A Helpful Guide to Choosing the Right Point of Sale Solution
A well-known “dealer of pure whiskies, fine wines, and cigars,” James Ritty had encountered a rather frustrating problem: The profits for the top-shelf items he sold were not always finding their way into his pockets. So in 1879, to reduce the amount of employee theft taking place in his Dayton, Ohio, saloon, Ritty invented what he dubbed “The Incorruptible Machine”—a device for easily and accurately recording sales transactions.
Today, this machine is known as a cash register, and it made Ritty, even though he certainly wasn’t aware of it at the time, the progenitor of modern-day point of sale.
How far point of sale has progressed in the near century-and-a-half since Ritty’s invention is simply astonishing. In 1906, Charles F. Kettering developed the first cash register powered by an electric motor, making it faster and easier for cashiers to ring up sales. Point of sale took another major leap forward in the early 1970s when IBM employee Norman Joseph Woodland led a team that developed a system for digitally reading bar codes. Computer-based point of sale systems had officially arrived. (The first item ever scanned at a retail checkout? A pack of Wrigley Juicy Fruit chewing gum.)
In 1992, Martin Goodwin and Bob Henry brought point of sale into the modern age when they developed the first POS software. Point of sale continued to evolve to accommodate the growing popularity of computers and the Internet before finally going mobile following the rise in smartphone and tablet usage and the advent of cloud technology.
Which brings us to today and the explosion in cloud-based point of sale solutions. According to a recent report, the global cloud-based POS market size is expected to reach $9.9 billion by 2027, rising at a mean annual rate of 22.8%. All this growth means there has been an upsurge in POS providers, especially in our space: the mortgage market.
To help you determine the right POS platform for your business, we compiled this helpful list of factors that need to be considered. Check it out!
To start, you need to fully identify and understand your mortgage business’ needs and goals. What specific results or outcomes do you wish to see? What issues or problems are impeding your business’ ability to achieve your desired results? Conversely, what is helping you attain your objectives? What is your business’ overall strategic direction? Truthfully answering questions such as these will allow you to make smarter decisions regarding a POS partner.
Strengths & vision
Consider a provider’s strengths, how long they have specialized in mortgage POS solutions, the latest technologies they utilize, and their overall outlook or vision. Ideally, you want a partner that will not only fulfill your point of sale needs but also help you build a better mortgage business.
Does the POS provider offer direct support with complete transparency and web access? When there is an issue, your IT staff needs to be confident they will receive swift, knowledgeable, and friendly support. Additionally, research if the provider offers training sessions, workshops, and additional resources during and after implementation.
The most impactful point of sale platforms are scalable and dynamic and provide the tools your business needs to thrive in today’s competitive mortgage market. It should be capable of adapting to industry changes and the ever-evolving needs of customers as well as capably handle data expansion and reduction. As you grow your business, the right POS solution should grow right along with you.
A first-rate user experience
An impactful POS platform empowers both borrowers and loan officers. For borrowers, this means features such as easily fillable digital applications, document upload functionalities, and automated credit pulls. Meanwhile, a single-portal, easy-to-navigate solution will ensure loan officers are not jumping from application to application, giving them a smoother end-to-end financing process.
While a point of sale platform is powerful on its own, it becomes even more so when connected with other tools. Simply put, integrations greatly enhance the power of a POS. The best mortgage point of sale integrations will:
· Give borrowers access to real-time, accurate interest rate quotes.
· Grant borrowers the ability to quickly share bank and brokerage asset data.
· Allow loan officers to provide customers with product eligibility and pricing data.
And this is just the beginning …
A trusted POS partner
If you are looking to learn more about what goes into selecting the right point of sale platform, Volly is your trusted partner. We can assist you in identifying your unique needs and develop a solution that will help you fulfill your business goals.