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Smart POS systems are a revolutionary alternative to traditional POS systems.
Using specialised hardware, SmartPOS offers seamless integration, watertight security measures and advanced features – while designed with the scalability of your business in mind.
But how do SmartPOS systems differ from their alternates: SoftPOS, mPOS and traditional POS?
This guide will highlight everything you need to know about SmartPOS systems, including the benefits and how to use SmartPOS for your business.
What is SmartPOS?
SmartPOS is an advanced point-of-sale (POS) system that goes beyond basic transactions.
Instead, it offers a comprehensive suite of features (like a cloud-based system) for managing sales, inventory management and customer data.
The purpose of SmartPOS is to enhance and streamline business operations, such as payments, reporting and sales.
Choosing this future-proofing solution allows for continuous innovation and growth of your business.
So, how does SmartPOS differ from traditional POS and mobile POS?
SmartPOS vs Traditional POS
There are several key differences between a traditional POS and SmartPOS, so we’ve narrowed it down to the main components SmartPOS has, that traditional POS lacks:
Securely store data
Traditional POS, on the other hand, often stores its data on local hard drives (which are usually large and bulky) and runs on a closed network on local servers. This poses more of a risk of theft, errors or data corruption.
SmartPOS also allows for easier real-time reporting through the ability to access data anytime, while using traditional POS systems’ data is manually accessed through the hardware.
Customisable and easy to use
Traditional POS is typically different to customise and can be tricky to use, requiring several hours’ worth of training for each employee who wants to use the terminal. This can lead to downtime in the business, especially if employee turnover is high.
SmartPOS systems, however, are specifically designed to combat these issues. With their quick installation times allowing set-up to become a breeze, little training time is required to ensure employees can use the terminal easily and effectively to make sales.
Automatic updates and subscription model
Traditional POS is known for its high operating costs. Not only do costs incur from purchasing the hardware itself, but also from training, customisability, maintenance and adding additional features. Before you know it, costs can add up.
On the other hand, SmartPOS follows a subscription model, meaning all updates are automatically plugged in from the cloud-based service provider. With no effort required to apply these updates, you can carry on running your business while your SmartPOS supports you from behind the scenes.
SmartPOS vs mPOS
MobilePOS, on the other hand, differs from SmartPOS by its design. mPOS is a handheld device which connects to your wireless network and allows business owners to receive card payments.
The differences between the two are similar to the differences compared to traditional POS, such as SmartPOS has cloud-based services for storing data efficiently. It has a quicker set-up and ease of use and can decrease overall costs.
SmartPOS devices also differ from mPOS, as mPOS systems involve using your smartphone or tablet to download an app and insert a card reader into the audio jack. SmartPOS, however, uses specialised hardware designed for seamless transactions, as well as reporting and other employee features.
Learn more about how to choose a mPOS system from our detailed guide.
How Does SmartPOS Work?
A SmartPOS system consists of two parts:
- Hardware: A touchscreen terminal.
- Software: A user-friendly SmartPOS software application works together with the hardware to facilitate all functionalities.
These two components of a SmartPOS system work together to carry out all tasks the system is capable of, such as:
- Processing transactions
- Reporting on sales data
- Supporting customer loyalty programs
- Providing employee management functionalities
- Producing invoices
- Facilitating easy exchanges
What are the Key Features of SmartPOS?
Some of the main features of SmartPOS that are the most helpful to businesses and employees include:
- Easy reporting: Data analytics and reporting are made easy with SmartPOS. Find insights for sales trends, customer behaviour metrics, and easily identify areas for improvements across the business.
- Customer relationship management: Easily store customers’ data on the cloud-based network, and create loyalty programmes to entice your customers to return in the future. You could also generate an email marketing strategy from the data captured, promoting sales, new products and sending personalised offers.
- Multiple payment options: Present customers with a multitude of payment options, including both card and contactless payments, as well as payments made from smartwatches or mobile.
- Employee management: Timesheets and performance tracking can also be features used with your SmartPOS system. Keep track of your employees’ attendance and hours, and also set up performance metrics for each employee.
