POS systems have become utterly crucial for any business in the current marketplace. The number, of people who are carrying cash today, significantly reduced, and without any payment processing capabilities at the cash register or throughout the business, a company could lose out on a considerable amount of revenue.
POS can allow for the acceptance of a variety of different types of currency. There are new software features available that can allow you to accept debit cards, credit cards, digital money and more. With POS systems in place utilizing the latest technology business can also be much more secure and ready to tackle new security threats. Using the most recent hardware encryption methods available today not only can you protect your customer data and the data of your business within the system, but also the card information of your customers at the point of swipe.
WHY POS SYSTEM IS CRUCIAL
A POS system essentially makes a business far more integrated, and this is because many of the top platforms today are now utilizing cloud-based functionality. Having the ability to use cloud-based technology can ensure that a company can quickly deploy many terminals and other devices, without the need of the additional installation steps that handful of years ago would be required to do the same.
The cloud-based technology also works with iPad devices, handhelds and other tablets making them extremely versatile and able to perform many combinations of functions that include managerial and accounting tasks from anywhere. A business can always have access to detail reports and analytics based on many critical points of metrical data at the touch of their fingertips to use in any way that can improve operations. It becomes a useful tool for management as well as marketing teams to help improve efficiency and increase sales that adds to the convenience of enhanced accuracy and orders.
The bottom line is they can improve customer experience. In many restaurants, the ability to order from the convenience of a customer’s home using a smartphone, or iPad is becoming utilized and its feature included in some systems today. A customer can directly go to the site or even use an app to place an order, pay, and pick-up, and it works the same way it would go if they were in the restaurant. Having these types of convenient options is changing how we interact with businesses and opening up new opportunities to increase revenue. A Point of sale system that focuses on new ways that improve the way we pay for goods and services can be a massive asset to any operation.
POS SYSTEM REVIEWS:
To be confident with the system that you’re going to introduce into your business it is generally in good practice to read through some POS system reviews. By going through a series of reports for some of the most popular systems today you can identify which ones might be a better fit for your company, and with a bit of research, you can also find features that can improve the way you operate.
Reviews can also reveal some of the untold benefits of using a particular system for your industry. You may be able to find a series of other restaurants, retail locations or even service providers that are using POS systems that have been highly beneficial for your particular industry.
Good systems today represent advancement in technology that’s been long overdue for many businesses. The wide-scale selection of POS system software options combined with good systems now offers a wealth of incredible choices that change the game.
SOFTWARE COMPONENTS OF POS SYSTEMS
There are two primary ways in which businesses employ point of sale software.
ON-PREMISE POS:
It is the traditional model which requires the user to purchase the software licenses before installing it into the computers. The software is also known as shrink wrap.
Initial Costs
For the larger firms, it may be a necessity to have IT support personnel dedicated to the maintenance of the software.
It requires quite some capital because of its requirements for its initial installation cost, licenses, IT personnel and computing resources.
The on premise software comes with a one-time license payment plus an ongoing support fee which one can negotiate with the service providers.
Data Security
The organization is in charge of its data, and there is no third party involved in its data handling. There is more control of the on-site software and data. It is secure to use because all the organizational data remains on the premises.
Updates
The user is then responsible for all the updates the software will require and all the maintenance that come with it.
The software runs on the user’s in-house server and utilizes the internal computing infrastructure.
Customization
Many organizations will want to customize their operations especially if they are in specialized industries. The on premise software is easy to customize and will benefit such firms.
CLOUD-BASED POS:
It is the software that users access via the internet. If the internet connection goes down at some point, the system can track down the data and update it.
It is known as Software-as-a-Service (SaaS) POS interface.
Initial Costs
The cloud-based POS software has a low entry cost which has pulled many people to use it in their firms. Its prices are usually in an ongoing process, and the users pay as they continue to use it. The users subscribe to a monthly or annual subscription payment method.
The software does not require additional hardware like servers, and that reduces the initial implementation cost.
Data Security
Customer information protection should be without compromise, and therefore, when choosing the SaaS vendor, a firm should opt for one who will give services without any security hitches.
Reputable SaaS vendors operate on strict standards to keep the data secure. If the vendor is less well known, the user can involve a third party security auditor to confirm the security levels of the software. It helps ease data security concerns with the users.
