As a business owner, handling payments is something you need to deal with regularly. Even though you may be able to get away with using a simple credit card processor, cash, or a payment app when you start running your business, as your business grows and becomes more complex, your payment suite will need to grow with it.
In this piece, we’ll look at why integrated points of sale are so important, how they work, and why your business needs one.
What Is an Integrated POS?
An integrated POS connects your business’ payment processing hardware (such as a credit card reader) to its software (credit card processing software, inventory tracking, etc.). This integration allows your payment system to become more efficient and connected. It also brings everything under one roof so that you will no longer have to call multiple service providers when something goes wrong.
So, why is an integrated POS system important for your business? Because, with an integrated system, you can automate existing processes, increase operational efficiency, and better manage your sales and inventory. Luckily, with today’s technological advancements, setting up a retail POS system is easier and more accessible than ever.
How a POS works
As soon as a sale is initiated by either a cashier or a customer at a self-service checkout kiosk, the POS kicks into action. The hardware will display the different items being purchased along with their price, and the customer is able to choose whether they would like to pay with cash or via a cashless payment method. At the same time, the POS syncs sales and inventory information with the software and automatically updates your business reporting tools with the adjusted revenue and stock levels. This integration gives you valuable information on your products and reduces the need for you to manually cross-check your receipts and sales.
In an attended retail store, a retail POS can help the retailer gather valuable information about customers, and this data can become even more powerful when synced with integrated software. Weezmo, Nayax’s marketing insights platform, syncs with the retail POS and connects customers’ in-store purchasing data with their online activities. By knowing who their customers are and what kinds of purchasing decisions they make, a retailer can more accurately target them with personalized deals and discounts to increase the likelihood that they’ll return to your store.
Using an integrated retail POS system can help a retailer take their business to the next level. The retailer will gain valuable insights, increase revenue and reduce operational costs, all without having to invest copious amounts of time or money. The process of setting up a POS is simple and the details of the setup depend on the type of device and software the retailer chooses.
The type of business will determine whether the retailer chooses an unattended plug-and-play POS system, a handheld POS, or a countertop POS. After set-up, they will have full access to a comprehensive solution that includes integrated POS card readers, a payment suite, loyalty programs, and a business management suite, allowing them to manage all their business needs from one place.
Attended versus unattended retail
When it comes to in-person retail, customers expect to receive top-notch customer service and have a positive purchasing experience. Because of this, businesses are constantly looking for ways to increase customer loyalty and make the overall in-store experience better and more convenient for their customers.
This is why POS systems are crucial for retailers. With an integrated POS system, customers are given a wide range of payment options to choose from and spend less time waiting in line, making their shopping experience more positive and increasing the likelihood that they’ll return to the store.
Unattended retail businesses such as vending, micro markets, laundromats, car washes, arcades and EV charging stations often don’t have employees on-site, providing customers with a self-service experience, which, if everything works smoothly, can be one of the most positive customer experiences.
For unattended businesses to be successful in an increasingly cashless society, installing an effective point-of-sale system is critical. Without an employee on hand, unattended retailers need to provide safe and convenient payment options so that customers feel at ease during the purchase. With a POS, you can also gather telemetry data on sales and inventory, allowing businesses to operate remotely and more efficiently and gain access to machine data 24/7.
Hybrid models for micro markets
Micro markets are the next big thing, as they provide customers with the experience of in-store shopping while allowing them to use a self-checkout system and not have to wait for a cashier.
Amazon Go, an expansive micro market with technology that enables customers to simply check out by selecting items and walking out of the store, is one example of a successful cashless checkout system. Other examples of micro markets that use a hybrid model include convenience stores at airports and malls. They use POS systems to ensure that customers can check out easily and quickly.
Larger businesses can integrate their POS machines with enterprise resource planning software to run their business more efficiently. An ERP software solution can help businesses better automate and control core operations. ERP connectors are available that integrate data and information with your POS so that you can streamline operations and better manage your machines.
Now that we’ve run through the various types of POS systems available for different businesses, let’s sum up the main reasons to use one in your business.
Integrated POS benefits
Using a POS brings many benefits to both unattended and attended retailers. Some benefits include the ability to:
Increase customer loyalty — create and manage a unique loyalty program for your customers, making them more likely to become return customers.
Handle payments and transactions more easily.
Stay up-to-date on inventory and stock levels.
Gain valuable information to better manage employees and customers.
Create detailed analytics reports to learn how to optimize your business.
The key to effectively using an integrated POS lies in choosing the right tool.