As businesses move into the fast and thriving age of technology, so must the way entrepreneurs operate their day-to-day operations. A point of sale (POS) system is a powerful business management solution — even for small businesses. However, the POS system you choose should complement your business.
The Importance of a POS System
Whether you run a food and beverage shop, vape shop, or a retail store, having a POS system provides your business with an all-in-one solution to different daily issues, including inconsistencies in the inventory, unrecorded sales, and human errors. A reliable POS system helps prevent these problems by collecting and recording data, allowing you to monitor your daily business operation and improve it.
A modern POS system does more than just processing sales transactions; it can also provide real-time data and reports, secure payments, automate manual tasks, and manage customers, employees, and inventory.
The Commandments of Selecting a POS System
With so many options available in the market today, choosing the right POS system for your business requires significant consideration.
This post will guide you through everything you need to consider when finding the best POS system that suits the needs of your business.
1. Do Your Research
Not all POS systems are created equal. This can make it more challenging for business owners to choose which system to use. However, doing your due diligence helps you make a better decision.
It helps to know what similar businesses are using to narrow down your options. You can also gain crucial information by reading online forums and user reviews. This will provide you with a clear picture of the POS and software vendor regarding customer support, ease of use, and implementation.
2. Find a System that Accommodates Your Needs
As a business owner, one of the most important investments you can make is buying a reliable POS system that meets your business’ needs. Since no two POS systems are alike, take the time to determine the key factors and features you’re looking for in a POS before calling a vendor.
Consider what is most essential to your business. Is it inventory management or eCommerce integration? Are you looking to adopt cloud-based solution? Do you place ease of use or customer support on top of your list? No matter what your requirements or expectations, make sure to figure them out early on to save you from future hassles.
3. Avoid the ‘Free’ POS Software Trap
They say the best things in life are free — unfortunately, this does not include POS software. You may find some free POS options, but there are always trade-offs. Do not fall into these traps. Be savvy enough to understand and ascertain if the features and terms of the free software match what you are looking for.
Look out for credit card processing rates. Some software given away by companies is not completely free. In many cases, they are making money on the payment processing end. If you consider a free option, make sure the rate you pay makes sense for your business. However, a more effective move would be paying for software with a customized processing rate which will allow you to maximize your investment.
4. Know the POS Lingo
The process of transitioning from a cash register and setting up your first POS system is simple. However, it’s important to be familiar with a few industry terms to ensure a smooth process. Terms, such as ‘order trigger’ or ‘x and z reports’ can be baffling. Learn the POS lingo so you can communicate with your workers and business partners with confidence.
5. Leverage Inventory Management Features
Take advantage of the different POS features, especially the one that helps manage your inventory. Managing does not simply mean viewing the stock on hand. Choose an inventory management feature that has the capacity to perform various functions, including:
- Changing the price with a single click
- Tracking the popularity of products
- Cross-checking invention with ease
This type of POS feature benefits you with accurate stock counts, increased business insights, and recouped time.
Automation can enhance the way your business handles its inventory. With an automated inventory, you can instantly inform the customer whether an item is available or not without having to physically go to the stockroom and find out if the last piece has been sold yet.
Additionally, an automated system will alert you if you’re low on stocks so you can order the next shipment before you run out. Waiting for the next shipment to arrive after you’ve sold your last piece of a product can lead to a loss of sales opportunities. Automating your inventory with your POS software, on the other hand, can increase customer satisfaction and daily sales.
A powerful and robust POS system can integrate with other essential small business software and process customer requests. Some of the most common integrations include:
- Email marketing
Both email marketing and eCommerce allows you to reach a wider scope of customers, while accounting software enables you to streamline your accounting process, as well as save time, money, and effort.
8. Excellent Customer Service
A POS system has a number of benefits to offer to small businesses, but promoting excellent customer service proves to be one of the most critical. A robust and reliable POS system allows you to track your customers’ favourite items, view sales history, provide a customized shopping experience, and follow up with your customers via email or messaging apps for special promotions and events.
9. Set It and Never Forget It
We understand that managing and running day-to-day operations can be overwhelming — from ordering inventory to dealing with customers and ringing up sales. All these can take much of your time and effort.
Your POS software is there to relieve the burden of running a business. You do not implement POS software only to neglect it. Make sure to stay updated on new features, such as remote business management, your system has to offer. Tapping into some new features can help you improve the areas in which your business is struggling.
If you need help, POSRG Canada is here to provide you with long-term solutions tailored to your point of sale or IT needs for every type of vertical market. Our mission is to help small businesses get paid, sell more, and streamline your processes.
For more information about our POS products and services, give us a call at +1 905 332 8809 or use our online contact form to send us your questions.