credit or debit cards, which mitigates the danger of fraud. The payment source never needs to leave the customer’s hand, as they can deliver their own swipe, card insert or contactless payment. This significantly reduces security risks to the business.
Additionally, the systems can link transactions to named members of staff, which links sales activity to a denoted individual with the necessary levels of training and authorisation. This helps with transparency and aids strong management.
2. Faster checkout
Touch screen technologies mean that payment processes can be expedited, reducing queues and allowing staff to deal with complex and large orders in a rapid and efficient way. The technology works particularly well in retail, restaurant and entertainment businesses, where mobile solutions can be used to deal with group orders in a fast and accurate way. This leads to faster processing times overall and better customer service.
Every sales transaction affects your stock levels and traditional earlier systems required laborious stock control, tracking and ordering systems that were independent of payment processing. Today’s POS systems track every order via the sales receipt system and then adjust inventory orders and stocking accordingly. The system can even be configured to automatically re-order goods when stock levels hit a defined low. This automation is a powerful feature with total accuracy and the ability to free up management time for other tasks.
3. Better access to data
POS systems provide customised and real-time reports for managers that allow them to manage in-store or business finances in a far easier way. Again, this supports security and helps to minimise the risk of discrepancies being missed. Modern systems also allow features like stock tracking and even employee scheduling, which supports greater efficiency.
4. Reduced fraud risk
The risk from cyber-crime is a very real one, and customer data is a particular pinch point where card payments are concerned. Businesses can choose modern POS systems with advanced security features that use a highly-secure payment processor to encrypt all transactions and disguise key customer data, while still allowing payments to be authorised. As well as safeguarded customer data, a completely auditable data trail is maintained, with full records for later review and assessment if needed.
5. Stock Control
So, if you are new to POS systems or dealing with a legacy technology that is a due a refresh, it’s time to find out how modern solutions can benefit your business security, efficiency and service levels. Fine-tuning processes, saving time, providing richer management data and vital automation all boost that important bottom line. Contact us to discuss the needs of your business and to learn more about the latest POS systems and the benefits that they offer.