A Point-of-Sale (POS) system loaded with the right features for your business can fuel growth. It is the glue that holds your day-to-day operations together and makes your staff more efficient in delivering their responsibilities.
Whether you are a first-time or an experienced business owner, having the proper knowledge for choosing the best POS for your business is critical to your success. Here are some essential questions you should ask yourself before investing in a POS system.
Does the POS system have features that complement your needs?
There are many POS systems on the market. Each is designed to meet the day-to-day operational needs of businesses like retail stores, restaurants, and fitness gyms. Choosing a POS system is not a one-size-fits-all approach. The features you need may not necessarily be the same as that of other businesses since each merchant has unique needs. Before you look for the right POS, take some time to identify what you need. List these features down and keep them as a reference.
If this is your first time to purchase a system for your business, here are the standard capabilities you may need to look for in a POS system according to the nature of your business:
For retail stores
- eCommerce integration
- Gift cards
- SKUs that can be customized
- Shipping features
- Loyalty programs
- Advanced inventory with matrix
For restaurants and food services
- Table layout
- Pay-at-table services
- Kitchen screen features
- Online ordering
- Delivery apps
- Check-splitting and tipping features
- Communication tools for back- and front-house
- Loyalty programs
- Advanced inventory and tracking of ingredients
For hotels and booking services
- Web/mobile reservations
- eCommerce integration
- Calendar
- Advanced scheduling tools for people, rooms, and equipment
- Customer-facing booking features
- Loyalty programs
- Gift cards
As you begin your search, you will face a sea of diverse choices that might make trimming down your options a tough job. In such instance, focus your criteria on these features which every great POS should have:
- User-friendly – Your POS software should be smooth and straightforward to navigate. Remember that easy-to-use software is vital in improving the efficiency of your staff as well as in providing a positive and seamless checkout experience for your customers.
- Prompt scanner and card processor – Speaking of positive customer experiences, an efficient POS that can scan barcodes and read cards without hiccups can create a seamless checkout for your clients. This results in faster customer service and higher customer satisfaction.
- Multiple payment channels – Your new software should be able to accept a variety of payment methods so you can better serve different consumers at a time. Make sure your POS can process payments made through credit card, debit card, and cheques and not only cash. A great POS should also be able to process transactions done using smartphone and EBT and EMV chip cards.
- Inventory tracking – In addition to completing payment transactions, a good POS should keep track and modify your inventory as well. Inventory management is crucial in the success of a business, and your POS should make this as convenient as possible for your team.
Is it compatible with your existing hardware?
Maintaining a POS system entails minimal costs. However, the upfront expense that comes with setting it up can cost a sum of money. Unless the software you’re eyeing on is compatible with your current hardware, upgrading your system includes investing in new software and hardware. You will need a substantial budget to purchase another batch of barcode scanners and cash drawers. If you need to buy new devices to match your new software, you can sell your used hardware and get a fair market value.
Do you need a highly accessible system?
Newest innovations in the area of data storage have made it possible for business owners to access their data anytime, anywhere as long as they are tethered to the internet. One such innovation is ‘the cloud.’ Compared with its traditional counterpart, a cloud-based POS system allows business owners to access their data without the need of a location-based server. Despite the promising benefits it offers to hasten business processes, nearly half of Canadian small business owners are still hesitant to switch to the technology. These merchants have raised questions on data security and cost.
In case you’re considering an upgrade from traditional POS, here are the advantages of a cloud-based system:
- Faster billing process – A cloud-enabled system relies on a fast server to shorten waiting time and instantly provide the results to the retailer requesting a particular piece of information. Because of this, retailers can offer faster service to customers in terms of processing billings and receipts. When data loads faster, purchase lines are shortened, and customers are served quickly.
- Lesser risk – With cloud-based POS, you can backup and sync your data through a remote server. This allows you to reduce the risk of fraud and data breach issues related to credit card processing.
- Greater accuracy – Cloud-based systems help business owners manage and track their transaction history ranging from purchases, sales, and customer information, leaving no room for inaccurate data and undocumented transactions.
- Easy upgrade – The POS provider will ensure that servers are regularly updated and configured. Business owners can also upgrade their software in an instant by just connecting to the internet.
If you need expert advice on upgrading to an advanced POS system, consult a professional before purchasing to avoid missing out on the best fit.
Can it link to third-party software?
So you’ve selected software that you can use to your advantage to take your business to the next level. The next thing you should consider is whether or not it can interact seamlessly with third-party software that you’re using for your other processes. Integrating your POS system with other software promotes more streamlined operations. Combining all accounting information, customer data, and sales data and history into one centralized platform aids in simplifying your daily activities.
For instance, if you have a centralized system that integrates your POS with your marketing software, you will have ease of access to your customer data from the central system by the time you decide to send out emails to your customers.
Can it grow together with your business?
Are you looking to expand your business a few years from now? The POS system you choose today can influence your expansionary plans tomorrow, so determine which system to invest in carefully. Some can limit the number of stores and registers you can use. Given this setup, select a POS system that can support the growth of your business.
When you need professional advice in choosing the right system for your business in and around the GTA, contact the experts at Point Of Sale Remarketing Group at (905) 332-8809. Our certified point-of-sale providers are ready to walk you through a range of options.