- Handheld device: Easy-to-use handheld SmartPOS device which employees can quickly pick up and make a transaction effectively and easily.
- Inventory management: Quickly check stock levels through an integrated tracking function, and manage product information easily. Also, you can automate your inventory ordering, allowing your SmartPOS to do the work for you while you focus on your business priorities. You can also quickly scan products’ barcodes to update your inventory levels in real-time, making sure your stock is always prepared for your customers’ needs.
How to Use SmartPOS
Need a hand getting started with SmartPOS? We’ve broken it down into some simple steps.
Step 1: Choose a SmartPOS provider
Take some time to research different providers. You’ll need to select a solution that aligns with both your business needs and budget.It’s also worth taking into account the size of your business and your specific industry, because some payment solutions are tailored more towards SMEs, while similarly, some solutions are designed with particular industries in mind.
Step 2: Check if SmartPOS is set up
Once you’ve chosen your provider, it’s time to make sure your SmartPOS is set up.
The device usually comes pre-figured with software, which means it is ready to use. You should be up and running in no time.
Step 3: Train up your staff
Now’s the time to ensure all your employees understand how to use the system.
Take some time to walk it through with them to ensure that anyone who picks up the terminal is prepared for efficient sales processing.
Using a SmartPOS system in a retail setting
To understand exactly how SmartPOS works, we’ve put together this example of how the payment solution can support retail businesses.
- Transaction: When a customer makes a purchase, the SmartPOS system allows you to select their preferred payment method, and then processes the payment.
- Customisation: Whilst making their purchase, personalised promotions or customer loyalty functions can be displayed on the screen.
- Reporting: After the transaction has been made, data is then stored on a cloud-based network. Reports could then be generated to track sales and inventory.
Benefits of SmartPOS
With SmartPOS offering a range of features and components, it’s easy to see how it can benefit your business. We’ve compiled a list of the top benefits of SmartPOS and why you should choose it for your company:
- Security: One of the most important features of SmartPOS is its watertight security processes. It ensures strict security standards are met, keeping customers’ sensitive data safe. Some SmartPOS terminals are equipped with security features such as point-to-point encryption (PSPE), secure data transfer protocols, tamper detection and more.
- Cloud-based services: Expanding on the above point, the reason SmartPOS prides itself on its high-quality security is due to using cloud-based networks to store data. Compared to traditional POS, which uses local servers to store data, SmartPOS alleviates more risk of fraud or theft of data, and allows for ease of use for all employees to access it from anywhere with an internet connection.
- Seamless integration: Connecting with existing business systems is made easy with SmartPOS. It also can add additional features from existing software once connected.
- Scalability: SmartPOS systems are designed with scalability in mind, meaning that when your business expands, this payment solution will work alongside you rather than present limitations to your growth. Learn more about scalable payment solutions for your business.
- Enhanced customer experience: With a variety of different payment options to select from, and personalised interactions such as loyalty programs, customer experience is enhanced. SmartPOS also facilitates faster implementation times, too, meaning more efficient transactions and less waiting time for customers.
- Increased efficiency: Both for customers and for employees, SmartPOS increases efficiency with streamlined sales processes, a reduction of manual tasks and an overall improvement in operational efficiency.
- Reporting and data: Data analysis is made easy with SmartPOS. With customer insights a tap away, informed business decisions can be made with relevant sales data and performance metrics to hand.
In conclusion, SmartPOS offers versatility, efficiency, easy analysis and watertight security – all while supporting your business’ growth.
Perfect for retail business, SmartPOS also benefits the food and beverage industry, too, allowing for seamless, quick transactions to support both an increase in sales and employee management, too.
Instead of using a standard POS terminal or ePOS system to process transactions, choosing Trust Payments’ SmartPOS solution could revolutionise your business output.
Learn more about Trust Payments’ retail solutions, such as Inventory Management and Loyalty Engagement. Find out more about our SmartPOS systems by getting in touch with a member of our expert team.
