The U.S. shift to EMV-based credit cards has created a unique opportunity for businesses to rethink their entire point-of-sale system. By upgrading old systems to accommodate new chip-based cards, companies are revolutionizing operations to keep a step ahead.
“When organizations adopt integrated point-of-sale systems to meet EMV requirements, it can bring better security, improved efficiencies and new opportunities for growth that come with streamlined processes,” says Karen Sengelmann, Head of Retail at Fifth Third Bank.
Smart Business spoke with Sengelmann about ways that integrated point-of-sale systems (IPOS) can have a major impact on business operations.
How can companies use the switch to IPOS to improve customer service?
Integration can bring payments and staffing management together to meet recurring customer needs. For example, combining scheduling functions with payment mechanisms can quickly and efficiently process customers after an appointment. Paying for a service and setting up the next appointment can happen from one screen while simultaneously ensuring that staffing schedules will accommodate customer requests. This enhances customer service and reduces staff time spent on each step of these transactions.
What impact could IPOS have on inventory management?
IPOS can integrate with inventory trackers across every channel. If a customer can’t find an item in a particular location, IPOS systems have accurate data on where else within the business the item might be found along with accurate and immediate information about availability and shipment timing. That could lead to increased orders and additional savings in reduced follow up effort across a team.
What industry-specific solutions might be found with IPOS?
Tailored solutions can help companies streamline important tasks. For example, when a small bistro can allow diners to use a tableside tablet to place and pay for their orders, service is quicker and payments are more secure. Since the system is tied to the back of the house it can also help businesses unify inventory and cash flow management.
In a health care setting, an IPOS system can streamline paperwork and maintain HIPAA compliance. Patients can complete forms on a tablet in the waiting room and team members can post those forms instantly to the patient’s file. This may help satisfy privacy laws and reduce costs by streamlining administrative work. It could also reduce manual processing errors.
How might IPOS offer insights into trends happening within a business?
Integrated systems can yield a clearer, more organized view of a business’s data, which can be used to make better-informed decisions. IPOS systems combine information from all channels to give a holistic view of inventory levels and customer trends. That can help retailers better control inventory, adjust promotions and reduce costly end-of-season markdowns.
An IPOS system can also automatically analyze individual customers’ spending habits and deliver personalized rewards and discounts at checkout. It can analyze foot traffic so merchants can tailor flash sales, set staffing levels and make product placement decisions to capitalize on peak hours.
What flexibility might IPOS offer customers?
Customer desire for flexibility and speed extends to payments, and new IPOS systems accept cash, credit cards, gift cards, store credit, and are compatible with smartphone-based payment methods. Many systems are also mobile, allowing merchants to use hand-held devices that process transactions from the shop floor or at pop-up events.
These options help reduce checkout wait times while decreasing manual errors since employees at checkout don’t have to enter data or handle a number of different loyalty or gift cards.
Since the EMV transition is requiring many merchants to change their traditional POS systems, the switch is a logical jumping-off point for organizations to make other modifications that will help them keep pace.
Fifth Third Bank. Member FDIC
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