POS Buyer’s Guide: How to Choose the Right POS System for Your Business
In today’s fast-paced digital world, a good POS system can do wonders for your retail business. Not only does it offer flexibility while processing daily transactions, but it also improves your chances of success by providing you with tools to streamline tedious and resource-exhaustive business processes. To be precise, it’s like a foundation for all your transactions, whether its cash, debit, credit, or mobile payments.
There are several must-have capabilities that merchants look for in POS systems, these are:
✓ Accurate Sales Reporting: A good POS system allows you to record and analyze sales data to make informed business decisions.
✓ Effective Customer Management: It allows you to log purchases and keep in touch with customers through marketing tools.
✓ Strategic Inventory Management: It helps you manage your inventory by keeping numbers and data up-to-date with every single transaction.
✓ Efficient Employee Management: It offers an intuitive interface that allows you to track employee work hours and reduce costly employee transaction errors.
On the whole, an ideal POS system is the one that not only allows you to conduct sales transactions, but also allows you to handle various activities too, such as tracking customer behavior, creating your own purchase orders, tallying up sales, counting inventory, and more.
Finding the right POS system is vital for your retail business. With countless options available in the market (that vary in prices and specification), including cloud-based systems, traditional server POS, mobile Point-of-Sale systems, and All-in-One POS, it’s important to consider the specific needs of your business as well as patrons before going in for the purchase.
Written below are some essential questions to consider when searching for a Point-of-Sale system for your business:
✓ Is it easy to use?
✓ What is your budget?
✓ Can the POS go mobile?
✓ What features are important?
✓ Can you use it anywhere?
✓ What’s the cost of a good Point-of-Sale system?
✓ Does the functionality of the system suit your specific business needs?
✓ Will it meet all your security and compliance requirements?
✓ How will it enhance the shopping experience for your customers?
✓ Does it integrate with other areas of your business?
✓ Is the pricing simple, straightforward, and transparent?
✓ Does it track important analytics and metrics?
Also, if possible, try to compare the systems on the basis of the following:
❖ Ease of use
❖ EMV capabilities
❖ Technical support
Here are a few things that you need to consider related to pricing:
- What are the installation costs of the POS system you’re about to buy?
- Is there any additional cost or fee involved for equipment like receipt printers, cash registers, scanners, or tablets?
- Does the company want you to pay upfront for hardware or are you allowed to pay monthly as well?
Always remember, the cost of accepting credit cards varies system to system. However, the fee may be a bit on the higher side if you enter the numbers manually rather than swiping/inserting the card. This is because of the risk of fraud when the card is not present during transactions.
If you’re new to the world of POS, here’s good news for you: Gone are the days when a robust POS system wasn’t feasible for many business owners, simply because of its higher price. Today, thanks to the newer software-as-as-Service (SaaS) model, these systems come with a reasonable price tag.
The best POS system is the one that’s packed with countless features, as stated by the Jared Isaacman, CEO of Harbortouch, and a POS technology provider. However, there are many systems available in the market these days that have varying levels of functionality, he added. If you’re already using a POS system and looking for a change, the best you can do is identify the features that are missing in your current system and pen down any problems that you’ve had.
POS systems are being used in millions of retail and hospitality businesses for its innumerable features and benefits, which include:
- Fast checkout;
- Inventory management;
- Automated purchasing program;
- Capabilities for multiple location / Mobility;
- Payment Card Industry (PCI) agreement;
- Reporting tools;
- Quick, simple, and modern technology;
- Employee management, and more.
Ease of Use
Before you decide to buy a Point-of-Sale system for your business, make sure it is easy to setup and simple to use for your employees. Choosing an easy-to-use version will save you time and money on training. In contrast, choosing one that’s too difficult or confusing to operate can lead to frustration among workers and can also slow down the speed of service for patrons. Always remember, long waits can deter repeat business, which is why it’s always best to have a system in place that is easy to learn and a pleasure to use. Once you buy the right POS system for your business, everything from importing inventory to managing employees to making checkout will feel simple and easy to accomplish.
From October 2015, a new proclamation has been made by the government that businesses will become liable for counterfeit fraud if they don’t upgrade their payment technology to accept EMV-enabled cards, which come with a security chip that is scanned with each transaction. Thus, it is absolutely crucial to have an EMV compliant POS system for your business. No doubt it’ll be a bit expensive, but it can save your company from losing thousands of dollars in credit card fraud.
Imagine having a long line of regulars waiting to pay for their purchases and your system crashes. Whenever you bump into this kind of issue or need help setting up your POS, having access to professional support is tremendously important (preferably 24*7 support via phone, email, and email), so you can contact a technical support representative directly. While a Point-of-Sale (POS) systems essentially run your day-to-day business operations, you would never want to be left alone in a situation where you can’t get a quick solution to a critical problem.
Does Your Business Need a POS System?
If yes, we’ve got you covered! At AppTech, we provide secure and robust Point-of-Sale systems that are easy to set up & use, affordable, EMV compliant, and come with 24*7 technical support and numerous other features that suit your business needs. We also provide some of the lowest processing rates in the industry!