By Mashum Mollah
Tech innovations push the boundaries of how retailers handle customer sales. This is especially the case with the point of sale systems. Today, a merchant account is processed in ways that can improve operations, efficiency, and revenue. Competing in the marketplace means staying on top of the latest trends that are transforming the way business is conducted.
Cashless Payments:
Cash payments are losing ground as the primary payment method. The growing preference is for credit card transactions and mobile payments. Many tech companies are making it easier for consumers to make payments via their smartphones. The consumer market demands that retailers offer mobile and tablet POs as a way of giving customers options beyond paying cash.
EMV Chips:
The increased usage of credit cards requires more security protection. Credit card companies, banks, and other merchant account providers are responding accordingly. These vendors are producing more EMV or “chip” cards. This requires POS devices that not only swipe credit cards but also accepts those embedded with EMV security chips. The focus is on making sure customers have peace of mind when shopping at your establishment.
Data-Driven Decision-Making:
Business success often boils down to making the right decisions at the right time. You need relevant data and analytics to help boost sales and revenue. POS software is making this vital information available at your fingertips. It can provide data such as:
- Best selling items
- Peak hours
- Purchase volume
- Transaction spike times
- Sales revenue
Single Device Solutions:
The consumer’s need for greater payment flexibility and convenience is fueling better POS devices. Portable credit card machines are an example of this. These devices are optimized for mobile payments. Key features allow customers to do the following:
- Sign
- Tap
- Enter PIN
- Swipe
- Dip
The new solo devices allow employees to handle transactions from anywhere in the establishment. They can receive payments at the counter, table or in line. Palm-sized devices, like the Clover Flex, are fully integrated with a QR scanner, camera, and printer. Advanced POS technology is further creating a customer-facing shopping experience.
Artificial Intelligence:
Artificial intelligence is making its way into POS.AI already has reputation automating tasks normally handled by humans. These include:
- Sending emails
- Translating languages
- Recognizing speech
- Sending predictive texts
AI’s automation capabilities can take over certain manual or repetitive tasks. As a result, your staff can focus more on revenue-generating activities. Additionally, AI can learn customers behavior and patterns as they go through the buyer’s journey. The data it collects can improve your business operations and customer service.
Personalization:
A personalized shopping experience is essential to attracting and retaining customers. Increasingly, shoppers want sales, deals, and discounts that are specific to their individual interests, needs, and desires. To do this effectively requires learning target market and collecting as much customer data as possible. Here again, is where AI can play a role. You can expect POS to incorporate more AI technology is an essential business tool that can assist with keeping your customers happy.
Keep Up With Demand:
A seamless shopping experience is a common thread among these trends. As market demands shift and technology advances, you need a POS solution that can handle a merchant account in a way that’s intelligent, affordable and efficient.
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