Every day, millions of people make purchases at retail and service businesses. The point of sale is the final moment of those transactions and can leave a strong impression on a shopper. A robust POS system that creates long wait times and confusion will push patrons toward your competitors.
The original point of sale was the moment a customer handed a payment to a merchant. Early cash registers increased security, but they were still just an organized way to store money and provide change.
As POS systems entered the computer age, they became multi-functional. The check stand that scanned prices could also work with software that maintained inventory.
Today, POS systems are everywhere, a good example is a Clover Station Point of Sale (POS) System, customers can make any payment through any Clover-approved accessory, and merchants can accept digital payments via cloud-based payment processing services. Modern merchants have many choices when it comes to choosing a functional POS system.
Nowadays, any modern POS system must have two major components:
EMV Payments: EMV-compliant payments to provide organizations with secure payments and protection against the use of counterfeit, lost or stolen cards, and easy delivery of protected data in sensitive environments.
NFC Payments: Chip readers, mobile payments (Apple pay, Google Pay, etc.), ACH, and Check-21. All work performed needs to comply with industry regulations of anti-money laundering and consumer protection standards, including – Dodd-Frank, SOX, Check-21, and the Securities Act (1993).
A terminal application is a crucial feature any POS needs to have, and it allows customers to pay for their items, confirming the purchase is authorized, and then emailing or printing the receipt.
POS terminals feed operational information into a system that makes it available with just a few clicks; it reports on every transaction that occurs.
POS cloud-based (including mobile POS systems), self-service kiosks, or on-premise terminal applications have advanced data-mining systems that recognize any purchase aligned to any customer's or any organization current situation so they can execute better business decisions.
The most effective Point of Sale systems will integrate with your other software solutions and provide you multiple functionalities for:
CRM: The POS system can deliver a purchase history for individual customers.
Analytics and Marketing: You can view trends like customer volume and product sales over time.
Artificial Intelligence: Combining POS systems with AI tools is an emerging technology for example: ISO Portal or Dashboards.
Ensuring your POS solution complies with the above can get somewhat complex, and outsourcing might be a practical option.
Custom POS Systems are divided into two categories: Fully integrated or Semi-integrated.
Fully integrated: All software and hardware are compatible and work together ready to be installed and can lead to optimal performance improved efficiency resulting in huge cost and time saving.
Semi-integrated: A semi-integrated method can solve limitations; for example, if your POS system is missing key functionalities such as mobile payments, having this extra feature added is a perfect example.
Our professional developers create specialized payments experience for merchants selling anything from mainstream consumer products to niche industry items and everything in between.
Your POS system should be user-friendly; you should provide a POS system that is easy enough to use, so merchants don’t need to consult your manual or call you for tech support all the time.
Your point-of-sale system should integrate with various tools, apps, and third-party software systems. Merchants are constantly seeking out systems that seamlessly integrate with third-party vendors to create a native software solution.
Does your POS system automate processes or reduce any manual input? A good POS should allow data to be used from the supply chain or logistics to update inventory or execute orders.
Security is a must, especially for small businesses; offering a good POS compliant with PIC data security standards, and will assure merchants your solution can further safeguard customer’s payment data with tokenization or end-to-end encryption.
It is of great value to offer support to merchant to offer support to merchants, whether it is a minor technical issue or even helping setting up the whole POS system; merchants look for a solution that provides support 24/7 via chat, email, or phone.
At Chetu, we have helped thousands of businesses with custom software solutions. Your business can rely on us for:
POS Integration: Connecting POS systems to third-party payment systems and other software solutions.
POS Software Development: Adapting third-party devices for custom POS use.
POS Programming: Personalizing merchant software for branding and marketing purposes.
POS Apps: Custom applications for mobile devices.
POS Accounting Integration: Smooth integration with accounting software solutions.
Food Service POS Systems: Custom restaurant and bar systems.
POS Upgrade: Improving an existing system while maintaining data security.
Payment Processing Services: Integrating the POS with popular payment gateways.
ISO Portal: ISO’s real-time, single-source access to detailed merchant compliance information.
Are you an MSP, PayFac, or PSP? Our POS specialists will work with you to develop either a fully or semi-integrated point-of-sale system with maximum benefits for multi-merchants and niche industries with easy implementation.
Chetu, Inc. does not affect the opinion of this article. Any mention of specific names for software, companies or individuals does not constitute an endorsement from either party unless otherwise specified. All case studies and blogs are written with the full cooperation, knowledge and participation of the individuals mentioned. This blog should not be construed as legal advice.
Chetu was incorporated in 2000 and is headquartered in Florida. We deliver World-Class Software Development Solutions serving entrepreneurs to Fortune 500 clients. Our services include process and systems design, package implementation, custom development, business intelligence and reporting, systems integration, as well as testing, maintenance and support. Chetu's expertise spans across the entire IT spectrum.
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