Businesses often have the option between choosing a credit card terminal or a full featured point of sale system. A credit card terminal can take payments in credit or debit form. Some can also accept other forms of payment such as NFC and EMV. A full featured POS system is usually much more advanced and can perform other business functions in addition to taking payments. For example, some POS systems can track inventory, store data into the cloud for secure backup, and even facilitate customer loyalty programs.
How can you know if you should invest in a full featured POS system for your business? Here are five ways to determine if a POS is the right choice:
You desire detailed analytics
Most businesses can benefit from knowing what products and services are selling and what aren’t. Many POS systems have reporting capability which allow for customized sales reports. When considering a POS system, ask about detailed and categorized analytics capabilities. Systems with this type of feature can provide key consumer insights that can be used to help drive sales and marketing efforts.
You want to accept NFC, mobile, and chip card payments
Many older credit card terminals can only accept traditional payment types such as credit or debit. Many modern POS systems, on the other hand, can accept a wider variety of payment types, including near-field communication (NFC) payments like mobile payments, and EMV chip cards. Chip cards and NFC-enabled devices will eventually become the most prominent forms of payment. Investing in a POS system with NFC and EMV capabilities can ensure a business will be able to accept the payment types their customers prefer. POS systems can also perform immediate analytics of card purchases as stated above, helping store owners see what kind of purchases their customers are making.
You wish to track inventory
Most businesses need a good way to keep account of inventory and a modern POS system is a good tool to use. Consider how valuable an inventory tracking solution built into the POS could be for the average clothing or cosmetic store that has over 10,000 SKUs. Businesses that do not use an inventory tracking system may risk product loss or data discrepancies that could cost hundreds of dollars or more.
You aspire to reduce losses
Many small or medium sized businesses can attribute their losses to human error. A feature-rich POS system can track products throughout the sales cycle, from purchase to shipment, to exchanges and returns. Business owners can use this valuable data to understand where their losses are occurring and help prevent outside theft.
You want to record employee hours
SMBs can have a difficult time accurately tracking employee hours, often using outdated or manual means to handle employee schedules. Many POS systems have the capability for employees to clock in and out with ease. Additionally, many POS systems offer cloud-based technology that allow managers to schedule employees remotely from any location.
In addition to the capabilities listed above, POS systems can allow merchants to keep track of repeat customers, items sold, real-time analytics, hourly and daily sales reports, customer information, and much more. The right POS system can take your business to new heights.