6 Technology Trends Transforming Point of Sale

Aug 23, 2017

Technology is evolving constantly, and Point of Sale (POS) is no different; new payment methods are emerging all the time as companies try to keep up with the needs of consumers, who are looking for convenience and the quickest simplest payment method possible. Knowing what technology is out there will enable you to select the best payment system for you and your customers, so here are a few of the latest trends.

  1. Mobile wallets

Mobile wallets, that enable customers to pay using their mobile phone rather than cash or card, are no longer new. Most mobile providers now have their own software, but with technology improving all the time, use is only set to grow. For one thing, amalgamating payment and loyalty cards into one App is convenient as it cuts down on the number of cards customers have to carry around; payments are also quick, easy and secure and can be linked easily to loyalty schemes, enabling customers take advantage of the best offers. Not all POS systems accept mobile payments, but it may be worthwhile considering a system that does as it brings flexibility and opens up a new channel for customers to pay in the way they want.

  1. Cloud based POS

Cloud based POS systems are on the increase and for good reason. Rather than storing all your data on a closed internal network, everything is stored in the cloud and can be accessed from anywhere you have access to the internet, giving you greater control over your business. This can be advantageous if you have one premises, but even more so if you have multiple as all systems are updated regularly and at the same time, which not only increases security, but also minimises downtime due to system maintenance. Having everything stored in one place also opens up greater possibilities for integration, as cloud based POS systems have potential to manage more areas of your business than before. 

  1. Data collection and analytics

POS systems don’t just process payments, they collect data, lots of data. And, as technology improves so does the data collection and analysis abilities. In addition to payment details and method, POS systems can collect tax information, track stock levels, monitor employee productivity and sales and collate customer details. And, if you combine this data collection with a cloud POS system, it is even easier to collate, compare and monitor trends across your entire business, using results to make strategic decisions and plan for the future. Used properly, data collection and analytics can massively increase your sales and levels of customer service.

  1. On-demand purchasing

Customers don’t want to wait, they want everything now and consequently, POS software that enables on-demand purchases is increasing dramatically. For example, store specific payment apps enable customers to purchase food or goods in advance, so when they arrive in store, their purchase is ready and waiting for them – no more queueing for the morning coffee. Having tablets and other devices in store for customers to use also enables them to pay there and then when browsing or looking up information for themselves in store. 

  1. Rise of Bluetooth

Bluetooth is starting to take off in a big way, especially since Apple removed the headphone jack from their phones and forced Apple users to get on board with it. Taking payments over Bluetooth is fast, secure and removes the need to rely on WiFi – you can keep functioning even when the internet is slow or non-existent.

  1. Mobile POS

One of the big evolving trends currently is flexible, mobile POS systems, like MePOS. Customers no longer want to wait in queues to pay, and with mobile POS systems, they don’t have - payment can come to them. Having staff equipped with tablets with payment devices means they have everything they need in their hands, decreasing the time to payment and opportunity for customers to change their minds. Whilst walking around on the shop floor, they can look up product information, confirm stock, find answers to customer questions or take payment. MePOS is extremely flexible, so as well as being mobile, your MePOS system can be set-up as a static till or a self-service kiosk. This brings the online element of shopping into the store, enabling your customers to shop as they want, whether it is by interacting with staff or self-searching and finding out information for themselves.