The goal of any POS software system should be to make doing business easier. That includes everything from back-end accounting to processing credit card and debit transactions at your point-of-sale counter or kiosk.
Fortunately, improvements in technology are allowing this to happen, as many retailers are using advanced POS systems for their business management solutions. This includes the aforementioned card processing, a feature that has resulted in increased customer satisfaction for a number of reasons.
1. Faster transaction times
If you’ve ever had to wait in a checkout line while the cashier completes a lengthy credit card transaction for every customer in front of you, you know it can feel like an eternity. Companies such as Mercury Payment Systems, a leading card processing firm, offer authorization speeds that take as little as three seconds.
Best of all, there’s no need to have a phone line installed at each register to attain those speeds.
2. Gift card, anyone?
Adding the option of gift cards to your customer base opens up another opportunity for increasing sales. There’s a good chance the original gift card buyer is already a loyal customer, but you also have an opportunity to win over a new customer when the gift card recipient visits your store.
Also, many recipients view gift cards as ‘free money’, meaning they might be inclined to purchase new items, or ones they normally wouldn’t consider.
3. Minimize human error
With some card processing systems, it’s possible to overlook a failed authorization if you’re not paying close attention. With programs such as Mercury’s, that doesn’t happen because the tender won’t be accepted.
4. Track transactions in real time
There have been many managers who have closed out a batch, only to realize they’ve missed a mistake. This is a frustrating process.
By using integrated POS software with a credit card payment feature, you’ll have the ability to view reports in real time, giving you a better chance to pick up on any errors before you close.
5. Keep your customers’ data secure
Credit card fraud in the U.S. is above the world average and signs indicate it’s only going to rise under the current system. That’s why there’s a push to switch to payment processing platforms that support EMV (EuroPay, MasterCard®, Visa®). This technology utilizes chip and PIN verification, which has proven to be more durable and secure than the magnetic stripes used on many credit cards in the U.S.
It should be noted that, while merchant enrollment in an EMV-compatible system is voluntary, starting in October 2015, there’ll be a fraud chargeback liability shift for retailers that choose not to implement EMV.
To learn more way you can increase POS security, read our post: Three Simple Steps for POS Software Security.
Could your business benefit from integrated POS software that features a secure credit card processing application? Windward System Five software can handle credit, debit and gift card transactions to provide consumers with options for fast, easy and secure payments.