Selecting a Point of Sales (POS) system
What is a POS System?
A POS system enables your business to accept payments from customers and keep track of sales in a convenient and effective manner. A POS system used to refer to the cash register, however today these systems are entirely digital, allowing payments to be processed from anywhere – regardless of whether you sell online, have a physical shop, or both.
Any business with a physical checkout process needs a POS system. Such merchants include retail stores, restaurants, entertainment venues, service providers and on-the-go retail/service providers.
To help navigate through the various POS systems out there, ask yourself the following questions:
Do you have single or multiple stores?
If you’re an owner of multiple stores, then all your stores need to be able to work together to give you sales reports and keep your inventory up to date. This question will also help determine if you want a cloud-based or in-house POS system.
You also need to consider your future business needs – are you planning to expand? If so, you will need a solution that can grow and evolve with you.
Do you wish to offer sales via your website or online store?
This is very important as not all POS systems allow integration with online stores whether it be via your own website or using third party application such as Shopify.
Compatibility with various hardware?
A good point of sale system will allow you to use various hardware platforms i.e., Windows PC/ Laptop, iPad or Android based devices.
Point of sale equipment can be a big investment, so if you have an existing setup, and you’re happy with your hardware, then set your sights on solutions that work with what you already have.
How is the service and support?
This is critical to the smooth running of your business. Choose a POS system that has good service and support so that you can call and discuss any issues. Not everyone has the technical skills to understand and implement a POS system, so dealing with a local POS partner is beneficial as they can assist with acquiring the correct hardware and implementation.
Is training provided?
Training is critical to a successful rollout. Instead of investing your own time, POS providers should have videos or articles to show you and your staff how to use the system.
Is inventory management a main feature of the system?
A good POS system will provide you with a re-order alert for your products and a report which will show your stock levels. This will apply regardless of whether you have one store or multiple stores.
What type of EFTPOS supported?
These devices come in various forms and models. A cordless machine is a good option as it can be used anywhere. Some of these devices now have the option to email the receipt, which is convenient for both parties.
Does it integrate with other systems?
Choose a solution that integrates with your current apps and software. You want your POS to “talk” to apps such as your accounting software, payment processor, Ecommerce site and CRM system if applicable.
How good is security and compliance?
Your POS system should be able to keep your business and customer data secure. See to it that your system is kept up to date and compliant with all laws and regulations.
Are reporting and analytics part of the system?
Your POS system should give you the data and insights you need to make smarter business decisions. Choose a solution that provides:
- Sales reports (e.g. number of sales generated in a given time period or per store/channel)
- Inventory/catalogue reports (e.g. your best-sellers, slow-movers, etc.)
- Customer reports (e.g. your top spenders, repeat customers, inactive shoppers, etc.)
Does it meet your budget?
For obvious reasons, you need a system that fits your budget. The cost and billing structure of restaurant and retail POS systems vary from one provider to another.
Some solutions charge a subscription fee which can range from $29 per month to well over $500+ a month. Other providers take a percentage out of your sales, and there are POS solution vendors that do both.
The fees that you’ll pay will depend on such factors as the number of locations you have, transaction volume, number of users etc.
Provide Technology have done all the groundwork and partnered with a leading POS system solution to make it easier to help our clients select the right system for them.
Contact the team at Provide Technology to discuss your POS system needs.