How Point of Sale is Changing: What You Need to Know

point of sale

Credit cards and debit cards are everywhere. For many years now, it’s become imperative that businesses accept them; as denying these forms of payment can isolate consumers and discourage them from doing business with you. Having a strong point of sale,  i.e. payment terminals, card readers, etc., is vital in today’s commerce world. But, what if we take away those points of sale?

As one of the leading credit card processing companies, First Direct Financial works closely with businesses to boost their payment processing. Whether they’re looking for assistance in their point of sale operations or security, we’re always on your side. Read our article below and learn how the point of sale is changing and how you can adapt along with it. 

There’s A Shift Towards Distant Payments

In today’s tech-heavy world, people are demanding new ways to pay for the things they love. Whether you’re buying a new pair of shoes from a retailer or requesting services from a local electrician, the point of sale as we know it is changing. People are no longer stuck with traditional means of paying for their goods and services. Instead, they’re trading in awkward small talk and frustrating payment terminals for convenient at-home solutions with their phones and computers. 

Why Does This Matter?

Well for one, it creates a high level of convenience for your customer. Instead of taking time out of their day to drive to your business and shop, they can do it remotely. Other businesses are adopting this into their operations. This means to remain competitive in your industry, you should consider investing in new ways to pay, like online and over-the-phone payment. 

Benefits of Adopting New Point of Sale Solutions

Not only do these new points of sale enrich consumer satisfaction, but they also tighten your internal operations. Investing in a comprehensive payment processing system often can integrate into other business tools. For example:

  • Automated Sales Processes: One of the most obvious advantages of newer systems is how they make transactions faster and easier. 
  • Sales and Inventory Tracking: This is a huge benefit if you’re a stickler for tracking data. Point of Sale systems gives you the power and insights into your daily revenue. Additionally, they can have inventory-tracking capabilities when connected to your stock counts – updating them every time a particular barcode is purchased.
  • Integration with Other Platforms: Another handy advantage to new points of sale systems is that some are capable of working with other software platforms. For example, it can partner with your accounting services to give you an accurate picture of how much money your company has on hand due to sales. 

Paying Over the Phone: A New Point of Sale System

As mentioned, one mode that’s popular in today’s commerce is accepting payments over the phone. There are several methods that businesses can do to accept customer’s credit card payments with this method.

  • Key in their card numbers into your credit card terminal
  • Key in the card number on your mobile into your mobile credit card processing application
  • Plugin the card information using a virtual terminal

Additionally, it’s important to use a secure point of sale system to reduce the chance of fraud. This may include technology that’s capable of verifying a customer’s account. It’s also good to confirm the delivery of any products that were purchased over the phone. Establishing a clear record of payment and delivery can help you confirm that the transition is legitimate. 

Upgrade Your Point of Sale System with First Direct Financial

When you partner with First Direct Financial, you’re not just getting state-of-the-art merchant services, you’re getting a partner. Your complete satisfaction is our primary goal and we assure you we can get you the lowest possible rate with the best quality of service. Contact us today and learn how First Direct Financial can help you with your mobile payment processing needs.