When running a retail business, you need to keep track of your everyday transactions, taxes levied, inventory records, product records, discounts among other activities. For sure, it can be a bit hard if you decide to do all this manually – this also would take much of your time which you would have used to expand your business.
As such, you need to have useful software which can do this for you effortlessly. This is where POS system comes in. The point-of-sale system is a new technology which has been embraced by many successful businesses. The best thing about it is that it allows you to manage your business more efficiently. It also works perfectly on desktops, laptops, tablets and mobile devices like iPads, iPhones and Android phones.
This system also allows you to print receipts, barcodes scanning, cash register as well as credit card terminals. Moreover, you can also use it to produce customer information and accounting reports. With no doubt, the system will always keep you ahead of your competitors. When searching for a POS system, you should check the following features.
Features of a Good POS System
The best POS software should be able to provide the required information in a fast and accurate manner. It should have the best reporting features data mining features. Such a system will be very instrumental in the growth of a retail business. It would even be better if it comes with the latest technologies such as cloud computing which also provides timely access to information.
The system should keep the customer’s data secure. Criminals and cyber thieves always target many small businesses which make a lot of transactions. These criminals think that small businesses do not have enough resource to combat data breaches. Sometimes back, this was very true, but modern POS systems have solved this. Ensure that your business complies with the Payment Card Industry Data Security Standard. The best POS system should have reliable security features which will keep the customer’s data private.
3. After sales support
A good POS software should have the most comprehensive hardware as well as advanced security features. However, these features are useless if you don’t know how they function. You will find that even the most user-friendly POS system requires some guidance at some point. What does this mean? It merely says that you need a POS software which provides POS support after purchase. Look for a system that includes support as part of the purchase or service agreement.
You should ensure that the software you have chosen comes with the required equipment such as a barcode scanner, credit card reader, receipt printer and a cash register. Apart from that, the hardware should operate fast with quick response time. The faster the purchases are being processed, the happier the customer will be. The hardware also needs to be reliable, so be sure you have a service contract or warranty on the equipment to keep everything working properly.
5. Sharing data
You will find that in many businesses a POS system is linked to different departments such as customer service, marketing, and accounting. Such a solution facilitates sharing of essential details which helps the employees to perform their duties more efficiently. For example, a cashier can scan a customer’s phone app or loyalty card and then send the purchase details to the marketing team – this may help the sales team to know the promotional offers most customers would prefer.
6. It should allow multiple payment methods
Customers may have different preferences when it comes to payment methods. Apart from credit cards, debit cards, bank system, and Automatic Clearing House- ACH, the system should allow other payment methods such as EMV and EBT chip cards. Such a system will ensure that customers can make purchases more reliably.
7. Easy to customize
A customizable POS system allows you to operate your business more efficiently. It should be able to accommodate new features which will help in the expansion and management of your business. You’ll want to do a demo of the software if possible to see how easy it is to customize and that it meets your business needs.
8. Inventory management features
An inbuilt inventory system enables you to track your inventory records in real time. Once a customer has made a purchase, the system deducts the item from the inventory automatically. Such a management solution ensures that your records are up to date. The best POS software should be in a position to alert you when a product is running out of stock. It should also be easy to update new products once they are in stock. Apart from that, it should provide purchase orders for vendors and also account for back-orders.
9. Sales tracking feature
If you want to succeed in your business, you need to update your sales record. A good POS system should be able to inform you about the highest and lowest selling products. Moreover, it should be able to generate sales reports and update the relevant monthly sales figure – this will allow you to track our inventory records effectively.
If you are indeed serious about growing or the expansion of your business, a POS system is the essential management tool you must have. The best thing with a point of sale system is that it saves you a lot of time and also allows you to keep essential data more efficiently. Apart from that, it works well with different modern devices.
However, you need to ensure that the POS system of your choice has all the important features which we have mentioned in this article since not all POS systems are reliable. It should be easy to customize, user-friendly, fast and very secure. Moreover, it should also allow the sharing of data among workers. With no doubt, this system will be one of the most vital pillars that will help in the management and expansion of your business.