How to Choose the Right Point of Sale System For Your Business

Choosing a POS system for your business can be challenging with all of today’s options. Each POS provider claims to be the best, but the fact is, they’re all a bit different in terms of features and software. While the general premise remains the same, different providers put their own “touch” on the POS software, so if you’re looking for specifics, you’ve come to the right place. Here’s how to choose the right point of sale system for your business.

What is a POS System?

Before we get to choose the right system, let’s take a look at what a POS system is. Modern POS systems aren’t the same as traditional cash registers, though they usually do include a cash drawer for such transactions. Modern POS software is much more intuitive and versatile, offering dozens of tools and extras within one software program.

In order to find a POS system, you need to know exactly what you’re looking for in the product. To do that, you’ll need to know the basic features that are pretty much standard for most POS systems. These usually include some kind of inventory management, payment processing, and email collection. These are the bare minimum of features, and many POS systems offer dozens of extra tools in their software.

Know Your Budget

First and foremost, you’ll need to figure out your business’s monthly budget and determine what you can afford in terms of POS software. Some POS providers offer monthly premium programs, while others allow you to permanently purchase their software and hardware to own. Determine which option best fits your business’s needs and go from there. You may find that an initial investment is actually cheaper for you than paying for a monthly premium, or vice versa.

Figuring out your budget will help you limit your options and eliminate some of the noise that comes with POS shopping. If a feature-rich POS system is simply outside of your budget, you don’t have to worry about sorting through each feature to ensure it’ll be useful to your business. You also won’t be paying for features you’ll never use!

Identify Your Needs

Once you know what you can afford, you’ll need to figure out which features you need. You want to be sure whichever software you buy is actually serving your needs and not just offering useless features. Do you need better inventory management? A focus on better payment processing?

Inventory Mangement

Modern POS systems are usually equipped with some kind of inventory management software, which updates in real-time. This real-time inventory count will help keep numbers accurate and reduce the stress of having to perform a recount every so often. You’ll also save money since you won’t need to purchase separate inventory software. This makes a POS system a worthy investment, especially if your inventory management methods are less than perfect or error-prone.

Employee Management

Employees will also be able to clock in and out in most POS systems, so you can do all of your hourly tracking and other employee management tasks directly within the POS interface. Don’t waste money on third-party software when you can simply have employees clock in and out at the POS terminal.

Improved Payment Methods

POS software’s main purpose is to process payments, and accepting a wide variety of payment methods can help you expand your business. From cash to credit cards to touchless payments and beyond, modern systems leave nothing unaccounted for. Some POS systems even allow you to add new payment methods to your interface!

Customer Interaction

Interacting with your customers is one of the most important aspects of running a successful business, and POS systems can make the process simpler for everyone. You’ll be able to collect customer information and enter it into a database in your POS software. You’ll know customer names, emails, and purchase history; making for much better interactions and focused marketing efforts.

Choose a Reputable Brand

Once you know your budget and the features you want from your POS software, you’ll want to pick a reputable brand. There are hundreds of POS options out there, but the giants in the industry are so because of a commitment to quality and customer service. The latter should be one of your main concerns because it’s pretty difficult to trust a brand that doesn’t focus on customer service.

Conclusion

Whether you’re a small business/startup or a corporate entity, having a good POS system can help you streamline operations and increase your company’s versatility. You’ll have access to better inventory management, customer interaction, and even employee management tools all within the same interface. Streamlining everything helps save money, time, and eliminates the learning curve that comes with several different programs. Take control of your business today with a modern POS option!

Author: Chakraborty

Dr Chakrabarty is the Chief Innovation Officer of IntuiComp TeraScience. Earlier she was Assistant Professor of Delhi University, a QS ranked university in India. Before that she has held research positions in IIT Mumbai, IIT Chennai and IISc Bangalore. She holds 2 patents and over 20 research publications in her name which are highly cited. Her area of research is in smart technologies, integrated devices and communications. She also has a penchant for blogging and is an editor of Business Fundas.