First Data: The Role of Next-Generation POS in Small Business

It is time for small businesses to invest in technology. Not because it’s the “cool” thing to do, but because technology will be the deciding factor in staying relevant and successful. According to recent Dell research, 77 percent of small business owners believe that increasing their investment in technology will drive their economic growth. Despite this positive outlook, the merchant community admits to being slow to act on this sentiment.

A recent Wells Fargo/Gallup study showed that 57 percent of small businesses reported no plans to make such investments, and believed their businesses did not need to improve. In a technology-driven world where people have implemented technology so deeply into their lives – turning to devices for entertainment, engagement and life management — why wouldn’t small businesses do the same and invest in technology to better their business?

Luckily, as technology advances, it’s become even simpler to use, turning modern tools into smart business solutions. Merchants today need to understand that they can get the most for their money by investing in technology that consolidates payments and ultimately streamlines business management. Investing in new payment processing technologies will give business owners the time to do what they do best – from running a company to baking cupcakes or managing a warehouse.

Next generation point-of-sale (POS) systems can do just that. Packaged as a tablet or mobile app, these systems can take cash and read contactless and mobile payments as well as barcodes, giving customers the ability to pay how they want. This shift from traditional POS solutions to a technologically advanced and integrated shopping experience will drive more consumers into local businesses, giving traditional merchants a competitive edge.

Maintaining relationships and engaging with current and potential customers are an essential part of the competitive advantage businesses want. Next-generation POS systems allow business owners to easily mine information and data to create a more interactive customer experience. Owners can track customer data to implement promotions and loyalty programs effectively, as well as interact via social media.

With that in mind, merchants should know that there are consumers who are comfortable sharing their personal information through technology devices in order to receive a special offer, making it wise for businesses to invest in interactive and secure products. Using an individual’s information consistently across channels is a key strategy for a positive retail experience. For example, whether a customer is shopping in store, online or through their mobile device, the customer’s personalized interests should be reflected across all platforms. Tracking customer purchase behaviors through loyalty programs is one way that can enable merchants to send customized information to customers based on their past transactions.

It may be cliché, but “anytime, anywhere” should be music to merchants’ ears. Today’s POS systems enable merchants to embrace cloud-based payments and meet the 24/7 demands of a business owner. Designed to address all aspects of merchant-consumer interactions, these hardware systems go beyond payment processing. They can execute the sale, run analytics reports, manage inventory, access customer data and perform functions that usually require separate technologies or costly integrations. Technology can even free business owners from physical store locations and give them the flexibility to run a business remotely, from an airport to a soccer field.

As expected, new technology may bring concerns about implementation and security. Newly available systems combine hardware reliability, software ease of use, advanced security, distribution and support. These solutions, ideal for a wide range of merchants, can be ready to work right out of the box, pre-configured and customized to a merchant’s business hardware. In addition, they are designed to address all aspects of the merchant-customer interaction.

By strategically adapting to smart systems, small businesses can reap the benefits of a hi-tech and integrated shopping experience; small changes which can offer big rewards for merchants and customers alike.

As Senior Vice President of North American Acquiring Sales for First Data, Brian Goudie is responsible for all ISO, agent, and revenue sharing alliance (RSA) sales teams. Goudie also manages the sales teams responsible for driving new RSA financial institution partners, non-financial institution partners, new agents and ISO’s.

Goudie joined First Data in 1996 as a field sales account executive, and has since held several positions within the company. Most recently, he led First Data’s direct sales channel, supporting a large number of financial institution partners and also First Data’s cross-sales and telesales teams. Prior to that Goudie led sales efforts in the recruitment of all new First Data ISO’s, agents, new bank alliance partners and strategic partner sales. Goudie served as regional sales manager for ISO Cardservice International, which is now First Data owned and operates under the name First Data Independent Sales. In this role, he was responsible for new sales and the growth of approximately 400 agent offices.