The distinctive sound of bells ringing and the slide of an opening cash drawer are etched in the memories of most shoppers. These sounds are beginning to fade, however, as the modern shopper slowly transitions away from cash and checks toward digitally-enhanced payment options. As you see this trend emerging in your own business, you may find yourself taking a long glance at your cash register, wondering if it still has a place in your daily operations.
Before you make any assumptions or concrete decisions about your current POS software cash register, it is important to look at how you accept payments from multiple angles. Making determinations is no longer a cut-and-dry process, and requires you to take a deeper look at how you manage your finances, as well as to conduct a thorough investigation into the spending habits of your customers.
Emerging payment trends may tempt you to move toward a cashless business, but there are still plenty of cases where cash registers still have their place. So, before you relegate your cash register to a shelf in an antique store, consider the below options and comparisons. This will help you in deciding what your payment acceptance options can look like for the next few years.
Integrate Legacy Cash Registers with Modern POS Software Solutions
A popular option for small business owners who are seeking to modernize their POS functionalities is to integrate cash registers with POS software. This gives you the ability to take advantage of the many inventory and data analytic features present in a cutting-edge POS platform, while still using the equipment you already have in place. While saving some of the cost of a full-on upgrade, you will miss out on some pretty important features.
Data compatibility can be an issue with this method. While next-gen POS software is more than up to the challenge of performing modern data management, almost all data from sales transactions must be manually entered into the POS system. The errors that come with manual entry of data mean that some of the data you rely on to identify purchasing and inventory trends may give you a false sense of direction.
Task automation is another key feature that will be difficult to utilize in this model. Many business processes are reliant on the POS transaction to kick off a series of chain reactions within associated tasks, such as inventory count updates or sales commission information. Without the register being able to trigger these events internally within the POS software, you will still have to remain heavily reliant on manually-induced triggers to start critical processes.
Keep the Cash Drawer While Modernizing POS Hardware and Software
This simple, yet effective, hybrid approach is the most common scenario that is seen today. The option to maintain and use a cash drawer, but with the ability to accept payments of most any type, offers the maximum flexibility while providing PCI-compliant levels of security. The ability to maximize payment acceptance options attracts customers as well as leaves them feeling valued, while the extra levels of data security build deep levels of trust.
Your secured data becomes contiguous across all layers of your business processes. When this is blended into advanced POS data analytics, you gain a clear picture of what is happening in all aspects of your business. This allows you to take a proactive approach towards business management and builds in deep layers of efficiency while affording you the opportunity to implement automation in key areas.
Inventory control alerts can be established to let you know when products need to be re-ordered. These same inventory controls can also monitor the age of your inventory, and give you an up-to-the-minute glimpse into products and services that have grown stale. Managing staff payroll functions, including shift scheduling and bonus thresholds, can also be easily maintained and monitored through the effective use of your data.
Taking the Cutting-Edge Road of the Cashless Business Model
Consumers love to have convenient payment options during their experiences shopping, dining, or when paying for services. The cutting-edge technology that a cashless business model requires is the very pinnacle of what modern POS technology has to offer. By removing the pain points that managing cash brings, as well as the safety concerns around being in possession of cash assets, your business is freer to evolve to match the demands of the consumer.
Moving to a fully cashless model takes you to the cusp of POS innovation. The flexibility of quickly adjusting the payment types you accept, while obtaining the ability to integrate next-gen forms of payment into all of your business channels, means that you will never again miss out on a sale or business opportunity due to limitations around operating hours or being located too far away from an ATM.
Another of the most noticeable features of moving to a cashless model is the removal of all legacy POS hardware, replacing it with the rich features that come with mobile POS (mPOS) platforms. The mobility foundation opens up new worlds in which you can operate and presents you with the same consumer-driven technologies that have been embraced by Enterprise-level businesses.
Customer-facing devices present your customers with an element of sophistication, thanks to the small footprint and sleek design of digital POS terminals. The mobility that modern POS devices offer allows your staff to be more creative in their customer engagements. Sales staff can detach and carry your tablets into the aisles to perform a wide range of customer service functions, including the cashless exclusive task of performing the checkout process in the aisle.
Selecting Your POS Software Cash Register Requires Expert Assistance
In order to build the perfect POS foundation, you must have the flexibility to accept the widest range of payment types, while achieving full data integration. This is a complex effort that relies on identifying and addresses all of the smallest details of your business so that you make the right choice when selecting POS registers. But where can you turn to feel confident in the POS system you have selected?
Successfully implementing a POS register strategy requires a high level of flexibility on all fronts. Hardware aesthetics, PCI requirements, support, and having the ability to change the forms of payment you accept are critical pillars that must be built with endurance in mind. The consultants at talech stand ready to help you to modernize and implement the POS software cash register solution that is right for you. Contact us today for a free demo and more information on how to bring cutting-edge technology to your customers.
