Modern payment systems and point of sales (POS) terminals come with many advantages to retailers, connecting them and their customers to a fully integrated payment system that provides a robust payment experience. The payment terminal stands that hold the systems make sure that they are held securely in place in a convenient location to both customers and staff. This article will explore the advantages that these systems offer both retailers and customers.
Payment Flexibility
POS systems offer payment flexibility to a business and its customers. Customers can pay by a range of credit or debit cards and contactless payments can be catered for. Flexibility is necessary to keep a loyal customer base. All major credit cards are accepted. So are PIN debit and EMV chip. Contactless payments including Apple Pay, Samsung Pay, and credit/debit tap are accepted. This system of universal payments will keep customers happy and so have them come back to the store again. It is the way payments are being dealt with now and something that customers have come to expect from a retailer.
The system will allow for processing fee mark-ups to be reduced even though the interchange rates set by the credit card networks cannot be changed. This will help a business’s customers to receive the lowest transaction rates possible.
Speed
The payment systems are quick and easy to use and merchants can be paid faster than with traditional payment methods such as cash or cheque. Even with cash, it is not straight into the bank and would need to be paid in later. With POS, the money is received directly into the bank. These electronic transactions are a lot easier to reconcile to batch and to collect than cash-based systems. With updated technology and ever faster internet connections, the transactions can only become faster still. These modern payment systems allow for merchants to build into their systems a next-day funding option. The effect of the speed of POS is that a business has its cashflow bettered by receiving its money less than 24 hours after the batching process.
Secure Payments and Non-Integrated POS
Despite integrated payments becoming popular (the payments between payment device and mobile phone or store POS), a lot of merchants will still use the non-integrated systems. However, integrated systems are more secure than their stand-alone payment equivalents. Integrations will save both time and money by sending the transaction directly to a payment terminal rather than having it be entered manually. This integration will update the invoice automatically once payments have been tendered, which allows for greater accuracy in the accounting system, saving time when reconciling needs to be done at the end of the working day or night.
Lower Operating Costs
A further benefit of the POS technology is that there are lower operating costs associated with it. This is because of their ability to seamlessly communicate with a range of payment devices all at once. This sharing aspect allows the cashier to send a transaction from any of the workstations to a shared payment device. This will save on the cost of purchasing many new terminals.
Management of Remote Terminals
Terminal management software will allow merchants to manage their payment devices from their offices. A real-time terminal inventory is available online for merchants to ensure that they meet the required standards. These remote terminal solutions mean that merchants can identify and report issues relating to payment devices early in the process to maximize uptime while ensuring that the automatic features will block the unknown terminals from entering their network. This is acts as a fraud preventative measure.
So, there are many advantages to the POS systems that are found in stores that take customer payments so efficiently. There is a range of payment methods that are accepted, the money is received from the transaction quicker than with cash-based payment methods, the payments can be more secure, have lower operating costs, and fraud can be prevented. It makes sense to have one of these systems installed. To help with its placement, dedicated stands can be purchased to house them effectively, securely, and make them accessible to both customers and staff.