Having a POS system for your business is becoming less and less optional as the years go by. In 2017, Canadians spent $9.2 trillion at POS terminals over a total of 21.3 billion transactions.
There’s no shortage of articles telling you absolutely need the latest tech to succeed in today’s business world. Many of them have the scent of snake-oil about them. While major corporations may be able to take a chance on the newest tech solutions, but smaller businesses don’t often have thousands of dollars to waste.
One of the greatest benefits of POS systems is that they’ve been around for a while. They’ve become an established part of the business terrain. POS systems can already benefit small businesses in a lot of different ways, and new applications are being created every day.
Business owners are incorporating POS systems for a wide variety of reasons. Some of the most common reasons business owners are using POS systems include:
- Planning sales and forecasting (72%)
- Retailer dashboard and scorecards (68%)
- Automated data collection (67%)
- Self-service access for business owners (43%)
- Mobile app (39%)
- Data integration (38%)
- Analytics (32%)
- Push notifications for important metrics (31%)
A POS system allows small companies access to features previously available only to major corporations. It enables independent businesses to optimize and streamline their practices so they can focus on growth rather than simply trying to stay above water.
Today, we’re going to take a look at how a POS system works and how it can benefit your small business.
#1: It Makes The Most Of Current Technology
Customers are used to the latest tech when doing business. They bring the same expectations to your business, whether you realize it or not.
POS systems feature cutting-edge software, making the most of traditional cash registers with more modern solutions such as data analytics. Even better, POS systems often update their software so it stays current and operating seamlessly.
A modern POS system can often accept a wide range of payment options, including digital payments like Apple or Google Pay. Mobile payments are becoming increasingly common over the years, expecting to reach 67.2 million yearly transactions by 2020.
Modern POS systems take many of the benefits of online retail and bring them into the physical world. Customers often interact with a bright, sharp digital display, where you’re able to showcase ads and special promotions.
Finally, you’re able to take advantage of your POS systems’ technological benefits even when you’re not on premises. Most POS systems come with a dedicated app, so you can check how your store is performing even when you’re not there.
#2: It Helps Your Staff Improve At Sales
Intuition is powerful and essential. Your life’s work is too important to leave merely to guesswork, however. Information is power. POS systems arm you and your employees with a lot of information, down to a granular level.
Once you’ve taken some time with a POS system tutorial, you’ll learn how to read the bars, charts, and graphs that your POS system produces. These charts yield endless insights for your employees, offering opportunities for upselling suggestions. It also tells you how your employees are performing, so you can identify workers that need a bit more energy and attention.
#3: It’s User-Friendly
POS systems are easy to use for employees and customers alike! For the customers, POS systems usually feature a customer-facing display so they’ll know what’s happening. The screens are often touch displays, as well, so they do everything themselves. This helps eliminate mistakes during transactions, as well.
For employees, POS systems are similar to smartphones or any other touch screen device. They shouldn’t need much additional training to be quickly up-to-speed on how to operate the POS.
#4: It Can Save You Money
It’s never been more critical for a business to remain financially competitive. Business owners of all sizes need to consider every way to save money. One of the reasons that business owners delay getting a POS system is a reluctance to spend money. A POS system can actually save you money, however, and more quickly than you might think.
First of all, a POS system automates many of your day-to-day business activities. You won’t have to worry about doing accounting and paperwork every single day. Not only does this save you time, but it also guarantees that your files will be correct. This saves even more money down the road, as you won’t have to spend money finding accounting errors.
It also ensures your inventory is always up-to-date. This improves your customer service, helping you and your employees to deliver up-to-the-minute data to your customers. This increases the likelihood of word-of-mouth recommendations and positive reviews.
Finally, POS systems are all-inclusive. This saves money on repairs in case something goes wrong, as you won’t have to hire multiple repair people.
#5: POS Systems Are Scalable
POS systems evolve as your business does. You can get your first POS system when your business is still small. You won’t have to buy a whole new cash handling system as your business expands, however.
Your POS system even helps your business grow. Often, POS systems let you conduct many different business tasks, such as sales forecasting or comparing suppliers. Many of these resources often require expensive business software on their own. Owning a POS system essentially removes the need for much of that business software.
A POS system is a solid business investment for years to come. It helps you to remain competitive in a world where that’s becoming increasingly challenging. It also makes it easier to do that, at the same time. A sound POS system saves you as much stress as time and money.
Looking For A Reliable POS System In Canada?
We’d love to help you! Point Of Sales Research Group, or POSRG, helping customers is our greatest joy! We know how challenging it can be to succeed in today’s competitive business world. We’re here to give you all the tools you need to thrive.
Whether you’re wanting to know how a POS system works or searching for the best POS for your restaurant, we’ll help you find exactly what you need. Call us today!