The platform enables mobile accessibility, and many vendors provide users with native mobile apps. It is critical to be strict with company data security especially if the staff can access the files on the mobile phones. Users should check on access authorization limits.
Updates
The on-cloud POS software users enjoy system stability because of the continuous updates from the vendor. If the firm needs any customization on the interfaces, they can work it out with the service providers.
Customization
The cloud-based systems allow users to personalize their systems such as the ability to include customer logos. However, it is complicated to change codes to enable thorough customization. It is essential to go for the system that comes close to customizing your processes as much as possible.
Mobile Access
The nature of the system allows native mobile access. They enable users to access the system from different locations using the mobile apps. Work with a dedicated app when you consider using the applications to access the system. Accessing the system from a smaller screen and on a different browser would give users trouble if they tried the access without dedicated apps. The apps enable users to access the POS on a smaller screen and less powerful processors without backend errors.
BUSINESS POINT OF SALE SYSTEMS AVAILABLE
1. SQUARE
It is a payment processor that works a little different from other POS systems. Square does not issue its client’s merchant accounts. Instead, it aggregates the merchants under its credentials. It, therefore, uses a flat fee structure which means that all merchants pay the same flat fee regardless of the business size. It allows the users to request for custom pricing if their operations go past a particular income rate.
Square is an affordable solution for micro-businesses and ideal for high volume merchants who process smaller transactions.
It provides its brick and mortar clients a full POS solution. The solution is ideal for companies which are rapidly growing and increasing in operations.
It operates on Android, iOS, and tablets.
The software is famous for its transparent flat fee interface. The software handles contactless and chipped cards as well. The users receive frequent over the air updates, and this is for the mobile app users as well.
When a client purchases the Square Register, it comes with a display, a stand and a display facing the customers so that it integrates the swiping of the cards.
The system only accepts vendor’s local currency, but it allows opening of separate accounts to take money from other countries.
Credit card statements will read as “Square-Your Business Name” because of its aggregator nature.
Square POS Features
Split Tickets: If a customer needs separate checks, it now doable with Square. You split an open ticket and charge individually. You can do it on an iPad or Android tablet. You can also merge multiple cards to form one open master ticket.
Employee Filters for Tickets: The feature helps the firm to reduce employee errors. It restricts the staff only to view tickets assigned to them. Employees access the cards they get permission to access.
Quick Ticket Transfer for Employees: It is a feature that enables accurate sales and tip reporting. The feature allows the employee to transfer the ticket to another employee only when they have permission to do it.
Sign and Tip Printed Receipts: Square enables you to reduce print waste by accepting tips electronically or on a printed receipt. The tip amounts are viewable from the payment history. The feature allows customers to sign and tip on printed receipts. It saves the company from reprinting authorization slips to reflect the number of items the transaction carries.
Expanded Audience: Square has increased the number of people it automatically adds to your directory. It allows more customers to appear in your Reachable group meaning an increase to your mailing list.
2. VEND
The software is robust and highly flexible and is an excellent choice for small enterprises. It is entirely cloud-based and does not provide users with any on-site server setting out options. The benefit of the feature is that users can employ Mac or Windows-based PC as their front end register and the back end will not result in any errors since it is a neutral OS.
You can only run mobile sales on the iPad. It does not offer any hardware solutions and does not accept credit card transactions. It receives third parties who come in with such features.
The platform caters to users with multiple outlets. It shows the various customer interactions and tracks the inventory management system without the need of help from a third party.
Free Version:
Vend has a free version which enables small businesses or starts up enterprises to run transactions for ten items and handle 1000 customers. It is, therefore, a good starting point.
For the firms that firms that would like to try a more robust version, they can work the 30-day free trial and experience it.
Vend starter plan is ideal for a single outlet with one register and three users. It accommodates a limitless number of products. The Advanced method allows users to add more entries, host users without a limit and access other advanced system features. The features include an online e-commerce platform.
The multi-Outlet platform is ideal for firms with multiple stores. It allows stock transfers between the numerous stores and accommodates two registers with an option to increase them.
Sales Operations:
Vend enables users to view sales transactions on a daily, weekly and monthly basis. The report includes a count of the items, customers and shows the top-selling products and the best performing salesperson.
