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New Trends in Payment Methods You Should Know About

by bob.g (follow)
Small business (66)      Finance (15)     

Customer in coffee place

Every week, Wal-Mart serves 100,000,000 customers. This is an incredible number of people, surpassing the amount who tune in to watch the Super Bowl. As a society, we've become accustomed to the availability of the goods and services we need or want quickly and easily, and point-of-sale systems make it all possible.

As companies continue to expand and offer new technological advances to their customers, they must keep up with the competition, and there are many exciting new innovations in POS technology to be taken advantage of. Aside from the benefits already established such as increased accuracy and quick inventory management, business owners now have more reasons than ever to consider POS technology. There are some exciting new trends you should know about.

Keeping Up With Online Sales

Let's face it. A growing number of consumers is turning to online shopping. Here, they can avoid long lines, heavy traffic and other stress factors. Instead, they can compare dozens of offers in the comfort of their home or office. It can be difficult for small to medium-sized businesses to keep up. However, POS systems are making it simple for you to get overstocked items out of your inventory as well as have a better way to track and understand the behaviors of customers.

Online sales aren't going anywhere. In fact, it's predicted that they are going to grow steadily to $370 billion in 2017. When you have a physical store location to backup your online availability, you offer your customers the security they need in case they do need to fall back on the reliability only a live customer service representative can offer.

Making the Most of Every Potential Customer

We are heavily inundated with advertising, and marketers are able to so cleverly input their products or services into the public's view that it's often difficult to realize you've been targeted. However tricky these tactics may sound, they work. When you implement the use of a POS system in your business, you can take advantage of the many ways in which you can hone in on the specific needs of various customers including:

The power to control impulse purchases made in the store

Ability to understand the needs of various demographics in order to best direct advertising methods

Brevity in advertising that keeps the general short attention span of today's consumer

Significant Savings on Overhead

While offering products and services to the online shopper is crucial in our day and age, it's just as important to maintain your brick-and-mortar presence. However, it costs money to keep your shop open to the public. Not only do you have to worry about keeping the lights on, but you also have to ensure you are able to supply competitive wages to your employees.

A highly popular trend in POS technology that addresses these costs is the self-serve POS system. These stations are easy to use for the general public, and it only takes a single attendant to manage 12 or more stations. Customers simply scan their barcodes and follow the easy-to-understand instructions provided as they go through the steps to checkout. If any trouble is encountered, the attendant can address the issues and get the customer quickly on their way. Not only does this allow for relief when it comes to paying wages, but it allows you to let the customer feel they are in charge as well as give them the opportunity to check out quickly and get back to their busy day. Even more advanced alternative to this is mobile payments, with apps such as Clipp Tab and Android Pay.

Keeping Up in an Ever-Changing World

Let's face it. Technology is advancing at an exponential rate. It's estimated that every twelve to eighteen months, computers double their capabilities. This also includes the information technologies that use them. It only makes sense that customers will become accustomed to the new conveniences being made available to them.

Whether you welcome new changes or cringe at the thought of what the future holds, the truth remains that your competition is offering them. Point-of-sale technology is opening up new and exciting opportunities for today's business owner, and now's the best time to jump on board.

#Small Business
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