There are many POS providers available on the market today, each offering different features and pricing. When you need to choose one for your growing business, you’ll want to keep a few things in mind before making your final decision. From finding a POS system that can scale with you as you grow to focus on data and warehouse inventory management, these tips will help you choose the right system no matter what size your business is.
Find a POS System that Can Scale With Your Business
An important consideration to keep in mind when you’re looking for a POS system is whether or not the system can scale with your business as it grows. Many POS systems can’t handle large sales volumes or even multi-outlet businesses. Be sure that your chosen POS has the ability to support larger operations, so you don’t have to make a switch anytime in the future. Putting a halt on your business operations to switch POS systems can be incredibly inconvenient. You’ll essentially have to start over, re-entering all of your information into the new system and learning a new interface. Plus, you may not find a POS system with the same features as the one you started with.
Know Your Budget
As with any new addition to your business, you’ll need to consider the potential financial impact the new software could have. Does your monthly budget support a monthly POS premium, or can you afford to outright purchase soft or hardware? Consider carefully what your business can afford, and go from there. Many POS systems operate on the monthly premium package, so your options for outright purchasing software are pretty limited.
Some POS packages can be as low as $30 per month, while others can cost well into the hundreds, depending on the features you want and the brand you choose. Choosing a reputable brand might be a bit more costly than the knock-off counterparts, but you get what you pay for. When you spend the extra money on a reputable brand, you’re getting the support and service you’ll need to keep your POS operating at max capacity 24/7.
You’ll also want to keep in mind that there’s normally a transactional charge on credit card transactions, which can also eat into your profits.
What Do You Want From Your POS?
Perhaps the most important thing to consider when choosing a POS is what you actually want from your POS system. Do you want effective inventory management or just a better way to process payments? Do you plan on integrating with your CRM software, or using the POS as a standalone software? This will determine whether or not you purchase a feature-rich system or a more basic one. After all, you wouldn’t want to be stuck paying monthly for features you don’t even use!
Modern POS systems are loaded with dozens of features like contactless card reader, so take time to sift through everything your POS has to offer. You might find that a similar brand offers more or fewer features that better suit your needs. Narrowing down the software’s features will ensure you’re choosing exactly the right software for your specific industry.
Focus on Data and Inventory Management
Two of the most important features that you’ll find in a typical POS service, whether that be an epos for restaurants system or a PoS system for a retail outlet, are inventory management and data gathering. You can collect information on sales, customer purchasing habits, and much more. This information is collected and stored for free in your POS interface for later review. Think of how much more you could achieve with such information! Knowing what your customers’ purchase can really help you narrow down your marketing efforts and create better relationships overall with your customers.
Real-time Inventory Management
Real-time inventory management will help you stay on top of stock counts, ensuring you won’t accumulate dead stock or have inaccurate numbers on your website. Streamlining inventory is an effective way to save both time and money, as recounts are often time-consuming and costly. Your POS software can handle returns, sales, and even ordering new inventory if you integrate the software with your stock catalog. Keep in mind that not all POS software allows such integration, but almost all POS software has inventory tracking abilities.
With better inventory management and access to mountains of data. You’ll be able to narrow down the things that are holding your business back from growth. The more knowledge you have access to, the better off your business will be as a whole; and a more organized inventory management system benefits everyone, including your customers.
A POS system is one of the best tools you can employ for your growing business. You’ll have access to plenty of insights and data regarding your business practices. Customer behavior, better inventory management tools, and an affordable way to unite all aspects of the business.