It has a list of the tasks the user needs to remember to attend to like inventory counts and re-orders. On the right-hand side, it displays the menu of the activities the user will use on a frequent basis. The list includes Sales Ledger, Reports, Products, among others. When you click any of the primary menus, you get the submenus under each of them.
The sales screen gives the user ability to add icons for quick access to whatever operation they desire. It also has a search option for quick access to any product the user may require.
Other Features:
The software does not entail its payment processing option. However, it accommodates third party service providers such as PayPal, Square, and Vantiv. If you use other payment options, the operator keys in the codes manually.
It also accommodates providers who bring in accounting platforms and staff shift management features.
It alerts the salesperson when they are about to sell an item that is out of stock.
It also integrates with Shopify online outlets.
Controlled Access
Vend enables you to allocate different personnel to the various roles in the firm. The staff can then access only the data that is within their dockets. For increased business performance, you can set targets for each docket and create regular reports on the achievements.
3. INTUIT QUICKBOOKS
It is a financial software solution ideal for individuals and small businesses. It is ideal for both single outlet dealers and multiple outlet dealers and can serve up to 25 outlets.
It charges a one-time initial cost which is dependent on one of the three available subscription plans.
Payment Plans
The Basic plan allows users to sync with QuickBooks accounting solutions and accept credit cards with separate transaction fees. The users can track inventory and receive reports, import data and manage staff access to the business database.
The Pro plan includes the ability to track multiple vendors, add photos and monitor the staff commissions and their working hours. You can create loyalty rewards for clients and customize price tags on this payment plan. Users can also ship and track goods on this package. You can also personalize receipts to your firm’s liking.
The Multi-Store plan enables the user to create multiple reports on the different stores the company is running. It gives users the tools to analyze data from the store locations.
Using the monthly subscription does not eliminate the per-transaction fees, but it helps bring down the costs.
Sales Operation
Unlike other POS brands which run on iPad, QuickBooks runs on Microsoft’s Surface Pro 4. It can accommodate Windows 10 but recommends Surface Pro 4 as the most compatible.
It accepts the major credit cards including the EMV cards. It also allows cash and checks. The barcode scanner comes in handy to register sales, offer discounts and add clientele information. It uses a third party to process gift cards.
The top of the screen allows you to click on an item and view the details under it such as the quantity available. The feature comes in handy when you need to reassure the customer that a product which is not currently available will be available soon.
Other Features
The system allows you to follow a specific vendor for multiple products. The inventory platform will enable users to view up to 25 stores. If you have items which do not have their UPCs, you can print tags for the same.
The Employee section allows users to clock in and out the workers in different outlets. It will enable the user to give specific permissions to the various staff in authority such as the managers and the enterprise owner.
The system helps you to gather customer behaviors and trends. The data enables the firm to contact the third party to come in and create an emailing list for the firm.
Solid Support
The software has a robust support system which includes a support community, articles, tutorials, set up guidelines and videos which users can access to ease their learning phase.
4. NCR SILVER
The NCR Silver platform prides in providing complete payment, marketing, and management solutions. It operates on two major platforms:
NCR Silver, the all-around POS solution which handles sales and the back office transactions. It is ideal for small size business operations which are not complicated.
NCR Silver Quantum is ideal for firms which require comprehensive transaction tools. It runs on dedicated Android platform.
NCR Silver operates on Apple iPad and to access it, users download it from the App Store and sign up for the monthly subscription plan. The firm should add the EMV transaction fee to get the total amount they will be paying for the software.
The company works with third-party credit-card processing service providers.
Sales Operation:
The interface is user-friendly, and one can access various items on the sales screen. From there, one can view the products and their pricing. You can also search for items directly from the screen. When making the sales, you can manually key in exclusive discounts and even hold on a ticket when a shopper needs to make additional purchases.
Customer information goes to the database when they use credit cards to purchase items. You can also key in customer information manually. The data will help you to track down their preferences, for example, their favorite colors.
It accepts multiple payment options for example gift cards and cash. The system continues to operate even when the internet goes offline.
Other Features
It provides staff sign-ins and offers quick inventory reports. Salespeople can check the number of items available in the store so that they know how to engage clients.
The platform helps you to track your clients and to see their buying trends. The feature enables users to categorize customers according to their preferences or habits.
