How to choose the right POS for your business needs

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How to choose the right POS for your business needs

A good POS system is vital to help your business succeed. At first, it’s easy to think that your POS is where customers pay, but modern POS systems offer much more. Your Point-of-Sale system can save you time and money, especially as you scale your business.

Here are five reasons why you should use a POS system in your business:

  • To keep track of stock;
  • To discover more insight on your products;
  • To build customer profiles;
  • To manage employees;
  • To create forecasts.

There are many more benefits to having an intuitive POS system, but it depends on your business and requirements.

Key Features to Consider

Let’s look at some of the key features in a POS system and how they can enhance your business on a day-to-day basis.

Physical Hardware

The first thing to consider is the physical hardware of your POS. In any business selling products, you will need some hardware. Depending on your industry you may have one of the following:

  • Terminal or Desktop POS, mostly used in grocery or other larger retail stores,
  • Self-service POS, for use in cinemas, other ticket vendors, car parks, patient check-in
  • Tablet or Smartphone POS, for smaller business providers that need to move around,
  • Electronic POS, for use when people pay online.

Nowadays, all of these require an internet or Wi-Fi connection, whether you’re serving one customer or 800. The bigger the business you have, the more capability you will require. It’s important that you examine your business in the long-term, what you may need now may change as you grow.

More Payment Types

Part of the issue some small businesses have is limiting the types of payment accepted. Choose the right POS system, and you can accept all the new payment types, including:

  • Apple Pay
  • Google Pay
  • Samsung Pay,

And more.

Inventory Management

Inventory management is one of the best features of all POS systems. This can be done in real time, which means that you know exactly where you are with your supply levels. Your basic inventory features will help you:

  • identify your top selling products
  • peak sales periods

If you need to manage multiple stores on or offline, then more advanced inventory tracking and management is necessary. This will provide you with critical insight on trends.

You can easily monitor inventory transfers between your stores and manage everything from one single location. This can help you manage your stock better and see where everything is in real time.

An advanced feature of a POS system is to submit orders to suppliers when stocks of a particular product are low. This saves time for both you and your supplier and removes the possibility of human error.

Customer Relationship Management

Customer relationship management can be much improved using a decent POS system. Even with a basic POS system, you can create customer file reports to gain a better understanding of your market. You can see who your top customers are and their favourite products or promotions.

Having customer data right in front of you means responding to your customer’s needs better. You can see

  • Their details
  • Past purchases
  • Promotions and offers they used in the past

When paired with better inventory management, this means that the customer’s perception of service is raised.

If you invest in a mid-level or multi-store system, then you’ll have the opportunity to set up reward programs. This feature is beneficial for more established businesses, but these programs are effective in long-term customer retention.

Employee Management

Monitoring employee productivity and performance is also possible with certain POS options. From built-in time clocks to permission for different tasks, you can ensure that your business is running smoothly in a reliable manner. Staff information is also stored, and

You can also set up your POS system so employees can check their own numbers. They can see their targets and how well they are working towards them, which is a good tool for boosting trust and productivity.

Choose the Right POS System for Your Needs

There are several different POS systems available, which range from basic to quite integrated and advanced. Some can be tailored completely to your needs or allow third-party integration with other apps.

Check what the costs are before choosing one. You can pay monthly, or buy it outright, but make sure you’re getting the best deal for you.

There may be other charges such as a small percentage of each credit card transaction, or a flat fee.

You can also set up your POS system so employees can check their own numbers. They can see their targets and how well they are working towards them, which is a good tool for boosting trust and productivity.

Different POS systems offer varying features so analyse your priorities for your business before investing. Research the features that would benefit your business, then choose the right POS to suit your business as it grows.

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