Point of Sale (POS) systems are an excellent tool for taking and managing payments in your business.
Payment features, however, are just the basics of a POS system. Advanced POS systems are an essential component of running a business and can integrate seamlessly with business operations in real time. They are the “brains” of a business, providing a single source of digital truth across many facets of a company.
POS systems generate transactions and record data, which can then be used for inventory tracking, financial reporting and storing customer information. Business owners can use a POS system to see how many products they sold, how many products are in the warehouse and how much money is coming in.
What to look for in a POS System
Quick and easy transactions
Getting paid quickly is the key to increased cashflow. A good POS system is fast to learn and easy to use. It offers many ways for customers to pay. Receipts can be emailed and returns are easy to manage.
To save time and streamline processes, a POS system should integrate seamlessly with accounting, finance and enterprise resource planning (ERP) programs. This ensures the various applications share information automatically.
Look for a POS system that allows remote access via a user-friendly app or a web portal. Good POS systems have the ability to be fixed to a sales desk or mobile when additional checkouts are required. POS systems should be all-encompassing so card readers and EFTPOS machines are not required, but can be added on if needed.
Advanced POS systems can be tailored to individual business needs. While not every business will require all of the features of new POS systems, at the very least they will benefit from fast and secure credit card payments and accessing valuable data to gain insights into overall business performance.
Identify what features your business needs in a POS System
It is important for business owners to determine the POS functionalities most important to their individual organisational strategy and day-to-day operations.
Some of the business and industry-specific features to look for include:
Online ordering and in-person pickup (hospitality and retail).
Age verification (bottle shops and tobacco sales).
Service booking integration (healthcare providers, fitness studios and salons).
Inventory management integrations (warehousing, logistics and product-based businesses).
Returns and refunds (retail).
See the system in action
Once you’ve narrowed down your options of POS systems, book a demo to see how the system operates in real-time. You’ll want to review how the system works in various interfaces including when payments are taken, ordering from suppliers, analysing sales data and other reporting features. Check if the system is intuitive and think about what challenges your staff may have in using the system so you can ensure problems are addressed quickly.