NCR console is for the users who are looking for more robust features like staff scheduling. It allows users to create a staff portal where they can either stay in touch or swap the shifts with one another. The platform provides the user with advanced reports and business analysis.
NCR has e-commerce known as NCR Silver commerce which allows users to create online shops. The platform is at extra cost, and so it is meant for firms that would want the additional feature.
5. SHOPIFY
It is famous for its user-friendly e-commerce platform. It is ideal for small businesses that would want to boost their online presence and use in-person sales to do it.
It is ideal for small businesses that depend on off-site trade opportunities.
If a firm uses Shopify payment option, it will not incur any extra charges on the transactions. There is an additional transaction fee for those who use external payment alternatives.
Shopify Basic Plan includes two staff accounts, limitless products and storage and a shipping discount. It also provides discount codes, a website and support system.
The $79 Shopify plan comes with five staff accounts, the ability to use gift cards, view reports and email clients who have incomplete orders.
Advanced Shopify Plan is the most expensive and provides its users with the most features. It allows users to have 15 accounts and advanced reporting features. It enables users to view shipping rates at the checkout stage.
The Shopify Retail Package gives access to hardware options such as barcode reader, receipt printer, iPad stands among others. Shopify Plus handles enterprise level transactions while Shopify Lite is for small business entrepreneurs who would like to sell from platforms like Facebook.
Sales Operations
The Shopify platform provides its users with a free chip and swipe reader. The reader accepts all the major credit cards.
The software runs on either Android or iOS devices. The user interface is user-friendly.
6. SQUARE CHIP CARD READER
It is an affordable and user-friendly tool that accepts credit card payment processing, and the sellers and buyers enjoy the experience.
Square is compatible with a variety of mobile phones and has a friendly interface where users accept credit card payments. The software is free to download. It charges a small fee for every transaction that takes place.
Setting up Square is pretty fast, and it does not ask for too much information from the user. It keeps your data secure, but it is good to watch out for sources that ask you for your information acting up as Square vendors. The setup process is as easy to do as filing in your tax.
Square Chip Card Reader accepts payments from both older versions and newer versions of the same. It performs transactions as soon as it is connected. Square sends a free card reader as soon as your subscription is successful. However, that is the older version of the reader.
The software works over a Wi-Fi connection or mobile data. It is also battery charged and has a USB port for charging.
Sales Operations
If your store has items you sell frequently, you can set up a virtual shelf with the item prices. You can then select from the shelf when undertaking your transactions and that will enable you to get the totals and receive reports.
As soon as the client swipes their card, Square prepares a receipt. The customer signs on arrival using a finger from the touchscreen and includes a tip if they desire to opt for it. The client then chooses to have the receipt emailed to them or sent via text. Each purchase transaction has its unique URL.
The Square chip card reader accepts EMV cards as well. The reader has two slots, and when a client inserts their card into one slot, Square forces them to use the more secure slot.
Square charges a small fee for every transaction via a card swipe and costs a little more for every data the salesperson captures manually. The reason is that manual keying in of cards is less secure than a swipe because you are not swiping a real card.
The card does not accept any transaction below $1.
You can track your transactions history from the Square website and from there you can issue refunds. You can download the data and import it into Excel or any accounting software.
If you want your earnings to go to your bank account, you can link your Square account to your bank account and Square will deposit your earnings every 24 hours.
The system allows users to create categories of items so that clients can choose from there and speed up the checkout process. It also provides you with features to issue out gift cards and discounts.
7. ALDELO POS
The software is an excellent platform for users who want the service, and their budget is uptight at the moment. The users want a platform that will provide them with the basics they require to run a business at an amount they can afford.
Aldelo POS is full-featured software that provides restaurants with remarkable table service. It is famous for being software that never crashes. The interface is user-friendly, and it is easy to navigate through the interface.
It allows users to perform check splitting and that attracts large groups to visit restaurants that offer the service.
All you need to check is the features you cannot do without and confirm if the software will give you the basics of what you need to run a business successfully on a tight budget.
POS SYSTEMS WITH DEDICATED MOBILE APPS:
ShopKeep:
The app is called ShopKeep Pocket. It runs on both the iOS and Android platforms. It works on iOS 8 and above and operates only on iPhone or iPod Touch. It connects with ShopKeep POS back in the firm and users can view the business operations from wherever they are anytime they wish to access the data.
