Discover six clever ways that modern payment devices can transform your sales business.
When it comes to point of sale (POS) devices, reliable, fast and secure acceptance is everything. But what else do payment terminals do? And how can their extra capabilities impact your sales and business? Here, Castles reveals six important features that boost return on your investment.
Today’s terminals are light years ahead of the till points of old. Android based with multimedia, connectivity and contactless - not to mention downloadable software and apps - they can perform a multitude of functions far beyond simple payment processing.
Here are six of the best:
1. Deliver value-adds
Modern POS devices and platforms offer similar functionality to a mobile phone and app store. You can download new services available from your payment partner’s marketplace to quickly launch new services like loyalty, promotions and currency conversion – even an electronic charity tin.
2. Fight fraud
The POS is your store’s first line of defence against fraud. Supporting PCI and the starting point for encryption, it lets you authenticate sales, upload and update keys and keep fraud and chargebacks in check.
3. Track customers
Most POS devices support tokenization, when a code or token is linked to the payment method, so it can be recognised and tracked without compromising security. Use it to collect data on customer behaviour, preferences and trends and to personalize promotions and incentives.
4. Connect sales and supply chains
Some payment platforms let you add back-office functionality to the POS and use them to scan barcodes and link inventory and stock control. Your business is instantly more efficient, and you don’t lose out on sales by having poorly stocked rails or empty shelves.
5. Create a window to the business
Connected POS feed in to reporting tools and dashboards so you can see exactly what’s happening across the physical estate – by terminal, location or even country. Find out which stores are busiest and when, make better decisions, and plan maintenance and spot and fix issues fast.
6. Lift customer experiences
POS come in all shapes, sizes and specifications from mobile and android devices to unattended and self-service, so you can process a sale anywhere in the store, empowering sales staff and busting queues. Use them to accept everything from mobile wallets to crypto and facilitate hybrid services like click and collect, buy online pay in store (BOPIS) and even offer buy now pay later (BNPL) interest free credit.