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Retail POS System

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Retail POS System

Retail point of sale (POS) systems are an invaluable tool for retail business of all sizes. At their core, POS systems are designed to securely accept and process customer transactions via cash, credit or debit cards. Now, new and more advanced analysis and management features are emerging in retail POS systems. Expanding beyond payment processing, retail POS systems are now able to offer features such as business sales analysis, customer service features and stock management support. 

With the retail sales topping £439 million in 2019, implementing more sophisticated payment management systems can allow retail businesses to keep pace with their competition and continue to meet changing consumer demands. Now, customers expect to be able to pay in their preferred way wherever they shop. With cash payments declining in favour of credit, debit and contactless payment options.  It is increasingly vital for retail businesses to invest in a POS system that processes a wide variety of payment types, to avoid payment niggles that could quickly become critical for your business customer retention and sales. 

We partner with a range of major retail EPOS providers including Oracle, Aptos, and Futura. Working in partnership with these providers allows us to provide a host of integrated EPOS solutions that enable retail businesses to utilise omni-channel retail solutions and improve the customer experience, optimise stock management with inventory control systems, enhance their offering with loyalty card software and utilise live data to make smart business decisions. 

What is a POS system in retail?

Much like a traditional POS system, retail POS are primarily designed to accept and process customer transactions. But to help modern retailers keep pace with changes in consumer behaviour and spending habits, these systems now contain features designed to enhance the customer experience and support retail business administrative processes. 

Retail POS systems are now available as traditional cash registers, portable card readers, tablet or other handheld devices, or as a piece of software on your website. So you can find a system that suits your style of business and your customers payment needs. 

When researching which retail point of sale system is right for your business, it is important to first ensure that your chosen system offers affordable payment processing fees and is PCI compliant. 

Depending on the specification of your retail POS additional features can include.

  • Management and retrieval of click and collect orders

  • Product look-up capabilities

  • Process transactions made on mobile or contactless devices

  • Make product recommendations based on purchase history as part of a loyalty scheme or online POS system

These additional features allow for a more tailored customer experience that can make your customers feel more valued by your business. As well as offering a faster and more efficient checkout experience for your business and your customers. 

What are the benefits of a Retail POS system

 

Investing in the right retail POS system can have a host of benefits for your business. Depending on the specification and capabilities of your retail POS system, these benefits can include; 

  • Inventory management

By tracking sales and stock levels, your POS system can identify how profitable each of your product lines are and establish the optimum times for restocking certain product lines so your store can keep pace with demand.

  • Process in-store and online 

Many retail POS systems are also designed to allow you to process, manage and track payments made both in-store and online. Creating a consistent and convenient experience for your customers and a more efficient management of your product lines for in-store and online customers. 

  • Build customer relationships

With the ability to implement and manage loyalty programs on your POS system as well as track consumer spending trends, your business can build stronger customer relationships. Offering tailored rewards and incentives can encourage customers to make repeat purchases at your store, improving your sales and revenue potential.

  • Streamline business operations

As your new retail POS system is designed to keep track of and analyse sales and stock, your business can benefit from a more efficient and streamlined reporting system and more effective stock management. 

  • Improved customer experiences

With the ability to access loyalty program information and accept payment options of their choice, a retail POS system creates a shopping experience that is designed to meet all of your customers wants and needs. 

  • GPRS or Wifi capabilities so your customers can pay wherever they are in your store

Many retail POS systems also have GPRS and Wifi capabilities, so you can bring the payment system to your customers wherever they are in your store. Additionally, Wifi capabilities also allow you to keep track of all of your sales processed across your business’s mobile devices. 

  • Process transactions quickly and efficiently

Capable of processing transactions through a variety of payment methods quickly and efficiently, retail POS systems can help to reduce queues in your store. Contributing to an improved customer experience.

  • Process refunds

Processing returns and refunds is made easier with a retail POS system. And with the ability to securely store customer data, your POS system can also assist with issuing store credit or vouchers to customers for refunds made after your return window. Helping to reduce queue time at your till when processing refunds. 

  • Accept multiple currencies using dynamic currency conversion (DCC)

Many retail POS systems also have DCC capabilities that allow your customers to pay in their preferred currency. Ideal for creating a better shopping experience for tourists and international customers to your store. 

  • Pay with a variety of payment methods and mobile wallets

With the ability to accept a variety of payment options, POS systems offer a checkout process that is suited to meet the needs and preferences of your different customers. Allowing you to create stronger customer relationships and a more tailored shopping experience. 

Tailoring customer experience with a retail POS system

One of the biggest benefits of installing a retail POS system is the ability to offer a tailored customer experience. POS systems can manage and securely store loyalty program information, customer data and track your customers spending habits. This information can be used in a variety of ways to create a more tailored experience for each of your customers. 

Using stored customer data you can also tailor your loyalty program offers, issuing vouchers or discounts to customers for similar products they have purchased at your store. Additionally, you can use this information to issue special promotions to their account or vouchers for upcoming birthdays or exclusive store promotional events. 

As retail is a highly competitive industry, the ability to offer a more tailored and relevant shopping experience for your customers can allow your business to keep pace with the competition and improve customer retention. 

Serve customers swiftly with a countertop card machine

Countertop card machines are an ideal payment solution for retail businesses where payments are most often processed in one fixed location on your premises. Simply connect to your broadband or phone line to start accepting payments via all major credit and debit card providers. 

Your countertop card machine can be integrated with a POS or ePOS system for effective end to end payment solutions for your store. Allowing you to effectively process higher value payments and integrate sales with your eCommerce website. 

Pay@Counter is an innovative new countertop payment solution designed for retail businesses. Offering chip & PIN, contactless and mobile payment options, Pay@Counter solutions allow you to serve your customers quickly and more efficiently. 

Need help setting up your Retail POS system?

Retail POS systems are a valuable addition to any retail business, whether you are looking to offer an enhanced shopping experience, process a variety of payment methods more efficiently or achieve more effective stock management. There is a POS system designed to support every retail business, our market leading retail clients include  Kurt Geiger, Oliver Bonas, Wren Kitchens and Sofa.com.

Opayo’s retail POS systems offer secure and reliable payment processing for businesses of all sizes. Fraud prevention and payment security are our priorities, and all of our systems offer point-to-point encryption, fast processing and are PCI compliant. Whether you require a countertop card machine, integrated PED solution or need expert guidance on how to get started with the right POS for your business. Our team is  available 24/7 to provide you with more information and tailored support on retail POS systems and other payment processing options.