With experience, the existing businesses have understood that POS is not a onetime investment thing. Instead, it requires constant updates and changes. Do you know why? This is because technology is demanded by the customers and businesses are forced by them to keep investing. Understanding this issue, smart IT firms have instantly analyzed this gap and present a solution to the operators. They started to offer Cloud-based POS systems that have the ability to get updated on a regular basis. Moreover, the offered SaaS model has also reduced the overall costs for the business that even a single shop can afford.
This blog has listed some of the most common updated features of POS that are in demand today i.e. in 2019. They are discussed below:
2D image scanning technology is the new innovation of 2019 that is offering improved profits, efficiency and customer service of the businesses. These 2D image scanners have provided the operators with a non-disruptive path with clearer ROI drivers resulting in improved levels of productivity and customer service. In other words, the replacement of manual data entry on paper and system with the self detective device is enabling the businesses in serving more customers in less time without compromising on the quality of the provided service. Then why any business will not want it?
This feature is mainly demanded by the retailers especially the superstores because through barcode installed in the system they can make their operations efficient. Basically, a barcode reader reads the code stick on the price to decode its pricing and other related details. It not only improves the billing system but also makes the recording of the products as well as an accounting of the businesses efficient. In today’s era, digitalized billing has become a necessity of operating businesses.
Without invoice management, POS can be referred to as complete accounting software. This has made invoicing a considerable feature in the POS system since its invention. But still, the operators are demanding an updated invoice management system. So how exactly software companies are catering to these demands? The updated POS systems are now offering comprehensive GST invoicing and Billing App that is tailored in accordance with the operations of both retailers and restaurants. These GST billing Apps provides the convenience of generating invoices while managing customer loyalty programs, taxes, and related reports.
Despite the industry, inventory management is one of the most important concerns of the businesses that have a direct impact over customer experience. Considering this importance, POS has never compromised on the management of inventory but due to the increased complexities along with the expectations of the customers, service providers are continuously updating it. Now in the year 2019, operators are expecting from the inventory management system installed in their POS to make their customers happy, lower the storage costs, and remove the unnecessary overheads. In order to cater to these expectations of the operators, AI has been used in the POS systems that make them responsive and effective. Not only this, the businesses have started to demand sales forecasting from POS systems that are completely dependent on the improvement s in inventory management.
Payment features of POS have been criticized since forever because constant updates have been demanded by the operators. The other main issue that has been faced in the past is that payments in the business world are not only limited to cash but there are different forms that are demanded by the customers from the operators. One of the primary features of POS considered important today is ACH transaction handling. This feature enables the operators to accept the bank’s payments from the customers through their installed systems. Other than this, swipe and manual payment is also the new preferred method that businesses are expecting from their POS systems to accept. In response to this, both desktop and cloud-based POS systems have been updated to accept the payments through magnetic strips and from manual cards also.
This is not it, there are businesses that expected the POs systems to accept the payments from their customers in the form of PIN debit. And in order to satisfy this emerging need of the operators, technology has been used for encrypting the PINs for preceding the PIN-debit transaction. The other demanded type of payment by the businesses is EMV that has been made possible by inserting ICC (integrated circuit chip) chip in the POs systems. The operators neither their customers have stopped demanding at this point, instead, they questioned for the RIFD and mobile payments. Therefore, the systems have been updated to accept the payments from Google Wallet and RIFD cards by simply placing it close to the terminal without inserting it. Moreover, acceptance of payments in the form of gift cards and also the offline payments have also been made possible for the business. And now with some future payment predictions, we are waiting for what more changes will the operators and their customers are about to demand.
Payment Terminal Application
Standard payment procedures have not only become old-fashioned but lack convenience for the users. Therefore, the new demand related to payment terminal from the businesses in the market is of tokenization. This payment terminal application enables the business to capture the payment information for recurring the billing process. Another demanded payment is P2PE that enables the PAN data from the terminal. Advertising is the other main and most important payment terminal application by the businesses. This is because it enables the businesses to show the customized media content on the terminal’s screen. Moreover, the TMS terminal has also been enabled in the POS system in the response of the emerged demand has developed the ability of the businesses to connect and communicate with the overall management promoting remote configuration and updates.