Modern POS (or point of sale) systems aren’t limited to processing credit card transactions. Now, they can do more for the merchant such as help streamline vital processes. In choosing a POS system, there are different features to consider. The size of the business is also important in selecting a system that best fits its requirements.
Different types of POS used by small businesses
When choosing the best POS systems for small business, you need to compare the different setups available. For example, there are POS models designed for restaurant, retail, or bar use. To compare, here are three of the most common POS systems used today.
- Retail POS. Retail shops need a system that will not only process transactions but also help manage vital information such as customer data and inventory. Retail POS typically has added features such as staff management, rewards management, and running discounts.
- Restaurant POS. This type of POS has features unique to a restaurant’s needs. In addition to the standard functions, you can expect add-ons such as split-bill capability, integrated delivery services, and ingredient tracking.
- Bar POS. This system may have features similar to a restaurant POS, but also includes other helpful functions such as table management and drink modification capability.
The features and functions of a POS system impact efficiency. In choosing a POS system for your small business, you need to consider the following five essential features.
Payment processing integration
For streamlining payment transactions, the system needs to have a built-in processing system. This can be either through a third-party provider or in-house. This way, the processor and the system can communicate and exchange data automatically. Without this feature, you’ll need to keep manually entering the customer’s credit card information. So, with an integrated system, you can minimize human error and also speed up processing.
It’s a common misconception for small businesses to think that they don’t need inventory management. But, this feature involves more than tracking stocks. This POS function will help the merchant track inventory without manually counting items. By receiving notifications and alerts, you’ll know right away when it’s time to replenish stocks.
This feature can be helpful in many ways. It can manage schedules through a clock-in and clock-out feature. Managers can also modify permissions which will give senior employees access pertinent to their job description. The staff will benefit from better efficiency, and the company also saves money and time.
Reporting and analytics
Modern POS systems are capable of generating important reports. This feature will allow the business owner to gain better insight into sales and revenue. By using data generated by the POS, the business owner can make better decisions, especially in marketing and driving higher sales.
A POS system with customer management features will help the business provide rewards and loyalty programs for repeat customers. Through the data collected, you can create customer profiles and segments which help in choosing the right marketing strategies. You can also customize rewards programs based on seasonal customer behavior and other information collected using the POS system.