What Impacts the Bright Future Of POS Systems?

Modern technology has turned old cash registers into dynamic POS systems that can run credit card processing, calculate tax, and track inventory all under one roof. But what is the future of POS systems and are there any drastic changes we should expect?

Here are 5 factors that will significantly affect these machines over the next few years and make them better suited for retailing.

✅ The Increase in Mobile Payments

In the 50s, credit cards introduced cashless payments to the global economy. Today, modern consumers don’t have to use their cards thanks to mobile money transfers. Mobile payments offer speed, security, and a much-needed convenience that many customers enjoy. Simply take a smartphone or tablet, install your credit card processor and ring up your customers at any time of the day.

Mobile POS systems ensure no time gets wasted counting change and customers are also provided with a completely hands-free shopping experience. Some mobile payment terminals also have additional features like inventory management and invoicing.

These little perks are the reason why we have seen a shift from traditional POS systems to mobile terminals.

✅ The Establishment of Self-Service

Business owners used to hire more cashiers to keep up with their growing number of customers. Although this worked, retail businesses are now shifting from cashier-managed POS systems to self-service checkout machines.

Self-service POS systems help customers scan and pay for goods without staff intervention. They often have the multi-touch capability and they can easily switch from cashier-assisted to self-service mode. In fact, some self-service systems offer customers the option of logging in with their membership details.

Self-checkout POS systems also have barcode scanners, receipt printers, and payment terminals that support both cash and credit card processing. There are no long checkout lines or slow cashiers with this revolutionary technology. Just an overall wonderful shopping experience that many customers enjoy.

✅ The Improvement in Cloud Technologies

Cloud technologies have had the biggest impact on POS systems. What used to be a cash register many years ago has been transformed into a cash and credit card processor that can also collect and save information. For instance, with cloud-hosted POS solutions, you don’t have to manually write up invoices or store your customer’s information on paper.

With just a few clicks of the mouse or on your phone’s screen, you can access the data needed to create an invoice and receive payment. Security is also a major reason why cloud-hosted POS systems are overtaking traditional checkout terminals. Cloud technologies encrypt data and store the information on secure servers. Here, the data is kept safe from hackers and any other third party unknown to the business owner.

✅ The Impact of Artificial Intelligence

Have you ever received an email notifying you of a discount sale at your favorite store? This is how Artificial Intelligence (AI) is used in businesses and from what we know, it’s here to stay. AI has changed how POS systems function through the help of cloud technologies and we expect to see more changes in the future.

Some great examples of AI in businesses include accounting software, email marketing, and inventory tracking. AI is also used to make online credit card processing possible by integrating with merchant service providers. Such computing solutions will continue to provide a shopping experience that traditional checkout counters simply can’t offer.

✅ Accessible Data and Analytics

POS systems are evolving to provide countless reports and data analytics. For example, with artificial intelligence on board, a POS system can calculate tax returns from the revenue of a business and draw up a report. POS systems can also compile reports on other areas of the business such as credit card processing and customer preferences.

Through such reports, business owners can devise measures that can increase profits and improve their customers’ shopping experience. We believe that this section is currently well executed by many POS systems and merchant services providers. Nevertheless, in the near future, we are certain that detailed reporting will be made available on mobile POS solutions and greatly benefit businesses that conduct sales on the road.

📝 Conclusion

Modern POS systems revolve around running sales and managing customer and business data. So if you’ve been thinking about getting a new POS system for your business, ensure that it’s a powerful credit card processor that meets PCI compliance regulations.

We look forward to seeing what POS manufacturers will add to these incredible machines in the future. For now, we can only hope for cutting-edge features that will make retailing more efficient.