As soon as you decide to expand your business to serve international customers, one of the first things you should do is to ask your payment processor to link you with a point of sale (POS) system that is equipped to assist you in every aspect of your newly minted international business. More than just a way to take payments securely, your international POS should be outfitted with a suite of tools designed to be customized to meet buyer needs, assist in regulatory compliance, integrate with local providers, and ensure that shoppers’ data is secure no matter where they live.
Regulation and legal compliance.
On the surface, your global POS facilitates secure payments and helps with inventory, financial, and forecasting tasks. However, it is also doing a lot behind the scenes. In particular, it helps you to move nimbly through a maze of local laws, privacy requirements, tax and cybersecurity stipulations, and credit card stipulations. When all of these regulations are built into the POS’s software, you can avoid negative consequences such as reputation damage, fines, lawsuits, or even the closure of your local operations.
Software localization.
This capability ensures that you are truly able to communicate with your customers. It goes far beyond accurate translation and multi currency payment processing — although these are certainly important. Localization means understanding the culture, what buyers consider to be an excellent customer experience, how they want to interact with sales staff, their preferences when returning merchandise, and much more. Globalized POS terminals take these factors into consideration, creating a custom-fit purchasing and service experience that helps to garner trust and encourage repeat sales.
Enhance data security for your global customers.
Dealing with a complex web of security regulations can be daunting when you take your business to other countries. However, a good global POS system is adept at protecting data and complying with the security regulations and stipulations of every area you want to serve. For instance, your POS can shield user information from hackers through the use of tokenization, a measure that lets you store data in a secure off-site location with the ability of accessing it without ever needing to store or import it onto any local server or system.
Payment flexibility.
When you sell to customers from other countries, it is important to recognize that preferred payment methods differ widely. For that reason, a good global POS system will be equipped to accept funds from your customers in numerous ways, including credit and debit cards, online payment gateways, digital wallets, and even cryptocurrency. In order to build trust and minimize confusion that can lead to chargebacks, it is also important that your system is equipped to take payments in the currency your customers prefer.
Returns and refunds management.
As with a domestic POS, you need to have a system that seamlessly assists customers when they want to exchange or send back an item for a refund. A global POS accomplishes these procedures while simultaneously ensuring that you remain in compliance with local laws and regulations. Additionally, the system also can use its inventory management tools to track returns and ensure that the customer receives a positive resolution.
Perhaps best of all, your global POS system gives you everything you need to manage your business remotely. You don’t need to be in the same room or even the same country to get a real-time snapshot of profits, employee productivity, inventory quantities, customer data, or sales forecasts.
With your international POS at your side, running and growing your international business can be efficient and streamlined. Whether you are effectively managing finances or inventory from afar or harnessing analytics and localization, you can create an environment that promotes optimal satisfaction and loyalty even for buyers living thousands of miles away from your headquarters.
