Business owners spend time researching every aspect to achieve success. Established businesses also need continuous research and fine-tuning to guarantee growth. As a result, many investors use POS systems.
POS or point of sale system streamlines management, marketing, and administration tasks. It also saves time and resources within the business. Below is a guide on how to buy the best POS system.
What is a POS system, and How Does it Work?
A POS system allows customers to pay for products or services. Many businesses use this service to leverage modern technologies and increase efficiency in credit card processing.
The POS has software and hardware, including a barcode scanner, cash drawer, card reader, and receipt printer. However, there are simple POS systems attached to a tablet that scan credit cards.
What To Look For When Buying A POS System
Before investing in a system, below are the factors one can consider.
Sometimes adding a system to the business can add more problems if the systems are incompatible. Any system an investor adds to their merchant accounts should be able to integrate with the current ones.
The business owner should check if the systems are compatible. For example, a system that integrates with marketing software can allow an investor to send emails to customers. The system should also integrate with the financial management software, especially for high-risk merchant accounts.
This integration maximizes the POS system’s efficiency. It can also save the business more money effectively by reducing the workforce.
Cost to Set Up
Many POS companies are available in the market, and it is essential to conduct adequate research. Investors with high-risk merchant accounts need to look for companies with the best pricing.
Additionally, the chosen company should be open about the costs and their implementation in the business. There are various options, such as paying for the software license, local hardware installation, annual fee, and a multi-year contract. A business person should understand all these options and their differences.
Businesses need continuous data analysis to grow. An ideal POS system should produce key metrics and data points aligned to that business’s needs. The POS should send reports daily, weekly, and monthly.
This report shows daily transactions and volume in the merchant accounts. Some reports can focus on products. Notably, reports on customers such as top spenders and those who spend the least. This information informs good business decision-making, such as introducing customer loyalty programs.
One should also be able to generate sales reports anytime to allow for trend analysis.
Usability and Mobile Friendly
An ideal POS system should be user-friendly. A business person should look at the system’s interface to see if the staff can adapt quickly.
The system should have simple credit card processing and other functionalities. A system where one refers to the manual back and forth is not ideal. It should be easy to use after initial training.
Additionally, it’s good to choose a mobile-friendly system when one has several branches. As a result, they can stay on top of things when on the move. It should also support the ability to work offline. This system should be dynamic and support any trade situation, such as fairs or pop-up shops.
Supports Multiple Channels
In today’s world, businesses are not restricted to in-store shopping. In fact, most merchant accounts link to eCommerce stores. A company needs a POS supporting this model if it has various customer touch-points. The system should allow for in-store payments and online shopping.
Additionally, it should also support businesses that also completely offline. This service should be able to link with any sales channel to deliver a seamless experience to the customers.
Inventory Management and Book Keeping
Advanced POS systems provide inventory management, especially during peak sales periods. This service automatically performed routine inventory checks to keep the store well-stocked.
It is an important feature, primarily for business owners with multiple stores or an eCommerce website. They can look for features such as tracking stock levels, restock reminders, and kickstarting buying new stock.
Apart from restocking orders, POS systems can also tidy accounts. The system can update daily sales into the integrated accounting tool. A good POS system should provide synchronized bookkeeping services in real-time.
Meets Business Needs
Above looking at usability, cost, integration, and others, the system chosen for merchant accounts should meet the specific business needs. Understand the particular functions and features needed for the business. One also needs to know the specific pain points the system needs to solve.
With this checklist, one can now navigate buying a system, whether changing a POS system, upgrading one, or starting a new business.