3 Ways a POS System Makes Life Easier for Your Business
Running a business is tough – we all know that. However, today’s more demanding consumers take that challenge to an entirely different level.As a business owner, you need all the help you can get to deliver the exceptional service that customers require, and reliable POS and billing software might be exactly what you need! Just like many others, you may be having doubts because let's face it; this upgrade will cost you money. If by any chance you're still wondering whether or not a POS system is a worthy investment, these three significant contributions of the POS to business operations might help you come to a decision.
1. Faster Checkout Times
One crucial thing you should know about customers nowadays is that they absolutely hate waiting in line -- and most of the time, they won’t. Nothing drives customers away like slow lines, which is probably why online shopping has become so popular. However, with a point of sale system, you can significantly reduce the waiting time.
Businesses that offer limited payment choices usually experience longer checkout lines. When consumers reach the counter - only to find out their preferred method isn’t accepted, it usually takes them a while to figure out an alternative payment, slowing down the process for everybody else in the queue.
As POS systems are capable of processing a broad range of payment options, your customers can quickly pay in whatever method they prefer and leave our business happy. You can even go the extra mile and offer mobile checkouts so that when things get busier than usual, your employees can process purchases with a smartphone from anywhere in your business.
Equipped with the right POS system, your business should experience a drastic boost in sales revenue. You see, faster checkout does not only eliminate those long lines and improve the customers’ experience; it also gives consumers lesser time to change their minds and reconsider their purchases.
2. Payment Processing Convenience
The capability of POS systems to integrate payments is an indispensable asset to any business. Integrated payments basically involve aligning your payment processing systems and platforms, so that data can flow smoothly between them.
For most businesses, this means linking your POS system to your payment processor so you won’t have to manually key in information when you initiate transactions with your EFTPOS terminal.
Anybody who has spent hours pouring over spreadsheets to check and merge payments with transaction receipts can attest to how much of a headache this part of the job can be. Thankfully, a reliable POS system allows you to streamline the transaction process and seamlessly coordinate payments between your merchant account, the payment processor, and the payee’s bank.
With a POS, you can expect the funds to reflect in your account after every card transaction without having to reconcile accounts manually, which means you’ll have more time on your hands for worthier business pursuits.
3. More Control Over Sales & Inventory
Whatever you sell, it's essential that you stay on top of your inventory at all times. And since it's your stock that attracts customers to your store, bad inventory management is bad for business.
Inventory problems being all too common these days, it's apparent that retailers need to track and manage their inventories better. It doesn’t take much to realize that organization is key here.
Well, there are two ways you can go about being organized: you can either spend hours counting and going through stocks in the back office or you can leave it to the POS system to do the job for you. Obviously, the former makes no sense – and is a very stressful way to waste valuable time.
Using a POS setup, you can check your transactions against your current stocks without breaking a sweat. This real-time accounting gives you a comprehensive insight into the state of your inventory. And since your POS can track and sort out stocks according to categories, tags, and serial numbers, you can easily follow changes in your supply and find out which ones need replenishing.
For businesses with several branches, there are enterprise-grade POS systems that can synchronize multiple inventories, allowing retailers to make smarter stocking and supply-movement decisions. With the right POS system, inventory management is less exhausting. Knowing what is and isn't selling helps you avoid monetary loss from over or under-stocking.
Overall, a POS system makes the enormous responsibility of running a business bearable. Its benefits to customer service and the efficiency by which it records data and monitors transactions cannot be denied.
Most importantly, it helps make complex data digestible, so business owners and managers can address problems and gear their strategies towards long-term success.
ABOUT THE AUTHOR: Kevin Brolan is the Director of Sales for Talus, a Dallas, TX-based company that helps small to medium-sized enterprises in running their business more smoothly with reliable payment processing and merchant services. He has been in the merchant services industry for over a decade and oversees sales teams that work leads from various sources. He looks for the best and most efficient ways to meet projections, train sales professionals, and foster partnerships. In his free time, he enjoys trying to play golf and being wildly mediocre at woodworking.