PAYMENTS
Electronic Point of Sale ( ePOS ) systems , also known as smart POS systems , are transforming modern business operations in today ’ s retail and hospitality space .
These sophisticated digital platforms have come a long way since their inception , evolving transaction processing and the way businesses are managed .
Carol Grunberg , Chief Business Officer at Yuno , highlights the expanded role of these systems : “ Today ’ s smart POS systems have the potential to serve as the central hub of a business ’ s operations , effectively becoming the ‘ virtual CFO ’ that helps merchants manage every aspect of their business . “ From inventory management to payroll , financial reporting , customer relationship management , and now , artificial intelligence ( AI ), these advanced platforms are transforming how businesses operate .”
The evolution of smart POS systems Smart POS systems have evolved significantly from early ePOS systems . Carol notes : “ Google and Amazon have long been pioneers in the payments space , experimenting with various technologies to enhance the merchant and consumer experience .”
She points to innovations like Amazon Go , which “ uses advanced technologies like computer vision and sensor fusion to enable customers to pick up items and leave the store without the need for a traditional checkout , seamlessly charging their Amazon account ”.
Another notable advancement in this evolution is Poynt , which Carol describes as “ one of the first smart POS terminals to combine sleek hardware with powerful software , offering merchants a versatile platform capable of accepting various apps as well as payment methods , including QR Code , EMV , NFC , and magnetic stripe ”.
Streamlining operations and enhancing efficiency These smart POS system innovations effectively enable businesses to streamline operations and boost efficiency .
Scott Frisby , Head of Strategy , Europe at Elavon , emphasises the advantages for smaller merchants .
“ Smaller merchants can have access to sophisticated software configurations for a fixed monthly fee ,” he says . “ Automatic coherence and alignment between commerce platform and the POS hardware infrastructure means everything speaks to each other .”
Scott also notes that these systems benefit various sectors , including retail , hospitality and personal care services ( hair salons , aesthetic clinics , gyms , etc .).
“ They provide real-time stock-item availability information which makes interactions between merchant and customer clearer and accurate ,” he adds .
114 October 2024