The way consumers pay for goods and services has been advancing quite rapidly, so much so that swiping a credit card feels like a somewhat outdated way to pay. To stay relevant and competitive, more and more businesses are now putting their focus on being as customer-centric as possible, which includes providing the most convenient options for purchasing and payment.
In addition to upholding incredible product quality, ensuring that customer interactions (including payment) options are as smooth, pleasant and secure is a guaranteed way to create brand loyalty and retain customers in this era of fierce competition.
So how have impeccable service quality and payment ease become reality? Thanks to the latest Point-of-Sale technology trends, there’s much for retailers to look forward to.
Trend #1: mPoS
Short for ‘Mobile Point-of-Sale’, mPoS has become more frequent and used by businesses around the globe. Smart devices such as tablets have replaced cash registers, enabling customers to place their order by themselves (self-service) and pay with the click of a button.
In the case of the restaurant industry, notepads have also been replaced by tablet devices. Servers take orders digitally, which passes over to the kitchen and then to the cashier for payment after the bill is closed.
Speaking of payments, Near Field Communication (NFC) technology has been extensively applied to the mPoS environment. With the simple wave of a card or smartphone over a scanning device, payments are now made easier and faster than ever before.
While mPoS has been around for a while, it’s a trend that has been steadily evolving throughout the years – and it’s safe to presume that it will only continue to gain momentum as time passes on. Apart from speed and portability, what else proves mPoS to be advantageous? Here is some subtle (and not so subtle) proof.
• Customer loyalty - With quick and easy checkout, customers are happier. They’re likely to purchase from you again, and also likely to recommend your brand to others.
• Less bulk, more space – With the absence of a cash register, you’ll be freeing up precious space within the otherwise limited confines of your establishment.
• Little to no training required – Thanks to its ease of use, mPoS is convenient to initialize and adapt to – unlike the cash registers and accounting ledgers of yesteryear.
Trend #2: Cloud-as-a-Service
The Cloud – a trend that has been on everyone’s lips for pretty much every industry endeavoring to be technologically sophisticated. After all, the versatility of storing everything on an external server and only using the features you need owing to a third-party vendor is a prospect that is just too tempting to ignore.
Likewise, PoS (specifically mPoS) has also jumped into the Cloud-as-a-Service bandwagon, taking advantage of its conveniences for facilitating timely payments. What’s more, cloud-based PoS systems also offer analytics tools for gaining insights out of customer data that has been obtained through purchase history and behavior.
What are all the benefits that cloud-based PoS systems provide?
• There’s no need for on-premise servers - Forgo the bulk and physical space required, by moving everything on to the cloud.
• Pay and upgrade only as needed - Cloud-based services offer the flexibility to customize what you use, as opposed to fully-fledged, off-the-shelf software.
• Work offline - Although cloud-based systems require access to an internet connection, they can function even in the absence of one and continue performing essential tasks.
• Analytics, intelligence and intuition - The data gathered on the cloud after PoS transactions can be crunched to reveal insights, which can be useful for decision-making.
Are you looking to transform the way your customers pay for your products or services? Or have you been considering upgrading your PoS system to one that is more up-to-date? At Wheelhouse, we can help connect you to multiple software vendors, so that you can scrutinize your options and pick a solution that’s perfect for your business.