If maximized correctly, a point of sale system can be a powerful tool in managing and growing your business efficiently. Packed with more functionality than a traditional cash register, a POS system serves as a hub for your sales and inventory tracking, customer relationship management, and even employment monitoring.
While many POS software systems can be customized to carry features to suit your specific business needs, these are several essential things that your POS system should deliver for you.
7 Things That Every POS System Should Do
1. Sales and Inventory Management
A reliable point of sales system stores the business’s full catalog or menu, tracks how much inventory you have onhand, and automatically updates it once a product or menu item has been sold out and needs to be restocked.
This real-time tracking of stocks helps keep you informed of when a product is due for reordering. It can also provide data on which products are selling well and should be invested in more, and which products are not as profitable and should be ordered less.
A POS system’s digital inventory tracking saves business owners time, money, and manpower by reducing the need for manual checks. It helps to streamline and automate the process, making it far more efficient.
2. Employee Management
Easily schedule your employees’ shifts, monitor their attendance, track their hours for the workweek, and know which counters they manned even if you’re not in the store with them.
A good POS system will also enable you to pinpoint who among your staff are valuable and high-performing based on certain metrics, such as the number of transactions handled and conversion rates.
You can also grant different types of access or permissions to the POS system depending on an employee’s rank. For example, a convenience store manager may have the authority to void incorrect transactions or give refunds to customers, while other employees can’t.
3. Report Generation and Third-Party Integration
A top-notch POS software can generate insightful back-office reporting that can aid in intelligent decision-making. Get customizable reports that track the right analytics for your business, whether its sales information (number of products sold and peak hours, employees who managed the sales, net profit, etc.) or customer information (repeat customers, new customers, etc.).
If you’re already using a CRM or accounting software, maximize efficiency by looking for a POS system that can integrate with these platforms so that you don’t have to manually transfer information between the systems.
4. Diverse Payment Processing
A point of sale system goes beyond the usual functions of a traditional cash register by offering additional capabilities, such as calculating taxes and total expenses. Customers have moved beyond the traditional cash and coin transaction, opting for other payment methods such as checks, card transactions, EMV, mobile wallets, and other forms of contactless payment.
So, a good POS system should help you anticipate and tailor your offerings to these. Aside from helping you cater to alternative payment methods, it should also issue refunds, and may even be integrated into an existing system, if the business already has one.
Remember, making it easy for your customers to pay using the method that they want will ensure that they come back to do business with you again.
5. Customer Engagement and Relationship Building
Keeping customers happy and engaged is a vital part of any successful business. A trusted POS system can be your partner in implementing various engagement programs that will bring new consumers through the doors and entice loyal ones to come back.
Aside from building relationships at the till, get a POS system that will empower you to track critical customer information such as names, contact details, and purchase history. This will enable you to provide a personalized service that will make your customers feel valued at your establishment.
6. Simultaneous Tracking
Many businesses branch out to serve customers better and faster, whether it’s adding two more checkout counters, opening a few new locations, or launching an online store.
It may seem daunting to have to track information across various input sources, but a reliable point of sale system will streamline this task to make it more manageable. A POS software can track the sales information across multiple lanes, and even multiple transactions happening at the same time.
If you have an online store, the system will consolidate the information with your physical store so that you always know how much inventory you have left, no matter where your customers choose to purchase.
7. Customer Support and Training
While the benefits of a POS system are widely known, a whopping 56% of single-store owners still have not adopted this technology. Understandably, replacing familiar methods with something new can be intimidating, even if you know that the newer method is going to be better for your business.
But the best POS systems are designed with user-friendly interfaces and intuitive functions. They’re meant to be easy to use for employees on the go, such as restaurant waiters taking orders or salespersons on the store floor.
Plus, a reputable POS company, like True POS, will help train new POS users on how to use the system and provide reliable customer support, should you need assistance with maintenance in the future.
Technology changes at warped speed, meaning your business needs to keep up. Instead of doing all of the heavy lifting yourself, let us work with you to make things a little bit easier.
If you’re ready to take the next step in your business, contact us to get a free quote today.