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integrated point of sale

Why It's Key to Use Integrated Payments with Your Point of Sale System

A business must be prepared to handle many forms of payment, from credit cards to cash to check. Merchants looking to purchase a point of sale (POS) system must plan ahead to account for company growth. While many companies may choose to buy a simple terminal from the get-go, integrated point of sale systems can provide a number of benefits for the overall enterprise. Here's how:

Data access in real time
When a company's POS terminal is paired with its accounting and financial software, the business and its employees have the ability to use live information at the point of customer contact (1). Workers will no longer need to contact inventory to check on the availability or price of a product. The joint model will allow companies to better understand customer buying patterns and history since all the data is available in one system.

Furthermore, an integrated POS solution allows businesses to better manage their stock with real-time data. Items will be automatically removed from inventory at the time of their purchase or as soon as the product is placed in a shipment. Merchants can run reports that show prime selling periods or times of lackluster purchasing to help understand when the company should repurchase inventory or run sales. Additionally, the integrated POS terminal contains records of past stock purchases, which merchants can use to compare prices for future inventory acquisitions.

Easier upgrades
Oftentimes, the various elements of a company's POS system will be from different providers, as will the financial software. With an integrated terminal, a single vendor supplies and maintains the entire system and its computer program. With this arrangement, merchants can guarantee all aspects of their systems are compatible.

An integrated point of sale terminal also allows for easier upgrades and replacements. The sole vendor can deliver updates to both the machine and software in a timely manner, most often in a way that won't disturb the company's processes. Businesses won't have to worry about a new part conflicting with the entire contraption, as the provider will ensure the replacements integrate seamlessly.

Better cost management
Although an integrated POS system could impose a bigger upfront expense, it will lead to savings for merchants in the long run. Companies will be better able to budget for software upgrades and necessary hardware replacements, as the vendor will be able to provide accurate estimates and timelines for the updates to the terminal (2).

Because POS system providers can create a reasonable schedule for overhauls and updates, companies won't need to prepare for as much downtime as a result. Instead, the updates can be managed quickly, making sure not to affect customers. Faster implementation schedules improve customer satisfaction, leading to continued business even during a period of POS terminal alterations.

Fewer errors
While they may be inadvertent, employee mistakes can cost a company a lot of money, especially when it comes to inventory. An integrated POS system requires less manual data entry, instead digitalizing many aspects of running a business. Stock can be tracked with a few clicks of a button instead of having a worker calculate inventory by hand. Customer records can stay up to date automatically with every purchase. Additionally, employee interactions with clients can be tracked, increasing the level of accountability for mistakes.

Improved customer interaction
Customers are vital for keeping a company afloat. An integrated POS system offers merchants a better understanding of their audience and how to continue to provide a good experience. Businesses can use customer data to better plan marketing strategies, as the information gives companies tangible evidence of campaigns that were successful and those that were not.

In addition to purchase histories, an integrated point of sale stores other data, including credit card information, addresses and birth dates to use for future client outreach. These details can also help make a customer's experience faster. Employees can quickly bring up vital purchase data while a client is waiting in line, either completing the transaction using a mobile POS system or streamlining the process once the customer reaches the actual terminal.

An integrated POS system is key for merchants in today's business world. They provide enterprises with several benefits, including cost-effectiveness, fewer employee mistakes and real-time data access, among others.

  1. http://www.intactsoftware.com/fully-integrated-pos-system.html
  2. http://nextepsystems.com/pdfs/Benefits of an Integrated POS Technology Platform.pdf

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