Cash registers have traditionally been the go-to source for retail and restaurant payment processing. Up until recent years, cash registers were a primary aspect of local merchant operation. However, the latest trend in small and midsized business payment processing is ditching the old guard and moving toward the digital forefront of technology.
Mobile and tablet point-of-sale systems are growing in popularity among merchant industry leaders due to their cost-effectiveness and value-added services that allow businesses to scale with ease. As consumer demands continue to change, restaurants and retailers need the flexibility to adjust with fluid customer needs and the agility to serve patrons in different channels and in a more dynamic manner.
POS systems provide early adopters just that. Here are five reasons why merchants should ditch cash registers and move to a POS system:
No data means no survival:
According to recent eMarketer® statistics, business-to-consumer ecommerce sales will reach more than $1.7 trillion this year. That figure is expected to jump to more than $2 trillion by 2016. Web-based retail is not only benefiting from the speed and convenience of buying online, it is also a direct beneficiary of data collection and subsequent analytics. One of the primary benefits mobile and tablet POS systems provide is similar information gathering techniques. For one, merchants can require patrons to share contact information at the point of sale. These systems also gather and analyze payment information, which helps businesses better understand its customers and their buying habits. In today's digitally driven commercial landscape, merchants are walking blind without a glimpse into consumer data.
Total mobility as a selling point:
The local merchant ecosystem is competitive. While some businesses are in niche markets, most - if not all - companies still compete with at least one or two other commercial entities. That said, POS mobility can be used as a selling point for merchants trying to differentiate themselves from the rest of the market. The consumerization of technology has led to rapid and exponential adoption among everyday customers. Patrons enjoy utilizing the most cutting-edge technology, and a company that offers customers that option may be more likely to secure recurring business as a result.
POS is the central nervous system:
In the past, business owners may have been inclined to say the primary driver of revenue was the quality of their product or their customer service. In today's day and age, the point-of-sale system, now more cerebral than ever, is the central nervous system of a healthy and flourishing business. POS systems, with their improved visibility, business intelligence and flexibility, provide business owners with the required infrastructure to help the entire unit run successfully. Restaurants and retailers are able to see inventory and customer information in real time, meaning they're never a step behind. Just like the human brain, POS systems can gather and process data in a fast and effective manner, enabling companies to react appropriately and quickly.
Save money with POS:
Small businesses are at an advantage when it comes to POS adoption. The upfront investment won't impact bottom-line revenue initially because the systems can be installed and integrated seamlessly, meaning businesses don't have to close their doors for long - if at all - while the new payment infrastructure is rolled out. What's more, merchants can integrate different aspects of their operation with POS systems, including workflow, inventory management, back office tasks such as ordering and much more. More specifically, restaurants can combine multiple services into one single invoice, saving both time and money in the long run.