The heading of this blog sounds too good to be true, doesn’t it? A POS system that doesn’t just process payments, but actively helps you to sell more? But when you apply the lens of modern technology, the proposition actually isn’t all that crazy. Unlike the timeless cash registers of old – with their satisfying “ka-ching!” – electronic POS systems are evolving all the time, and they really can help you sell more. Bear with us a few minutes and we’ll explain how this works.
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How do mobile POS systems work?
Mobile POS systems allow businesses to accept payments anywhere, instead of making customers come to a central terminal to pay for the products purchased or services rendered. This is great in a number of contexts. For example, you can take payments anywhere within a large retail store, you can take payments right at the customer’s table or bar stool in a hospitality setting, and you can provide a contactless and curbside service to do your bit to maintain public health and safety.
Understand how mobile POS systems work is the first step to understanding how they can influence sales. Mobile POS systems can come in a variety of shapes and sizes, from wireless card readers that connect to a central terminal through to iPads connected to the cloud through a POS app. A mobile POS system uses smart technology that does a lot more than simply processing transactions.
Here are a few things that happen each time a card is swiped:
- A record of that transaction integrates with your accounting software
- The item sold will be automatically deducted from your inventory
- The customer will have the option to sign up for a loyalty program
- You’ll know which of your employees put through the sale
- The app will collect valuable data about the product, time and date
- The information will instantly become available on a report
- You can log in remotely to see what’s happening in real time
Applying insights from a mobile POS system
As you can see, mobile POS systems have a lot going on in the background. These factors are extremely helpful for small businesses, because they streamline processes. In other words, they free-up time you can spent working ON your business instead of working IN your business.
They also provide incredibly valuable insights that can help you see at a glance what’s working, and what’s not, to inform your next steps. That’s where the sales part enters the conversation. Mobile POS systems can tell you what your most popular products are, who is most likely to buy them, and at what days and times people are visiting your business. This means you can proactively manage your inventory and finetune your marketing to reach the right types of people and encourage them to step into your store using things like discounts and rewards programs. It’s an opportunity to conduct a deep dive into the mindsets of your customers… and ultimately sell a lot more.
That’s the goal, after all. Reports are great, and functionality is fun, but we both know they mean nothing unless they positively impact your bottom line (and you hear the proverbial “ka-ching!”).
Which mobile POS system should I choose?
Here at Cornerstone, we’ve closely examined just about every POS system on the market to find the best solution for our customers. The one we recommend for small businesses is called Clover POS. This is an easy-to-use and expandable system that can be up and running in no time. It can take care of everything from mobile terminals to contactless payments, online ordering, loyalty programs, inventory management, payments to online ordering, instant reports, time clocks, and more.