The point of sale system helps transactions to be initiated between a company and its client. Point of sale systems for small businesses have become highly popular especially for restaurants. Usually, the two most common businesses that require these systems are the retail and hospitality industries. In the hospitality industry, hotel and restaurant point of sale systems have proven to be highly useful and effective. Using a POS system may feel very technical but overall, it has many benefits.
Merchant service providers have thus started using debit, credit, and other electronic payments systems for transactions. These can make the payment processing for your business (both in-store and online) extremely smooth and hassle-free.
Benefits of Using POS System Software
Retailers and restaurant owners switch to POS system software because of certain features of mobile POS systems. Some benefits of using point of sale systems for small businesses include:
- Better Time Management
These cloud-based systems include business management tools, such as scheduling, payroll, accounting, and inventory management. They are a step away from traditional forms of financial services which significantly save time and manual creation of reports and spreadsheets.
- The increased processing speed of services
Instead of standing in checkout lines, the POS system cash register makes checkout simpler and quicker. iPad and kiosks are two types of commonly used devices that enable quicker processing at retail stores. Naturally, the quicker the customers go through the buying process, the more profitable your business will be.
- Data collection of customer insights
The data compiled from these POS systems can be very insightful for future campaigns or marketing strategies. The data also allows for greater personalization and some come with marketing tools and features.
- Accurate and Real-time data
You can also better track your KPIs on these systems, instead of relying on manual computations or spreadsheets. You can also monitor metrics like daily sales, the average transaction value, items per purchase, sell-through rate, conversion rate, customer retention rate, gross margin, and more.
The freedom to purchase on the go is made easier without any location restrictions. Trading partners also catch up quickly and trade shows do not become difficult due to logistical issues.
- Inventory Management
Apart from increasing sales, mobile POS systems process inventory quicker and alert you when stock is low. Retail point of sale systems allows the retailer and sales staff to know instantly whether there is a need for restocks.
They are also less expensive than conventional cash register systems. Tablets for instance are used as terminals and the only investment needed is for card readers. You can, however, also add peripheral devices like cash registers or printers for a small fee. They also help reduce merchant processing fees.
Features of Merchant Services
There are many merchants services in the market such as JNA. It is one of the best POS for restaurants. As a business, you can also calculate your rate on the website by entering your desired merchant rate and average transaction value. Here are some of the features you will receive:
- Electronic Invoices
Tired of collecting and wasting paper doe receipts and invoices? With JNA your eInvoices come with your business logo. Everything is managed through your dashboard, while all that the customers need to do is click on the relevant buttons and pay. Not only is it completely safe, but also fast. Moreover, you also get the option of customizing your receipts.
- Ease of payments for repeat business
Are you a business that has a subscription-based model, like payment plans? All you need to do is schedule customer payments by using the recurring payments feature. You can also avail yourself of the option to customize a plan according to your needs.
- Modes of Payment
JNA has integrated Android and Apple Pay into the system, which makes it a breeze for customers to pay through in-app purchases. They can easily be added to the mobile app. The rate calculation feature also helps with this process, and it requires manual calculation.
- Payments on the Go
The virtual terminal accessed through a PC, laptop, tablet, or smartphone allows for the acceptance of payments on the go. Orders can be taken through the virtual terminal – simple, fast, and convenient.
Masterpass, a digital service by Mastercard offered to merchant services, allows for a smooth checkout process for customers. It stores the payment, shipping, and personal information relevant to transactions. It is highly safe, is protected by Mastercard security, and makes sure your data is hidden. Users can add Masterpass to checkout for future payments.
- Fraud Tools for Minimal Risk
You have the option to enable the fraud tools through your settings which ensure that every incoming purchase is automatically checked for fraud.
- Securing the Business
Thanks to the encryption and tokenization feature the payment information from the relevant customer is added to the merchant’s database. Thus, every transaction is monitored and sensitive information is managed through servers of Level 1 PCI certification.
- Employee Management
Merchant processing for employees of the business ensures that each employee’s records are monitored through individual logins. Each employee gets a username and password, and only then can employees access their portals to manage payments.
- Inventory Management
The merchant service platform also displays inventory information. You not only process and manage payments but also keep up with the business’s operations to ensure a smooth and error-free system.
- Mobile App
JNA merchant also has its mobile application which allows the business to keep up with transactions in real-time, no matter where you are.