In recent news, Vantiv, a U.S.-based payment processing and technology provider, has released a new point-of-service (POS) security suite designed to help protect merchants from fraud, breaches and compliance issues, according to Business Solutions. The security bundle, named OmniShield Assure, is said to include chip card acceptance, encryption and tokenization.
This system will assist in protecting consumer data, reduce the chance of counterfeit fraud, and enhance payment processing security to help merchants with PCI 3.1 compliance requirements. It also includes PCI Assist and Breach Assist to better meet compliance standards and to reduce the merchant’s obligation to reimburse Vantiv incase of fines, penalties and expenses imposed by the card associations.
Although taking huge leaps in the world of POS systems, Vantiv isn’t the only tech company improving system functionalities. Many card processing companies are interested in finding new and improved ways to ease the merchant-customer transaction process. For this reason, it’s important to know what your company truly needs in terms of POS services. To help, here are five crucial elements for companies wishing to use an all-inclusive POS:
1.Multiple Payment Methods
Many customers now shop expecting to be able to use their credit or debit cards wherever they go. If a merchant is unable to accept plastic, many consumers will ultimately take their business elsewhere. Using a dependable POS can help expand a company’s ability to take multiple payment options. The more methods of payment accepted, the more business that can be secured.
2. Client Notifications
Further improving convenience, having a POS system capable of sending out client notifications can be additionally beneficial. For many services, customers do not wish to sit and wait for their services to be completed. Having the option to leave and be alerted when their service or product is completed or ready to be picked up can lead consumers to favor a particular business for it’s offered convenience. Again, it’s all about customer convenience today.
3. Customer Preferences
Being able to offer customers the ability to voice their preferences warrants the best consumer experience possible. Many companies who utilize a POS sell products such as food or retail choices. With a customization/preference option included in a merchant’s POS demonstrates that a company appreciates a higher standard of customer satisfaction.
4. Reward and Discount Programs
Every consumer loves feeling appreciated through loyal customer incentive programs. By offering customers rewards and discounts based on their continued use or purchasing, further establishes a sound merchant-customer relationship. Furthermore, establishing promotional services or events can also increase customer inclination to use one merchant over others who lack similar promotions.
Having a POS which includes a tracking service can be just as useful for a merchant as for a consumer. When a company runs the processing and delivery of numerous goods and services, it can be next to impossible to keep up with all purchases. With a tracking service to help a merchant stay aware and organized of all items and their whereabouts, transactions can be accomplished faster and more thoroughly. This leaves more time to personally assist customers and to fulfill other miscellaneous tasks.
All customers desire convenience in their ability to make successful transactions. Having a reliable POS system which encompasses convenience is essential for improving business success and to achieve optimal customer satisfaction. Thus, remember these influential POS features next time you choose to shop around or update your current system.