As a merchant, the decision to implement a point of sale system may be one of the most important choices you’ll make for your business. This technology allows your organization to quickly and easily accept debit and credit cards, as well as other payment types. With so many options available on the market today, business owners have to make sure their choice of POS solution meets their needs and works for them, instead of the other way around. Let’s take a closer look at how you can get the most out of your POS software.
Whether you are operating an eCommerce or brick-and-mortar business, you will have inventory of some kind. To help streamline inventory tracking, the POS solution you choose should include an inventory management component. This essential feature allows you to add the details of your goods and services to a centralized database. The system can monitor and track items that are popular among customers, keeping an updated tally of how many items your organization has left for purchase. The technology can alert you when products are running low and even automatically reorder specific goods if you wish.
Choosing a POS system with an inventory management aspect will help businesses keep track of the current availability of stock, while also having access to comprehensive product and transaction reports. With the in-depth information gleaned from these system analyses, you can better understand purchasing patterns and high and low selling periods to create a strong customer service strategy. This data can also help businesses forecast future revenue and product needs.
Make it compliant
Your customers trust you with their sensitive payment information and may be curious about the security precautions your point of sale solution offers. To ensure complete protection of your customers’ data, you should make sure your new software is PCI compliant. Meeting the Payment Card Industry’s Data Security Standard mandates is required, and there are actionable steps you can take to protect your customers and your business from a data breach.
Additionally, you should consider an EMV-enabled solution. As a result of the fraud chargeback liability shift that took place in October, 2015, merchants can be held liable for fraudulent purchases that occur if chip card transactions are made without an EMV-enabled solution. While implementing an EMV-compliant system is an investment, it could save you and your business money in the long run.
Include a mobile element
Whether you operate an online enterprise or a brick-and-mortar operation, in today’s purchasing world it’s crucial that your point of sale system has the ability to be mobile. Utilizing smartphones and tablets to provide a better customer service experience is just one of the ways this feature is beneficial. Employees can complete transactions from anywhere in the store, look up product availability on a whim and research clients’ purchase history to create a more individualized buying experience.
When it comes to mobile accessibility for eCommerce customers, you must be sure your website is mobile friendly. This means optimizing Web pages so they format appropriately on smart devices. Failing to engage in this practice could cause consumers to look elsewhere for similar products and services. By making your site accessible via mobile devices, you can ensure a more streamlined customer experience.
Get the necessary support
You want to believe that any problems will be over once you implement your new point of sale system. Unfortunately, that’s usually not the case. Your company needs a solution provider that offers comprehensive assistance to address a variety of possible issues. When selecting a vendor, you should pay attention to the level of support they provide. Are they available 24/7 or only on weekdays? Do they offer help in a multitude of ways, from live chat to call centers to email? What services do they offer to help ensure your organization runs smoothly? These are all questions to ask during the selection process. With a high level of support, you can reduce downtime if problems arise, secure in the knowledge that you have a partner you can trust.
Implementing a new POS system is an exciting step for merchants. To get the most out of your chosen solution, make sure it offers the features you need such as inventory management and mobile payment acceptance, that it is compliant with security standards, and that your vendor can provide the support you need.