If your business uses an Electronic Cash Register (ECR) and some type of credit card terminal, it’s time to consider upgrading to a Point of Sale system (or Inventory Control System). Long past time, in fact.
There are many Point of Sale advantages and benefits for your business, especially if you are still using traditional cash registers. It can be tough to make such a big change but now that POS systems are less expensive and easier to use, it’s definitely something you should look into. And let’s face it, you know you’re ready to dump that bulky old cash register anyway.
A POS can lower the cost of doing business and increase productivity, improving your bottom line. Upgrading to a POS system will result in a fast return on investment, both in money and time spent on your day-to-day operations. Other advantages to using a POS system are:
- Improved Efficiency. When you give your cashiers better tools, your operation will run much more efficiently. Check-out times will decrease once they have the right tools, which is a POS system and a barcode scanner.
- Easy to Learn. These days everything is digital and touchscreens are the way to go. POS software that has an intuitive interface is easy for employees to understand, which results in a shorter training period and makes them more productive overall.
- Diverse Payment Capabilities. POS systems can accept payments of all sorts, including EMV chip cards, contactless payments, and mobile payments like Apple Pay. By giving customers different ways to make payments, you’re improving customer satisfaction because these days, more than 75 percent of people say they prefer to pay with a credit or debit card instead of cash.
- Enhanced Accuracy. A POS system with touchscreen puts all the information your employees need at their fingertips. It eliminates keying in items and prices manually, as you would have to do with a cash register, and also removes the need to upload of enter data into back-office systems.
- Managing Inventory. POS systems have advance inventory management capabilities, unlike a cash register. You can track the quantity of products you have, set up reorders, and give you real-time inventory data, all of which will save time.
- Managing Employees. Point of sale systems will decrease the amount of time you have to spend on making schedules and making sure everyone follows said schedule. POS systems have time clock functionality so employees can clock in and out on a POS terminal and it can also give you access control measures that ensure employees are correctly identified.
- Reporting. POS systems have features that allow you to easier follows profits, sales and expense. POS reports give you data in real-time and are easy to read and will also let you monitor customer sales, sell-through rate, stock turnover, etc. This helps you see where you’re doing well and what areas you might need to improve.
- Streamlines Accounting. A POS system helps simplify the entire accounting process. No longer will accountants have to look through a myriad of receipts from cash registers because with a POS system, reports can be printed and data can most likely be imported directly into accounting software.
- Managing Gift Cards. A POS system allows for the management of gift cards, coupons, and loyalty programs. This is effective way of monitoring the program and keeping track of the success of the programs.
- More Detailed Receipts. Instead of getting a piece of paper once a transaction is complete, customers will receive more detailed receipt that will include a description of the item, price and savings.
- Improved Customer Service. Nobody likes waiting in line and a POS system provides a much faster checkout service than cash registers. Being able to get customers through checkout quicker, ensures a better overall experience for them.
These point of sale advantages make upgrading to a POS system seem like a no-brainer. In order to stay competitive businesses have to adapt and change with technology and the POS system is definitely one to consider.