Running a business requires a seemingly infinite amount of key decisions that greatly affect your long-term and short-term success. With each big decision you make, you certainly do your due diligence researching, consulting experts, and forecasting the far-reaching effects of each option. Choosing a POS system for your business is no different—Card Market is here to help guide you through this process.
A POS system is a critical part of any business, as it is responsible for processing and storing critical information, such as customer identification and payment processing. The most common POS systems, cloud-based and traditional (also referred to as “legacy”), both perform these critical duties; however, cloud-based systems store data on remote, third-party systems and can be accessed remotely, while traditional systems store data in-house and require the user to be present at the location to access.
As business adapts to new advancements in technology, you might be wondering whether adopting a cloud-based POS system is right for your business. At Card Market, we know there are specific advantages in relation to customer gift card sales, which most often are used remotely, online. In this article, we will discuss three benefits of a cloud-based POS system:
1. Cost Efficiency
It’s a commonly accepted reality of small business owners—adopting new technology is often expensive and time consuming. The last thing you are interested in is disrupting business flow to install a new system and train employees on a wholly unfamiliar process with new hardware.
Fear not! A great benefit of cloud-based POS systems is that they are cost-efficient both long-term and short-term. First, most cloud-based systems are subscription-based, rather than a one-time, hefty investment. Additionally, these systems inherently do not require on-site data servers, eliminating expensive installation and hardware fees.
The best part? Cloud-based POS systems are most often managed with familiar technology already acquired or readily available for your business: Apple, Android, and PC devices. Both your customers and employees will be able to manage this system just like any other application on their devices.
2. Improves Customer Relations
Cloud-based POS systems provide detailed insight into revenues. Information that would normally require costly research is regularly gathered and stored. For example, an overview of the most and least profitable product categories across multiple locations is readily available to business owners, enabling you to create a successful sales strategy based on this critical information.
Because cloud-based POS systems are able to capture sales trends, businesses are also able to study customers’ unique buying behavior. What should you do with this information? We highly recommend individualized loyalty rewards! What better way to celebrate your customers than by showing them their business and their preferences matter to you?
3. Enhanced Customer Experience
Recent advancements in technology, such as cloud-based POS systems, have afforded customers the opportunity to have a more interactive experience with the businesses they frequent. An advantage of cloud-based POS systems is that their services may be accessed regardless of where you are. This means customers may interact on their smartphone or mobile devices, managing their gift card balance, viewing transaction history, and even making a purchase with their gift card all while in the comfort of their home.
Another benefit for customers? Peace of mind. Cloud-based POS systems provide significantly enhanced security measures from that of traditional POS systems. Data loss is nearly impossible with a properly functioning system, while data is heavily encrypted, greatly discouraging data theft.
Need guidance with choosing the right POS system to complement gift card sales?
Card Market can help your business integrate gift card use with cloud-based POS systems. Contact us today to schedule a consultation!