We all know how fast technology is moving around us, from the days we were young and having a bulky box tv to having landline phones as a primary form of communication to now having the ability to search, call, and email from anywhere at any time from our phones. It’s harder to notice, but so is technology in our small businesses. We may not see the large product rollouts like Apple does, but your point-of-sale system has had massive upgrades in the last few years.
Recent POS Updates From Past Years:
- Self-Serving Kiosks
- Chip & Touchless Payments
- Accepting Dine-In & Take-Out Options
- Cross-Channel Purchasing (In-Store or Online)
- Drastic Software Updates to Decrease Checkout Time
- Major Updates to Security Software for Better Purchase Protection
- Menu Customization
- Split-Checks & Automatic Tips
Entering 2023, we can expect a handful of advances that could impact your business for the better or worse if you’re behind on knowing. You will see more people without cash and even more using the touchless payment method, if possible, with your payment processor. Thanks to Covid, people have become more aware of hygiene and are starting to prefer contactless payment, which means that the industry has capitalized on this trend and have constantly been improving this feature. The upside is that both these payment options are faster than counting cash and minimizes the time cashiers spend awkwardly staring at a customer waiting for the chip reader to work.
The other features mentioned above you should look more into if you don't have yet is industry relevant and some are more important than other depending on your small-business. One that is important to multiple industries is menu customization. This will allow you to change a menu item's price, picture, or even take it out all together if you're a restaurant that commonly adds new dishes or has a daily special. The security software updates are going to be relevant no matter who you are. This will give you more secure checkouts for both you and your customers information. Splitting checks and automated tips has been an addition for a couple years now, but if you're behind on your point of sale system then this is going to be a much needed feature for you in 2023. This will alleviate headaches for your employees and your customers.
90% of the business population is made up of Small-Businesses so these new technologies and upgrades in our industry come fast without hesitation if the industry. From increasing the processor power to decrease the checkout time thanks to AI software, contactless payment methods, and even paying online in advance. The overall card reader capabilities have increased tenfold these last years and the newer generation terminals, or systems can decrease the speed of your checkout times so you can get through that dinner rush on weekends even faster in your restaurant.
Features Expected to Hit or Arise in 2023:
- AI Software
- Coin Wallets to Pay
- BNPL (Buy Now, Pay Later)
- Customer Loyalty Programs
- Cellular Connection on POS Systems to Cut The Need For Wifi
- Embedded Lending
- ISO 20022 Changes
The other features we can expect to hit is upgrades to the inventory system, and software that will allow you to minimize steps in checkout, inventory, reports, and even being able to schedule shifts. Some of these changes are more than other, but you can expect all of them to effect your small business in some way. If you're a high-fashion boutique or automobile mechanic ship, BNPL could be an important implementation for your business because more experience services or products would attract more customers for having the ability to split their purchase up in 2-4 payments. On the other hand, AI Software and Customer Loyalty Programs may be more important for a restaurant so they can decrease the speed of their checkouts and also reward customers for continuously dining at their location over larger corporate counterparts.
Like most other forms of technology, your POS systems and software inside them has a life span. And as more upgrades to the technology come out, the less updates on software and newest features you’ll be able to get in the future. 2023 will have countless upgrades, and there’s a good chance a few of them could benefit your business.
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