Saturday, December 2, 2023

Smart POS: On-The-Go Money-Maker

Paromik Chakraborty, technical journalist, EFY

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POS solution provider, Paynear Solutions, shares a customer story where a national tours and travels company faced difficulty in collecting cash and managing payments across their branches. The mPOS solution from Paynear provided them with a solid platform for payment management and customer data storage. The solution was employed by the company in its 4000 branches across the country. The greatly improved and swift payment collection process helped the company increase its customer retention rate and get newer customer base at national scale.

Automatic transactions

Businesses have struggled with the hassles of maintaining a separate bank account for traditional POS machines and associated service fees. Smart POS systems relieve the users of such compulsions by providing them the freedom of using their existing bank accounts. The transaction is automatic and gets almost instantly credited to the merchant’s account.

Additional income

Smart POS systems not only increase revenues through customer satisfaction but these also give businesses the opportunity to provide some value-added services. In addition to accepting or storing payments, smart POS devices open the window to additional profits through recharges, ticket bookings, domestic money transfer or even mini-ATM services where some profit is credited to the POS machine owner’s account for allowing customers to use the machine as an ATM.

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Paynear shares another example of a leading national mobile service provider in Kerala, which, as a pilot project, implemented Paynear’s mPOS solution after demonetisation. Not only did the company exponentially increase its customer satisfaction and loyalty rate through convenient cashless transactions, it greatly increased its revenue by providing customers the service of a mini-ATM with the mPOS machine. The device was implemented in 170 outlets nationally and became an exemplary service during trying circumstances.

Digital is safer and greener

Paperless is one of the most urged initiatives towards going green. Smarter businesses tend to promote paperless transactions by resorting to only digital means for their receipts and payments. Both users and customers are instantly notified of their transactions digitally over their smartphones. The advantage lies in the fact that enterprises can download any transaction receipt copy from the cloud at any time for no cost.

Consequently, the lesser the involvement of physical paperwork, the safer and the easier to manage the transactions. Carrying and maintaining a large amount of cash raises security concerns. Additionally, keeping a track of all transactions on paper becomes very difficult. Digital management and transaction omits all such troubles, keeping a safe, organised and well-recorded track of all your money.



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