The sales are displayed by the store or by the register and show the top-selling items.
iConnect:
The iConnect mobile app runs on both iOS and Android devices. It offers different tools for the users to utilize such as booking appointments, managing customers and managing the cash register.
It allows users to customize aspects of the business as they prefer.
Shopify
The app runs on iPhone, iPad and Android devices. It provides users with real-time business data and updates it regularly.
The app gives reports on the total number of people that visited your store and the total sales daily, weekly or monthly.
The app sends the user business tips, insights, suggested tasks and notifications. The purpose is to promote business growth.
Lightspeed
The app is known as Lightspeed Dashboard App. It is downloadable for iPhone and iPod Touch. The user receives real-time sales data.
It has a built-in camera, and the user can use the camera to scan inventory data and access it at the same time. It retrieves inventory data on the quantity, orders and total sales as they are in the store.
Ring-it-Up
The app operates on iPad, iPhone, and iPod Touch platforms. It is compatible with the older versions of the same platforms. It, therefore, benefits the users who still have the older software versions as they do not need to get new ones.
The users enjoy the app as it is a complete POS solution for them. It handles sales and issues receipts, which can be via email or print versions. It manages the inventory system, tracks payments and expenses and reports sales.
Revel
The app is known as Insights. It is currently only available for iPhone devices. Its purpose is to help users manage their stores while on the go. The users can use the app to create workers’ shifts. It also supports sales analysis and displays labor trends. It provides the users with payment activities on all the transactions that take place in the firm.
Imonggo
The app is also known as Imonggo Sales Dashboard. It only runs on iOS 8 devices. It assists the users to view their daily, weekly and monthly sales data and compare them whenever they need to undertake comparisons.
The app also shows the total number of items sold, total invoices and the average amount per invoice.
HARDWARE COMPONENTS OF POS
Whether a company chooses to have an on-site POS or you opt for cloud-based POS, you will need necessary hardware in your firm to support the POS operations.
1. Register Screen
It is the standard display point for the products in the database, usually a monitor. It also enables other functions such as clocking in the staff and viewing transaction history and reports.
Some vendors will provide you with screens that allow you to see from your screen the exact information you would access from the back office. You can work with your vendor to confirm that the system will accept credit cards. Check out which other payment options the system will recognize such as split tenders and processing partial payments.
Some software will also allow you to perform operations from your mobile screen and you may not necessarily undertake all actions from the primary register. Confirm that the installation is accurate so that you can use your screen correctly.
2. Barcode scanner
The device is for reading barcodes and outputting the information to the output such as the computer. It has a light source, lens, and a light sensor. It translates optical impulses into electrical ones.
Ensure that your barcode of choice has a connectivity option that matches the POS you have in your store. The most available options are USB, Bluetooth, and serial connections. Tablet-based systems mostly use USB while Legacy and Windows use Bluetooth.
Some scanners will give you a wireless connectivity option and so you have a wide range of possibilities.
There is 1D, and 2D barcode scanners and 2D will serve you better than the 1Ds. The 2D scanners can read QR codes and codes that are in squares and rectangles. They 2Ds will cost higher than the 1Ds, but the cost is worth their performance. If you decide to work with a 1D, go for one that uses laser technology.
Consider the environment you will be using the barcode reader and get a device whose durability matches your situation. If you are in a crowded place, go for one that is specific to rough surroundings. If you are in a calm area, get a standard decoder.
Test the scanner in your hands and confirm if you are comfortable handling it. The feeling you get is what you will experience as long as you use the device on your workstation, so only go for the best.
3. Credit card reader
The reader is also known as Magstripe Reader (MGR) and is a critical component of any POS. The market has both fixed card readers for the fixed workstations and mobile card readers for the users on the go.
The cards can read driving license details, gift card codes, loyalty cards and membership details among others.
The readers are compatible with Android, iPad and iPhone devices.
4. Receipt printer
Some firms will opt to email and text the clients their receipts and that will help to save on resources. However, some clients may require a hardcopy printout, and therefore a receipt printer will come in handy.
As you print the receipts, you will have the option to include your company logo, and therefore it becomes an added marketing strategy. You can opt to have a mobile printer or a kiosk one depending on the nature of your workstation.
