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The author is VP, Marketing, Ezetap by Razorpay.

The POS terminals you see today were once the space-consuming, bulky machines found at checkout counters. With today’s technology, POS machines have become sleeker, more intelligent, and a powerful tool for scaling businesses. They have gone from being simple payment acceptance devices to an end-to-end payment experience for customers. That coupled with their ability to provide actionable insights for your business, makes them a sure shot recipe for business success. So if you thought POS terminals are only your typical card swipe machines, you may need to rethink! POS terminals come equipped with several value-added services that can help you transform your business. 

Here’s how today’s omnipresent POS terminals have become smart and shall continue to be so: 

With today’s smart POS machines, you get regular customized reports with details of all your transactions. Valuable customer payment insights such as, their preferred payment methods, business insights usch as overview of your sales data and more can assist you make better strategic decisions for your business. 

Instant EMI and Buy Now Pay Later

POS terminals come equipped with flexible EMI or BNPL schemes facilitated through banks, brands or leading NBFCs. You can offer you customers debit, credit or non-bank EMIs. It accepts payments via cheque, bank transfer, or allows deduction from debit cards, or credit cards for such payment methods. As a result, you can enable your customers to purchase more from you without them feeling restricted in their budgets. 

Manual reconciliation can be a tedious and an error-prone process. Your POS machine offers automatic reconciliation which is streamlined and faster and helps you make your business operations efficient. 

Your customers can now receive e-receipts in place of traditional paper receipts. This e-receipt can be sent to the customer via SMS or email. 

Your POS machine makes it easy for you to keep your loyal customers. They come with digital bookkeeping feature, which helps you maintain the digital record/entry of each credit sale. 

AI based POS systems for a superior customer experience

AI/ML is going to be the next big leap for POS industry. Apart from helping you analyze the huge amounts of data collected and drawing insights from the same, the next close step in AI is facial recognition. The combination of AI and facial recognition enables POS systems to identify age, gender, new and old customers, and emotions that may affect orders at that moment. By personalizing the experience, specific suggestions can be made that can help improve sales. The predictive analytics can help you better manage your inventory and plan stock accordingly. AI POS will thus take things to the next level for your business. 

POS machines have evolved into what we see today. They are tailored to the needs of businesses and organizations of various sizes and categories. The devices range from a mPoS terminal to an Android terminal, each with its own battery life, screen size, and a variety of other features. A device can be selected based on the size, nature, and needs of the company. Some businesses may require payment devices integrated into kiosks, while others may require a convenient POS terminal for payment acceptance on delivery. The new POS machines have a compact and sleek body, making them easy to use for deliveries or to carry around all day. From just a device for accepting cards, POS machines have evolved to become a comprehensive tech tool for small and large businesses helping them streamline operations like never before. 

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Views expressed above are the author's own.

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