Although not much has changed in the payment world in the past few months, what has changed are the Point of Sale (POS) systems. Several have lowered their prices and added more features. Retailers and Restaurants that are using stand-alone terminals are leaving money on the table because the current crop of POS systems can do so many things to make the businesses more efficient and profitable.
I would like to highlight a few of these items;
1-Most quality POS systems can streamline inventory management. When you know all of your items, you can easily pinpoint the best and worst selling products, and then make sure the most popular items remain available. It's also easy to adjust prices to a competitive level so that profits are maximized, and with the power of a good POS system, inventory management is not time consuming.
2-Since a POS system maintains customer information, it is possible for a business to track buying patterns. This data can be used to organize loyalty programs and introduce promotions. When customers are excited about a sale or special offer, a boost in sales is likely. If you would like a copy of our analytics primer which goes into a more detail about how you can use data to help increase your revenue, ask, and we'll e-mail it to you.
3-Most of the newer POS systems are expandable which means when your business grows, the POS you already have can grow with you. This could mean putting more interconnected units in your location, or putting a new POS in another location that is synched with the POS system in the first location.
4-The degree to which newer POS systems are customizable for the needs of a business has grown exponentially. The same POS system with just a little bit of programming could power a spa/salon/yoga studio, a deli/bodega, or a large restaurant with sitting for 300 people. This increased flexibility has helped to drive the cost down of POS systems because manufacturers are now competing for all business types against lots of other POS manufacturers.
5-Many of the newer POS systems can handle scheduling employees and can track their time. You know whose shift is on, when they clocked in and out, and that your staff has your business covered. You can even assign employee roles and permissions so that you and the manager have full access to the system but your waiter/salesperson will not.
6-Financial records are made easier as all sales information can be moved into Quickbooks or given to your bookkeeper/accountant/CPA in a standardized format.
7-The POS hardware has become more stylish and durable. This means you won't have a big eyesore in your business, and even though most POSs have warranties, you are less likely to need them and have any downtime. It is also worth mentioning that some of the new POS systems are EMV (the chip) compliant and can handle Apple Pay transactions as well.
8- Transactions will be faster for multiple reasons. First, no one will need to look up the prices of the goods/services. Second, in addition to the EMV and Apple Pay (Near Field Communication) transactions, a barcode reader is practically standard and thus entering the orders are almost as fast as the speed of light.
9-Software upgrades and licenses have gone from hundreds of dollars per month to $0 to $29 per month, and you'll always have the latest features with a cloud backup.
10-We used to hear that setting up and learning a new POS system was time consuming, but that's not the case anymore. We can usually have your menu/inventory preloaded into the system, and most of the systems are more intuitive to use now. Training, which we still strongly suggest, is free, and will help you take advantage of the POS features so that you can have the best experience possible.
If you would like to talk about how you can best leverage a POS system for your business, feel free to reach out to me.
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