5. Cash drawer
Making sure you have the right drawer critical. You can opt for terminal driven or printer is driven cash drawers.
There are drawers prepared explicitly for rugged environments, and some come with lighting to make sure the user is safe to use them at night.
Some vendors also help you protect your cash drawer with passwords and so every operation in the drawer is visible under the person who undertook it. You can also link the drawer to your database so that every process tracks to the database for cash accountability.
6. Customer Pole Display
The display is such that the client can view the ongoing transactions such the totals of the items they are purchasing and the pricing for each of the products. The firm can also use the pole to display their adverts, and the visitors will view from the display.
7. Signature capture devices
The devices capture a person’s signature and import it into an ID card platform. The stamp is attached to that person’s credentials such as their names, ID number, employee information, their photo and other similar details.
The gadget comes with a USD lit display that enables the viewer to see the screen as they input the signature. It is an excellent device when you need to add extra security measures to your transactions.
The user sees an electronic ink which they use to input their signature. It also allows one to navigate through the different materials they need to sign, giving the user the freedom to check the agreement options and make a decision.
It can work hand in hand with a fingerprint scanner for another higher level of security check. The captured signature is accepted by law as legal as long as the devices that capture it comply with the legislation requirements.
When making your purchase, choose a garget that will be durable in your environment. You have the option for small or full-screen signature capture devices, go or what suits your needs.
FEATURES YOU MUST HAVE IN YOUR POS
The Point of Sale you opt for should be able to make your business operations more manageable and give you higher output than you would get if you did not have the system. It should be a platform that enables you to serve your clientele excellently and keep you ahead of your competitors.
The POS makes your business operations less tedious, and there are features you must look for in the POS you will choose.
SALES REPORTING
The sales reporting feature of your POS will help you to boost your business, spend less time on administrative tasks, minimize waste and improve your daily business operations. It will automatically lead to increased revenue.
General Analysis
Your POS should be able to give you a dashboard where you can view your general business transactions. The reports are real-time, and therefore they give you the accurate picture of what is going on in the firm. The general analysis gives you the real-time reflection of the current business status.
The reports can help the business to note down the problematic areas and settle down to resolving the issues.
Most POS platforms will avail to you automatic summary reports. If you do not have that option, you could still pull out the stories manually, and that takes a short while.
The overviews are helpful for the users who are looking for a general overview, not the in-depth reports.
Accounting
Almost all the POS systems will provide their users with this option. The system integrates a general ledger report which includes a detailed analysis of assets, liabilities, clients’ deposits, the accounts to pay to and so on.
You have the option to customize the fields in your accounting reports such as the desired discounts the firm will award the clients. You can customize revenues, refunds and similar details.
An excellent POS platform will allow users to import the accounting reports to Excel and other accounting software for the user to proceed with any other operations they may desire.
Inventory Reports
The reporting feature of your POS will track down your firm inventory making it difficult for the staff to steal from the company. The ordering process is also made manageable, and the users can detect and minimize wastage.
The reports allow you to view your stock in summary and you can, therefore, tell what items are available and what is running out of stock. It eliminates the back and forth that would be the case if the staff had to keep running to the store to check if items are still available.
There are valuation reports which provide firms with the overview of the monetary values attached to the stock.
The inventory reorders reports will alert you when a specific item falls beneath your minimum target. For example, you can say the minimum green jackets you should have in store should be 15. Anytime you go hit 14; the reorder report will alert you that you need to get more green jackets to the store. It helps the user to never run out of stock, and that would help avoid inconveniencing clients.
Some reports will show the order workflows so that you can tell when an order is arriving at the store. It will give you the benefit of tracking the deliveries and ongoing payments.
The sales reports will help you determine the highest and lowest selling items. It will guide you on which item sells best in particular seasons and which ones sell poorly. That way, it will be apparent to you the things you will need to stock for each season.
Payment Options
The sales reports will also show the payment options and which ones are famous among your clients. If you discover a payment option that is not popular in your station, you can opt out and save the transaction fee under that option.
Sales Team Management
Some POS reports will allow you to track down each staff and their sales performance. You will be able to view the number of hours they have worked, their total sales and their average performance compared to other workers. It will help you detect which staff needs extra sales coaching and also help you reward your top performers.
