Retailers are inundated with choices in POS systems. Migrate to tablets? Move to mobile? Or stick with a dinosaur system that may be inflexible but is at least familiar? Today’s POS market offers choices for every conceivable setting – in fact, so many choices that it can be overwhelming for retailers.
By guiding your retailers to the optimal POS configuration for their business model, payment service providers can ensure merchant loyalty, while maximizing profitability for both you and your retailers. Let’s look at the pros and cons of 4 POS choices merchants are faced with today:
1. Hardware Decisions No matter whether your merchants choose tablet systems, mobile devices or traditional terminals, let this be your guiding principle: As a PSP, know your supported portfolio. Take time to learn the ins and outs of every device and its applications, so that you can explain to your retailers exactly why they should choose a certain configuration. Make sure they understand the features and benefits available to them. By educating your merchants and helping them get a strong start, you’ll build trust and loyalty in the long run.
2. Branding Options The point of sale is a great venue to display store branding. And today’s flexible, customizable POS systems often make that easy to accomplish. But, as the old saying goes, “You don’t know what you don’t know.” Retailers may not know what branding options are available to them, or they may think branding is out of their reach. When onboarding new merchants, explain to them the ways they can incorporate branding into their POS, and be available to walk them through the implementation.
3. Loyalty Integration Your merchants can’t afford to miss out on the customer retention and revenue opportunities of store loyalty programs. Studies show that 87% of consumers want their retailers to offer loyalty programs. Retailers should give them what they want. Tablet POS systems make it especially easy to initiate digital loyalty programs. However, retailers often find new technology too overwhelming and time consuming to figure out. By helping your merchants roll out an effective loyalty program, you’ll build into both their business and yours.
4. Customized Reporting Good data is the key to managing a business well. From managing inventory to scheduling staff to developing targeted promotions, today’s POS systems collect detailed data to allow retailers to analyze nearly every aspect of their operations. However, these keys can remain locked away, as retailers are often too busy managing the day to day to learn their POS systems thoroughly. Make it a priority to help your retailers maximize their data potential by providing training and support.
As a payment service provider, you’re much more than just a vendor of card transaction services. You are a key resource for business success. By investing in your merchants through time, information and training, they’ll come to understand your real value as a support partner. Developing this relationship of trust and support is by far the best way to build merchant retention.