A point-of-sale system, commonly referred to as a POS system, can be much more than just a credit card reader. Many of today’s POS systems are true command centers, allowing you to process transactions and payments, track orders, manage inventory, and more. The right POS system can provide the solutions and insights you need to manage your business effectively.
Here are some potential benefits that a modern POS system can offer:
1. Faster, More Convenient Checkout Process
POS software can speed up the checkout process, making it more convenient for you, your team, and your customers. It improves accuracy and reduces human error, making it easier for your business to help more customers. Many POS systems also accept contactless payments and mobile wallets and some even offer EBT payment options. Many allow you to accept online orders and payments as well. By allowing your customers to make purchases using the ordering and payment methods they’re most comfortable with, you can help increase your sales and revenue.
2. Increased Customer Loyalty
Many POS systems have built-in loyalty programs that can help you engage and retain existing customers. These programs are typically integrated with the POS software and can take the form of reward points, cash back offers, coupons, or exclusive deals. Incentives like these can drive repeat business and can help deepen your customer relationships. Loyal customers are more likely to share their positive experiences, both online and in-person, which can help you obtain new business as well.
3. Inventory Tracking
Out of stock items can result in lost sales and angry customers. Many of today’s POS systems allow you to track your inventory in real time so you know which items need to be restocked, or pulled from current promotions. In most cases you can also view inventory trends to help stay ahead of demand and set the correct expectations with your customers. At the very least, having accurate, up-to-date inventory numbers will allow you to properly communicate to your customers what you do and don’t have available for sale.
4. More Upsell and Cross-Sell Opportunities
Many modern POS systems make it easier for you and your employees to maximize each sale opportunity. Some systems can automatically suggest complementary products or available upgrades directly to the customer during the checkout process. Most POS systems can also be used to collect customer contact information so you can send out future promotions via text message or email.
5. Enhanced Customer Privacy and Security
A POS system can help keep your customers’ personal and financial data secure, so it doesn’t fall into the wrong hands. Most have comprehensive data encryption and comply with strict industry standards for securing financial and sensitive data. POS systems also have access controls to help limit risk.
6. Better Internal Communication
A point-of-sale system can double as a communication tool for your staff. In a restaurant for example, it eliminates the risk of errors stemming from handwritten orders, and provides accurate time-stamped proof of when an order was received. A POS system can reduce internal confusion, increase efficiency, and improve accuracy.
At the end of the day, an efficient POS system can help you deliver a better customer experience so your business can flourish. There are many options to choose from, and systems to fit any business budget. If you are a small business owner in MA or RI and want to explore how a POS can help your business, contact us today. Through our partnership with First Data’s Clover Business Solutions, we can help you find the point-of-sale solution to meet your unique business goals.