Disclaimer: Not our original article, excerpts from https://merchants.fiserv.com/en-us/resources/pos-system-guide/
Point-of-sale(POS) systems are vital to running a successful business today. They help you accept and process various payment methods quickly and securely. In fact, 68% of businesses rely on POS systems to capture new sales at the checkout counter.
Yet, today’s point-of-sale systems can handle a lot more than payment transactions. They can help with every aspect of your business, including:
Finding the Right POS System for Your Needs
It helps to first outline your business’s requirements by asking yourself some questions:
- What is the state of your business?
- What are your business struggles?
- What tasks can a POS system can help simplify?
Ease of Use. You shouldn’t need an engineering degree to set up and use the POS system. It should be user-friendly.
Hardware. The size and type of business determines what type of hardware you need:
- If you’re a small retailer, you may need a tablet, card reader, and cash box.
- If you have a larger operation, you may need terminals, receipt printers, barcode scanners, or more.
Software. POS systems start with the software, so examine each option’s capabilities and costs to make sure they’re the right fit for your business.
Integration. Does the point-of-sale system integrate with tools, apps, and software that you’re already using?
Automation. Does the system automate processes and reduce manual inputs? For example, a good POS solution should be able to use data from your logistics and supply chain to update inventory and order information.
Support. No matter how technically savvy you are, it’s good to have access to customer support. Whether you run into issues or need help setting up the system, look for a POS solution that provides 24/7 support via: email, chat, phone, etc.
Cost. Obviously, you need to consider the cost of the POS system (including the hardware and software). The type and number of terminals you purchase should align with your needs.
POS systems boast many features. In addition to accepting payments, you might find solutions that can handle:
- Inventory tracking
- Customer management
- Invoicing and billing
- Refunds and returns
- Employee scheduling
- Data analytics
Make sure the POS system you choose has all the features your business needs.