If you run a business, you know you need to find the best POS system to meet your ever-changing needs.
But, finding the right one for your niche can be challenging. An accurate understanding of how this software could potentially impact your business is vital.
There is a reason behind all the fanfare surrounding Point of Sale systems and that’s because the way we conduct business has had a significant paradigm shift since the advent of the internet. Everything is mobile and fast.
And, if your business cannot keep up with this shift, it could potentially harm your bottom line.
In fact, the right POS system could possibly revolutionize your company.
The end result is an application that uses transactions data to streamline day-to-day operations of your business.
In short, your POS system should be one of the central hub of managing your business because it combines several different managerial components into one application.
It does more than just process payments. It uses the data from each transaction to make managing your business much simpler.
How can my business benefit from a POS system?
The beauty of a POS system is that is can be used in almost any business and can make getting paid so much more straightforward.
Suppose you own a traditional retail store.
A POS system can make the checkout process a breeze.
This is especially true considering that most POS systems can be integrated with most common devices including laptops, tablets, and even smartphones.
If you are an artist that sells your products at art fairs over the summer, you can use a mobile POS system to accept debit and credit cards.
And let’s face facts, most people these days will tend to avoid carrying cash in favor of credit card.
Now imagine that you own a restaurant, a POS system like that offered by eHopper can completely change the way you run your business.
Anyone that has worked in the restaurant business knows that there are few things more angst-inducing than having tickets start to pile up.
You feel like you have no control and that the tickets are flying everywhere.
With a POS system, you can manage all your orders and even track them.
This will give your business unparalleled communication between front of the house and back of the house.
Core Software Features
If you are excited about the possibility of upgrading your current systems for a POS system, there are a few things that you need to consider before taking the plunge.
Specifically, you should be looking out for some software features that are essential to getting the most from your POS system.
First and probably the most obvious, your POS system should be able to process payments.
This would include processing credit, cash, and any other form of payment your business might want to accept.
POS system payment processing
Another essential feature of a POS system -if it applies to your particular business- is inventory management.
In the past, you would have a couple of options when it came to inventory management.
You could either count your inventory manually, as was the case with many small businesses, or you could invest large sums of cash in purchasing a complex inventory management system.
Inventory management is a key component of any POS system
Neither of these options is either feasible or affordable.
That is where the beauty of a POS system can come in to play.
Many POS systems have integrated inventory management.
This means that your POS system will track the entering and exiting of inventory for you.
One other exciting POS feature that many systems include is customer management.
Again, much like the inventory management systems of the past, you would also typically need to purchase a Customer Relationship Management software to keep track of all your customers and their needs.
Many POS systems now have customer management integrated.
It makes perfect sense considering that the system that can best track your customer’s spending patterns is going to be the POS system.
A POS system should include customer management features.
Knowing what is going on with your business at any time can be an extremely challenging part of being a business owner or a manager.
Undoubtedly, the best way to get a sense of the health of your business is to run reports that can provide you with the data you need to make the best decisions. As you can imagine, reporting is another feature that many POS systems now offer.
By having your POS system give you reports, you can identify areas of success and areas where you might need to improve.
Furthermore, by running reports routinely, you and your staff can benchmark results and try to improve them day by day, or week by week.
There are other exciting features that POS systems offer, including staff management.
You are not always present to make sure your staff is doing the job they are getting paid for.
However, POS systems can help you get a better sense of what is happening when you are not looking.
For example, if you have two cashiers and want to know how they are performing, you can check the POS system to view how many sales they have had.
This is a great way to track their performance and, if they are falling behind, try involving them in getting them to improve their work.
If one cashier is seeing 20% fewer customers than her peer, you might have a polite conversation with them about their shortage and offer suggestions on how they might improve their work.
You can also let them know how many customers they helped in the past week and agreed to meet in one week to recheck the numbers.
In this way, the system gives you tangible numbers that you can use to improve your worker’s performance and, consequently, your business.