If you have any workers who are working on an hourly basis, then the software will help you manage their wages calculations and plan their shifts. It will also show you the calculations of overtime you need to pay the workers.
You have the option to import the reports to excel especially in cases where individual auditors or accountants are coming to the firm to go through your records.
The reports help a company to create an outstanding workforce.
CUSTOMER MANAGEMENT
The objective of this feature is to keep your best customers coming back. The system helps you perform some tasks:
Build Your Customer Database:
Add your customers directly at the sale point
The system enables you to add new customers directly to the company database directly at the stage they are paying for goods. You could capture the client details with the objective to email them their receipts. The POS should give you a seamless way to obtain the info at the checkout stage without complications or delays.
Customer profiles
The feature ensures that each customer’s information is on their profiles. It helps the business to view their individual customer purchase history, preferences and so on. You can see the client’s loyalty points and their account balances.
The reports will help you in customizing your customers’ reward programs and especially treating them during their birthdays or anniversaries.
Customer Relations
The feature allows you to create groups of your loyal customers so that you can enable them exclusive discounts. You could build an elite VIP clientele where you can tag them for special pricing. The groups will help you manage your employee privileges and any commercial transactions you may undertake.
Mailing List
The system allows you to import your clients’ details to your preferred emailing service provider. That way, your loyal customers can access newsletters and other unique information.
Central Database Management
The platform allows you to manage your database from a central point. It provides for the multi-outlet dealers to have all the outlets’ information in one central location for better management. Even if a client decides to shop in a different outlet, your database will recognize them, and they will benefit from any discounts as they would if they did the shopping in the same outlet you collected their data.
Reward Programs
Reward your customers with the ability to redeem points when they shop in your store. Create credit cards for them so that they can regain stuff any time they attain a certain loyalty level.
INVENTORY MANAGEMENT
No matter what a shop is selling, the inventory is the bloodline of the business. When a store does not have what the client is looking for, the customer will spend all the money in a different firm. When an enterprise invests in the wrong stock, it will not have funds to acquire new products that the customer may be interested in purchasing.
It is therefore critical for every company to know when to stock what items and when to slow down on reordering other items.
One of the primary functions of the POS is to help a business to manage the company inventory automatically. Some of the ways POS will help you to control your stock are as follows:
Maintaining Right Size Inventory
When a customer buys an item from a shop, they are telling the business owner that they like that item and will come back to buy it another time. If a business can keep track of the items customers buy from them, it would help the firms always to have stock of the things the customers will come to purchase.
The role of the system is to track the items that clients buy, their quantities and indicate when the products sell the most.
The system will alert the owner when the inventory level is going down, and there is need to reorder. It, therefore, helps the business to maintain the accurate inventory size.
Automatic Purchase Orders
After a while, it will be clear which items and which ones are moving slowly. The transaction history displays a trend which can help the system to automate electronic purchase orders saving the business owners from manual work.
Reviewing Top Selling Items
It can be tempting to stock the store with too many of the top selling items in your shop. The system will help you order for the actual quantities of the products.
Tracking Lost Sales
There are those instances when a customer comes to the store and finds that what they wanted is not available. You then go ahead and make a special order for them and when it arrives, they opt not to buy. That is known as a lost sale. The system will help you to keep track of such instances so that you are aware the sales you lost in the month. It will help you readjust sales.
Tracking Special Orders
The software enables you to monitor special orders that clients place. It helps you to alert the customers when the products arrive, and this gives the business an excellent way to serve the clientele.
EMPLOYEE MANAGEMENT
Every company needs to manage its employees well so that they give maximum productivity. Managing the workers well makes them feel they are getting the right treatment and it will show in their output. The POS helps the firm to control the staff in different ways:
Time Clocks
The POS allows each worker to log in to the system using a unique code each time they come to work. The login and log out details will help the software to calculate the number of hours each worker has served in the firm.
Creating Schedules
The system helps you to assign specific days and hours to each staff in the firm. It, therefore, enables you to manage the days off, breaks within a working day and particular shifts you may need them to operate. It also allows you to log in and make any last minute changes you may need to if any specific business need arises.
