How To Innovate At Point-Of-Sale?
Innovate at Point-of-Sale â As the technology is advancing, the methods to make a safe and fast transaction is also flourishing in the market. The old-school cash transaction is always more reliable and preferred method to purchase goods and services. But customers are also being attracted towards the cashless transactions especially in the case of online shopping. The credit card industry has changed the way people shop. And from the merchantâs end, a little innovation at Point-of-Sale can raise a good profit for the business.
In this article, we are discussing methods for the merchant to innovate at point-of-sale. If you are facing some issues concerning your merchant account or any other merchant services then feel free to contact Merchant Stronghold at their toll-free number +1(888) 622-6875. You can also try merchantstronghold.com to get informational articles related to your concern.
What is Point-of-Sale or POS?
Point-of-Sale or POS is a system that allows easy and fast transaction at the retail store purchase. It is a combination of software and hardware system that together makes a safe and successful transaction from customers account to the merchant account.
This kind of transaction generally includes a debit card or credit card.
The equipment often comes along with a barcode or QR code reader.
Along with that, you get a receipt printing device.
This system helps the merchant and customer record the transaction at the very time it takes place.
How to Innovate at Point-of-Sale?
With constantly changing and advancing technology, there is a demand for more innovative Point-of-Sale techniques. These points can help a merchant to achieve the same:
We all hate the long line at the checkout point. It takes more time and some reports have also shown the inaccuracy due to the rush at the store. One method to fix this issue is by adding more checkout points and hire more staff for the same. But this method still pertains the issue of inaccuracy.
The most recently proposed method to fix this issue is by taking the help of artificial intelligence or AI. This means the customer simply go to the store, collect the item and walk out of the store. The sensors and AI will recognize the purchase and charge the customer accordingly.
This POS system is still in testing. But once it is widely accepted by merchants it can save a lot of time and increase the profit of the merchants.
The idea is basically ordering the good on the way and getting the delivery once you reach the store. It is more like pre-booking the item when you are on-the-way.
The method was first used by a UK based coffee shop, which reduced the mealtime by half the usual time. The lunch hour is mostly very busy and hectic for both shop owners and customers. To reduce the time, you can also add such services to your shop.
You can also innovate at Point-of-sale by trying some of your in-house methods.
Virtual Shopping at the Retail Store
Many stores in the US itself have also accepted this method. It is as simple as it sounds. The customer can see various product displayed on the tablet or monitor screens. They select and add the products to their virtual cart.
Once the customer is done, he has to choose the payment method and complete the transaction. At the time of the exit, the customer will be handed with the selected item. Furthermore, they can also choose to try the product first. Also, this method will also reduce the space occupied by the big stores, as there is no need to display each item physically.
For more such tips, you can contact Merchant Stronghold and get to know various methods to Innovate at Point-of-Sale.
Benefits of having POS System
Having POS system installed at your store saves time for both, the merchant and the customer. Along with that, there are other security-related benefits that help a merchant to run a profitable business.
Accurate sales report of the exact amount that has been charged.
Reduce the chances of mistakes from the merchantâs end.
The merchant can track the employee who took the order.
Helps the merchant to create a list of the loyal customer using various loyalty programs.
Having a good and secure POS System can also help merchant fight against the Chargeback frauds.
Be it a small business owner or an entrepreneur having a multinational business, a secure POS System can never do anything bad. It gives the merchant some time to expand the business rather than worrying about the past transactions. Also, the merchants can try their own formulae to innovate at the Point-of-Sale.
For more such tips related to innovation at Point-of-Sale, contact Merchant Stronghold. Our team of experts is available 24/7 to assist you. We provide payment-processing solutions to high-risk business owners. Contact us using the toll-free number +1(888) 622-6875 or shoot us an email [email protected].
