If you’re considering a POS system for your business, you’ve come to the right place. Here, we’ll outline the incredible benefits of modern POS systems and why you should consider acquiring one for your business. Whether you’re an eCommerce store, a brick and mortar store, or both, a POS system can help you be more organized and build a better relationship with your customers. Keep reading to learn more about these versatile and affordable business tools.
What is a POS?
A point of sale system, or POS, is an electronic payment processing system that you can use to accept credit cards and other digital payments. Some POS software comes with its own hardware as well or will work with your pre-existing hardware like cash registers and receipt printers.
The software can help you increase the number of payment methods you accept from customers, which can give you access to an expanded customer base. With so many digital payment methods available today, you want to be sure your business is keeping up with the trend(s) and is able to accept various methods of payment.
Now that you know what a POS system is, we’ll cover some of these tools’ amazing features that can help you grow your business and create a better relationship with your customers.
What Features Do POS Systems Offer?
While the features that POS systems offer will differ from system to system, generally, POS systems offer these basic features.
Inventory Mangement: Most POS systems offer some form of inventory management, many of which are updated in real-time and can update even when you’re offline; re-syncing with the server once your connection is reestablished. If you’re suffering from inventory management issues, this is the perfect solution for you!
You can also sync some POS software with your ordering system; making reordering stock completely automated and painless. Most POS systems will send alerts when stock is low anyway, so you’ll never be left in the dark as to how much stock you have left.
Don’t leave your inventory management to those time-consuming and often inaccurate manual counts. Use a POS system to maximize your accuracy and efficiency to avoid dead stock and lost revenue associated with it. The best part is, most of the process is completely automated, so you won’t have to do much to keep up with inventory numbers.
Payment Processing: Accepting multiple payment methods is a must for any business. With an ever-changing world of digital payments, accepting as many as possible guarantees that you’re not restricting your customer base. Everyone has their favorite payment method; you want to be sure that you can offer customers a more customized shopping experience by accepting their preferred method.
Customer Relations: The best POS software includes customer relations tools in its interface; either integrating with your own CRM system or providing its own. You can also use your POS system to create a detailed customer database complete with personal information and purchase details.
Improving your customer relationships starts by getting to know them. Knowing what products they enjoy and frequently purchase will allow you to not only suggest items they’ll be more likely to buy, but also customize your marketing efforts and promotions to meet their specific tastes.
Don’t take customer relationships for granted. The more personalized the shopping experience is, the more likely your customers will develop trust and therefore loyalty for your brand. This level of interaction can’t be understated in terms of importance. A loyal customer is twice as valuable as a one or two-time buyer.
Where Do I Get One?
POS systems can be found online. If you’re looking for software-only options, try Vend HQ. If you need hardware and software, companies like Square POS and Lightspeed have options for businesses of every size and revenue level. Be sure to shop around and compare rates and features to be certain you’re getting exactly what your business needs.
Not every POS system comes with the same features, so don’t forget to ask about features and be sure your system comes with a support line you can call in case of any issues.
How Much Do They Cost?
Cost is just as variable as features are, depending on the POS software you choose. Square POS charges on a per-transaction basis, where other POS systems require monthly payments or an upfront cost for hardware and software. Figure out which option best fits your business’s budget and your specific needs before making a decision.
POS systems aren’t just payment processing tools; they offer so much more than credit card terminals. From inventory control to customer interactions and beyond, a modern POS system can help transform your business into a profitable entity that is well-associated with its customers. Check out the best POS systems today to learn why they’re a favorite among retailers everywhere.