The cloud computing market continues to grow at a rapid clip, and for good reason: The technology delivers huge benefits, including cost savings, availability, reliability, and accessibility. By some estimates, public cloud spending will approach $280 billion by 2021.
Even if you don’t realize it, you’re already using the cloud for everything from email and banking to communications and project management. Beyond those examples, there are more ways that your business can benefit from taking advantage of the cloud.
If you’re still relying on a terminal or a cash register built for a pre-internet world, consider modernizing your approach to payments by investing in a cloud-based smart terminal. Here are five ways small and medium-sized retail businesses can benefit from a cloud-based smart terminal solution.
1. Better customer experiences
A smart terminal enables retail businesses to accept all kinds of payments—cash, credit cards, mag stripe, NFC payments (e.g., Apple Pay), EMV, gift cards, EBT, and more. In an age when customers increasingly expect personalized experiences and convenience, supporting multiple payment options is essential.
Beyond that, smart terminals enable your team to expedite the checkout process, allowing you to serve more customers per hour and create a better experience. After all, no matter how much people love your product, they won’t enjoy waiting in a long line. With a smart terminal in place, your customers won’t have to, which increases the likelihood that they’ll speak highly of your business and make plans to visit again soon.
2. Less IT maintenance
Today’s leading cloud-based terminals are easy to set up. With the best smart terminals, you can be up and running in about five minutes—allowing you to start generating a return on your investment immediately.
Beyond that, the software that powers a smart terminal can be updated automatically through the cloud. By keeping your software up to date, your team will always be operating on the latest version and with the latest tools. Software updates also enable your business to accept more payment options as they emerge and grow in popularity, avoiding a “We don’t accept that” moment.
3. Easy extensibility
Leading terminals are extensible by design. Not only can you integrate them with popular POS systems, but smart terminals from Poynt can also be extended with add-ons from a rich App Center. For example, adding Homebase to your smart terminal can streamline time management; adding TruRating makes it simple to collect customer feedback.
Simply put, the right smart terminal can be customized to support your company’s needs without any coding required.
4. Remote management
Thanks to the cloud, smart terminals enable you to keep track of your finances, access a range of analytics and reporting, and manage user permissions all in real time from any connected device. Gone are the days of having to hop from store to store or gather reports from various management teams to gauge your company’s financial situation.
This functionality is especially important to retail businesses that have several locations across a wide geographic area. With the right solution in place, managers can keep their finger on the pulse of their company’s financial health while remaining mobile.
5. Built-in security
In the age of data breaches, it’s more important than ever for retailers to protect their finances and ensure private customer information remains protected.
Best-in-class smart terminals feature out-of-the-box PCI compliance and also encrypt sensitive data to ensure the highest level of security. As a result, you get the peace of mind that comes with knowing that your data is secure and that your business will be protected from data-related fines or other penalties.
Ready to move to a smart payment terminal?
There’s a reason the cloud market has exploded over the last 10-plus years: The technology is truly transformative, delivering massive benefits to businesses of all sizes in all industries—including retail.
By moving to a cloud-based smart terminal, your retail business can move faster and more efficiently while transforming the customer experience and bolstering your bottom line. That’s the ticket to a happier team, loyal customers, and a business that’s built for the future.