No matter where your customers are coming from and where they find you, anybody interested in buying a product or service from you will end up at the point of sale (POS). Point-of-sale systems help your business accept and process payments quickly and securely. They are the key to running a successful business, where people want what they want when they demand it.
Point of Sale (POS) has become an integral part of our business success today, by taking care of customer needs and providing real-time information on sales volume among other things that can be managed and tracked through POS software like inventory management or total transactions processed during any given period.
The best POS system offers several advanced features along with performing all the basic check-out tasks. According to Grand View Research report,
The global point-of-sale terminals market size was valued at USD 75.08 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 6.9% from 2021 to 2028.
What Is a POS System
POS stands for point of sale and it refers to what you use when customers come to the checkout counter for purchase. A point of sale system consists of the hardware and software that allows you, as a business owner, to ring up sales quickly and efficiently.
With the modern point of sale systems, you can manage your inventory and keep track of sales data with a click or swipe.
Benefits of Having a POS System
Implementing the right POS system for your business will benefit your organization, employees, and customers differently.
Seamless Checkout Process
A good point of sale system makes the checkout process fast and smooth without worrying about keeping a record of day-to-day transactions manually. Plus, the system calculates all applicable taxes for you and can tie in easily with your business’ accounting software.
Reporting and Insights
A point of sale system provides detailed insights for your transaction flow, which helps make better decisions for your business. It automatically records the cash flow, saves time by storing item data right on the system, and calculates projected revenues for weeks and months ahead. The best POS system for a small business helps identify valuable aspects for the business, products, sales, and consumers.
Extended Capabilities That Meet Your Business Needs
The latest POS systems for restaurants and retail stores allow business owners to accept online orders from customers and have them pick up in-store with easy integration. Most advanced POS systems offer extended capabilities such as customer management, stock control, and marketing. These features are helpful to retailers, restaurants, and other small businesses.
For example, some POS systems include built-in loyalty programs, driving repeat business for your company. Additionally, they allow for better fraud prevention and security and can analyze suspicious account activity by themselves.
Types of Businesses That Use POS Systems
A point of sale system is a compulsory addition to run any successful business. It helps improve profits by supporting the business and providing features that are unique to its needs. Every type of business has different POS systems, tailored for their individual goals and desires; these support them in turn through improving profitability overall!
Retail Shops
Retail stores selling physical goods like supermarkets, book stores, gift stores use a POS system to drive sales and make the checkout process easy for their customers.
Restaurants
Restaurants, bars, cafes, and off-shop caterers use a dedicated restaurant point of sale system that helps them streamline their order-taking process and speed up the checkout process.
Hospitality and Entertainment
Hotels, clubs, cinema halls, or other establishments where people value experience use POS systems to enhance functionality and provide better customer satisfaction.
Service Providers
Along with physical product sellers, service providers also use point of sale systems to gain a competitive advantage.
Advanced Features to Look For in a POS System
To identify the correct POS system for you, you will have to evaluate your business requirements.
Checkout Process
The most significant aspect of any POS system is its checkout feature. Ensure that your POS system can provide the appropriate options that you want to offer your customers. You must check how compatible your system is in adding products while ringing up sales for your business. You must also verify if your POS solution is capable of quick search bar code scanning. To enhance functionality, ensure that your POS system is both fast and intuitive.
Catalog Management
Almost all offline businesses include a catalog or menu to inform customers what they are offering. The best POS systems offer robust catalog management that helps you look through all inventory items and data in just a few seconds.
Integrations
Does the POS solution you’re looking to buy integrate with your current software and applications? A good POS system is supposed to integrate seamlessly with:
- Accounting applications and software.
- eCommerce website (if any).
- Payment processor.
- Customer Relationship Management (CRM) software.
Things to Consider When Choosing the Best POS System for Your Small Business
Managing sales to inventory control can all be done with a good POS system, but keep these things in mind if you’re looking for a custom-built POS system tailored to your business.
Identify the Existing System’s Drawbacks
You are probably looking at more productivity and fewer errors. To know how the new POS system can help, evaluate your existing systems’ shortcomings.
Hardware
Any POS system includes hardware and software, making it expensive. If you are satisfied with the current hardware you use, you can purchase a system excluding the hardware – but don’t forget to check on the compatibility.
Tidbit – Did we tell you that at Finical, every new qualifying merchant account can get free equipment? Qualifying merchants can save big on new hardware equipment costs.
Budget
Remember, the best POS system may not often fit your budget. Also, the price of POS systems varies from provider to provider. Although you cannot expect to get a high-end system for less, you may be able to get the best-suited system for your business at an affordable price.
Finical Can Help You Find the Correct POS System for Your Business
Choosing the right POS system for your business is very important as it can affect your business performance and operations. That’s where we come into play. We have a wide variety of POS systems that can align with your business needs perfectly. Power ahead with Finical and accept payments from all popular credit and debit cards.
Contact us today to know how easy it is to set up your own POS system in minutes. Ask us if your business qualifies for a free POS system. If qualified, Finical will cover the cost of hardware.
