How to Choose a POS System
By now you must have a general idea about what to look for and what to expect while shopping for your POS system. You’ll need to do plenty of research and you can start research on our website. Make a list of features you want your POS system to have and compare those features to see which system is most suited to your needs. Once you have singled out some companies, contact them and ask if they offer a free trial or a demo. There is no question to settle for less when you are selecting a POS system. There are numerous options in the market and there’s certainly one out there that is optimum for your needs and business.
Key Features to Look for in Point of Sale Systems
If you are looking forward to buying a POS system and are exploring your options you’ll realize that every system, even in the same price range, is offering various different features. This can be very confusing but fortunately, I have made the list of features you want to keep in mind while shopping for a POS system. These features are discussed below.
Inventory Management: A good inventory system can prove to be invaluable for a business. In a restaurant business, the ability to keep real-time track of ingredients and set an automatic stock alert can be very useful. In the retail business, POS systems can be used to create customized purchase orders and can track your inventory even in multiple locations. Just remember that some POS systems might charge extra for features of inventory management.
Loyalty: Loyalty can help you I increasing your business as it gives your customers a reason to visit your store again. Depending on the setting of the program, customers can store loyalty points and earn prizes based on the amount of money they spend on your products. Some POS systems have their own loyalty points program which is something you should keep an eye out for. You might have to pay extra to access the loyalty program or you will need a third-party to set it up for you. Some systems might have their own customized gift card creation option which gives you the choice to make and distribute your own physical or electronic gift cards.
Customer Database: Most POS systems have their own customer management system. This allows you to save and store the information of customers like their email and purchase history. This information can help you in building a database. This database can help you in creating effective marketing campaigns that can appeal to loyal customers.
Reporting: Most POS systems also have a built-in base reporting program. If you have a small business or a business that does not rely on analytics, then a system that can produce some basic reports will be enough for you. If you really want to track things like star employees and efficiency or pinpoint the top-selling products then you’ll want a bit more complex reporting. Some POS systems come with the affordable offer of reporting while others provide advanced reporting as an additional option for a small fee.
Employee Management: A good POS system should offer some type of employee management. Employee management can work as a built-in time clock to keep checks on hours. It also could be used to give permission to employees, allowing them to access some parts of POS.
Integration: Nearly every POS system comes with some form of built-in integration but you’ll need to dive deeper and research to find the POS with the integration of your choice. Many POS systems can integrate with accounting software i.e. QuickBooks, or marketing software like MailChimp. Some POS systems even give you the option to initiate eCommerce or online ordering for your establishment.
Credit Card Processing with POS Systems
You may think that choosing a credit card processor is one of those minor things that can be skipped or done without much thought. However, choosing an effective and functional credit card processor can have an enormous impact on your business. Some POS systems come with their build-in credit card processor. Often it is necessary to sign up for a credit card processor to avail POS services. This can be beneficial but you have to sure that processing rates are competitive.
Some POS systems have their own processor but provide the option of integration with some other processing systems. This gives you the option to either shop around or just keep the processor of your POS provider. Some companies limit the number of processors which can be integrated with their system, which can be a big disadvantage. Generally, the more payment processing options a POS system provides, the better.