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4 Ways Small Businesses Are Changing Ancient POS Trends

As a business owner, it is important that you set up convenient payment options for your customers to use when buying your products or services. An inconvenient, stressful or untrustworthy payment process can result in lost sales and the likelihood that some customers will take their business elsewhere. Technology for point-of-sale (POS) systems has dramatically improved in recent years, and this makes it easier for your company to obtain payments immediately from customers while also providing them with the more convenient methods of payment they desire. By learning more about the modern solutions available for point-of-sales systems, you may be able to improve your operations, make it easier for cashiers and increase customer satisfaction.

Online Sales Platforms

Online sales or shopping cart features have been around for over a decade now, but modern sales platforms are designed to be fast and easy for customers to use. Many companies offer an online checkout process as a guest or as a registered member. They may offer the ability to pay with a wide range of credit card options as well as to link to online payment platforms like PayPal. The best shopping carts offer protection against identity theft and fraud, and this gives your customer peace of mind when they are making a purchase that their financial information is protected.

Portable In-Store Payment Devices

In-store or in-restaurant purchases are now more convenient because of the

increased use of portable devices. For example, sales staff may walk around the store with a tablet in hand that is capable of accepting payments. This means that customers do not have to stand in a long line to check out, and they can finalize their purchase at their convenience. This type of payment option may also be used at restaurants, and wait staff can swipe a customer’s credit card at the table in front of the customer to provide faster, more secure service. This may prevent some customers from simply walking out without paying for the food, and it may also make some customers more comfortable paying with a credit card. After all, some people are not comfortable watching a waiter walk away into a back room to swipe his or her credit card. Some restaurants and other retailers are offering an app that frequent customers can download and actually perform their own payment without any additional input from the server.

Mobile Payment Options

In some businesses, service providers visit customers in their homes or offices. Traditionally, these service providers accepted checks or billed customers at a later date, but many are now only accepting credit or debit card payments with payment due immediately. There are now credit card scanning devices that can be connected to a tablet or a smartphone, and this device transforms any portable device into a mobile credit card terminal. This enables the company to immediately obtain funds rather than have to wait for a customer to mail in a payment several weeks later.

Multiple Currencies

Some POS systems now allow merchants to accept payment in multiple currencies. So if you are a restaurant in New York overlooking Niagara Falls you would certainly want to be able to accept payments in either U.S. or Canadian dollars so that is now possible with some POS systems.

Automated Billing

Another exceptional payment option that is currently available relates to billing. You may now set up automated billing for your customers with ease. This used to be a complicated matter that involved working with banks, but it now can easily be done thanks to your choice of a specialty payment gateway for ISOs and small businesses. This is a convenience that your customers may love, and it also may facilitate your receipt of funds.

Payment methods themselves have not changed drastically in recent years, but the ability for businesses to accept payments in different ways has evolved. If you are not currently using or more of these more advanced technological solutions, now may be a great time to take a closer look at the options available to you. With so many incredible options available for you to use when accepting payments from customers, you may be able to improve this process dramatically.

About Tim McMahon

Work by editor and author, Tim McMahon, has been featured in Bloomberg, CBS News, Wall Street Journal, Christian Science Monitor, Forbes, Washington Post, Drudge Report, The Atlantic, Business Insider, American Thinker, Lew Rockwell, Huffington Post, Rolling Stone, Oakland Press, Free Republic, Education World, Realty Trac, Reason, Coin News, and Council for Economic Education. Connect with Tim on Google+