9 Qualities to Look for in a Point of Sale System
Did you know that the market size for point of sale (POS) software has a value of over 9.3 billion? The demand for these platforms continues to rise as more people shift to e-commerce and realize the benefits of proper order management.
If you are a business owner, you may be interested in getting a POS system to help you simplify transactions and enhance customer satisfaction. However, with so many vendors in the market, selecting the best software can be a challenge.
Are you wondering how to buy the best point of sale system for your business to streamline workflow at a relatively lower cost? Read on to discover nine qualities you should look for during the search process. We’ll also mention some aspects you can use to identify a platform that meets your needs.
1. Inventory Management
Tracking inventory without the right system can be tricky. You may need to constantly update your records each time you buy new stock or sell to a customer. Unfortunately, managing your inventory manually can be time confusing and lead to errors.
When looking for a retail POS, ensure you pick one that will simplify tracking inventory. A suitable system will let you confirm if a product is available in a few steps. It should also enable stock transfer between several warehouses or locations.
Another inventory management aspect to look for in a POS system is restocking reminders. These will help you determine when it’s time to get more products. Using such a feature, you can avoid keeping your customers waiting when they order items out of stock.
2. Invoice Management
When running a retail business, you are likely to handle a wide range of invoices. These may include those for:
Since placing these documents in one category can be confusing, consider getting a POS system with an invoice management feature.
With such, you can create folders for each transaction type and group all financial documents. This aspect will make it easier to locate specific files when accounting for expenses or requesting payment from clients.
Each business needs big data to understand customer and market behavior. Having such information makes it easier to make critical decisions like selecting a marketing platform. Before picking a particular POS system, ensure it provides reporting tools.
These will allow you to track sales for specific items and credit card transactions. They also make it easier to identify trends that you can leverage to grow your brand. Such include the business hours or seasons with the highest sales, most popular items, and employees bringing in the highest revenue.
POS platforms handle a lot of sensitive customer data. For example, they contain shipping information which often includes the buyer’s address. More sensitive data you’ll find in a POS are:
- Credit card information
- Bank account numbers
- Contact details
It’s vital to determine if the POS systems you consider are compliant with regulations for protecting customer data. This way, you can avoid getting in trouble with the law and prevent people without the proper authorization from accessing sensitive information.
5. Integration With Other Software
Most POS systems come with a broad range of features to simplify operations. Still, it may be tricky to find all aspects you need in one platform.
It’s advisable to always go for a system that supports integration with third-party software. For example, the selected solution should allow you to connect it with your accounting software.
Purchasing a POS system that you can integrate with other solutions will help you reduce costs and save time. It also eliminates the tedious process of making double or triple entries on different platforms.
6. Meeting Your Business Needs
Each business has unique needs depending on its nature and goals. When looking for a POS system, identify what your company requires and outline the main goals of getting the solution.
Do you have a restaurant and need a system to help your customers check out after dining? Besides, are you looking for a platform that will make running businesses in different locations easier?
Answering such questions can help you select between different types of POS systems available in the market. If you are unsure about the best choice, consider a business-to-business platform that connects you to reliable vendors.
Using such, you can determine the specific features you need in a solution by answering various questions. You will then receive offers from vendors offering POS systems within your price range.
7. Easy to Use
Adopting a complex system can tire and frustrate your employees. This issue may also lead to costly mistakes like overcharging or undercharging your customers.
When looking for a POS system, check its design to confirm whether it’s easy to navigate. Besides, observe if you can easily find all the features or determine their location without searching for several minutes.
An ideal POS system should have a friendly user interface to simplify work for your employees and speed up check-out.
8. Data Security
Another aspect to look for in a point-of-sale system is data security. Does the solution you consider have a cloud backup? Moreover, does it offer authentication procedures to help you protect financial and customer details?
Selecting a POS system with cloud backup is the best way to safeguard data. Such a tool will automatically upload files and allow you to retrieve them as needed. It will also eliminate the cost of buying and maintaining data storage hardware.
Adopting new software in your business can be costly, especially if you need to buy extra hardware or get third-party solutions. However, you should be able to recover this cost and realize profits after some time.
Getting a POS software that’s too expensive for your brand can make it challenging to increase ROI. Before selecting a particular option, determine all involved costs. These may include:
- Training employees
- Recurring package expenses
Understanding all the expenses of a POS system can help you forecast its ROI. This information will then help you determine if its costs are worth the benefits.
Get a Point of Sale System Designed for Your Needs
Selecting the best point of sale system for your business may seem like a daunting task since there are many factors to consider.
At CheapMeNow.com, we help you find a solution with all the features you need within a specific budget. Our platforms allow you to get competitive offers from several vendors within a few minutes. Contact us today if you are looking for a b2b comparison marketplace with the best POS system providers.