Maintain the Payroll
If you have staff working overtime, it may mean you will need to pay particular rates for such hours. The system will help you to track who worked during such hours and calculated their payrolls accurately.
Staff Training
The POS provides you with demos to train new workers. The company will eliminate costly errors the staff may cause if they have not undergone some classes. A qualified worker will be productive and will not make mistakes that would cost the company.
Data Privacy
The POS helps you assign employees different access permissions, and so one will only view what is within their dockets.
Tip Allocation
The software maintains a track down of the allocation of tips within a specified transaction period. It helps minimize tip disputes among workers. Businesses such as restaurants will benefit from that feature.
Reward Best Performers
POS will keep records of each worker and their performance records. It will use that information to generate reports of the top performer and the staff that is lagging behind. The data will then be used by the firm to reward the best performers and to help train the workers who are not doing so well.
Accountability
POS records each transaction and captures all the details leaving no room for error. When an error occurs, it becomes easy to find out when the error happened and who was responsible for it. It helps keep away the risk of internal theft and inventory mismanagement.
CHOOSING THE BEST POS FOR YOUR FIRM
When it comes to the point you have to select the POS that you will use to run your business, you need to consider a few factors:
Confirm whether the functionalities of the POS suit your business needs. Understand what the POS can do for you and the features your firm needs. You can start by making a list of the features you must have in the POS. Talk to other people within your industry who are using the system. Learn about their experiences with different elements, and it will guide you on what to have and what you can avoid.
Consider the cost of the software and find out whether there are any extra charges you will incur as you use the platform. Ensure that you have all the prices laid out clearly so that you know the initial fees and any following charges.
Confirm if you will need specialized hardware so that you can use the software and if so, how compatible it will be with different devices. That way, you will be able to gauge what is within your means and what is not.
Gauge the security levels of the platform you are giving a consideration. You will need a system that can maintain top security levels with your clientele data. You will also need a platform that allows you to secure the business operation information secure.
Level of mobility is another factor to consider. If you need a system that is portable to serve you in different stations or right from where the customer is, then you need to think that feature. Analyze your firm and decide whether you will need a system that you can use mobile apps to access the info when you are away from the store.
Check how robust your system is so that you get a product that will serve you for a long time without breaking down.
Consider how easy it will be to learn the software and to be able to use it. The platform should be such that the staff does not get a difficult time learning how to use it.
Some vendors will give you the option to buy or lease. Do the math and decide which alternative is cost-effective by the end of the day. Don’t consider the monthly subscription fees only, look at the accumulative value.
See the POS system in action. Never purchase a system before you see how it works. It will help you only to acquire a product that you have confirmed to be functional and one that is operating to your expectations.
Gauge the expected returns on your investment. Invest in a tool that will recover the capital you will invest and increase sales for your company.
Your firm is bound to grow. Gauge the scalability of the POS that you purchase. Go for a platform that will accommodate the growth without crashing on the way.
You may need to customize several details and information in the system output like the reports and receipts. Check how much the software you are buying will allow you to customize the operations.
Ensure that you go for a system that serves you at your desired speed so that your customers enjoy the services. Purchasing the system should make the business operations better in every way.
What to do when you select the POS of your choice:
Get the setup right once you settle for a specific POS. The installation will depend on the size and the operations of the POS. If you need help to setup, let the vendor know and find out if the vendor will charge to help you set up.
If you need further assistance, you could work with a dummy account for a while as you see how it goes.
Make the best out of your POS as soon as you have it running. Explore the software and utilize all the resources it has that can help you run your business smoothly. Learn the available apps and make the best out of every tool in the system.
CONCLUSION
Technology has advanced such that it is helping businesses to grow. It has done this by automating most of the operations that would otherwise be an uphill task for business owners.
The introduction of POS systems is one-way technology is benefiting small and significant size businesses. As long as a firm has done its research and they know the features they require for excellent services to their customers, then they should take advantage of the benefits of POS to entrepreneurs.
As long as you can keep your clients happy, your firm will reap the benefits of a satisfied customer. The role of the POS is to enable you to serve your customers better. You have the assurance that investing in a POS will take your business to a new level of operation and you will increase revenue for the firm.
The POS also helps you to manage the staff and the customers excellently without the business managers going through distressful processes to achieve it. Choose the best POS for your firm and let your business be known for excellence.