Many small businesses that provide goods or services have a Point of Sale, or POS, as the primary workstation. As such, many of the business’ core processes run through it. These systems have a plethora of great features that are built right into them, and if you fail to take advantage of them, you could be wasting valuable time and resources.
The truth is that a POS system is not just a cash register; it is a central hub for the management of your business. Some of their more advanced options can fly under the average user’s radar, so let’s make sure you don’t miss out on taking advantage of them!
#1 – Choose the Right Terminal Structure
POS systems require terminals to work, and there are several different ways that these terminals can appear. You should choose the right one to fit your organization’s needs. Here are four ways you can implement a POS system:
- In-store: Traditional on-premise POS systems are your typical systems. Basically, the business hosts the server at the location, and the POS system runs on local hardware. In-store POS systems are great for small businesses that don’t require anything too technical in the back-end computing system. This type of POS system is common in retail and hospitality, and they have some higher costs in terms of hardware maintenance and management, but they are overall quite easy to use and secure.
- Cloud-hosted: If you host your POS system in the cloud, you can reap the benefits of saving on capital costs. You also don’t have to worry about maintaining hardware, as the provider will likely be the one handling that responsibility. Cloud-hosted POS systems are generally quite affordable and reliable, as long as your Internet connection is stable. With most cloud systems, however, security can often be a sticking point, and you are out of luck if the Internet goes down for any number of reasons.
- Mobile: Mobile POS systems use some type of external hardware connected to a tablet or smartphone. These can save businesses plenty of money, but there are downsides when it comes to maintaining the technology, as tablets and smartphones are prone to damage every so often compared to a register that just sits on the counter all day.
- Kiosks: Self-service kiosks have really taken off in popularity as of late, as they reduce the need for customer interaction, saving time and money by freeing employees to perform other tasks. This has the downside of alienating customers who are not particularly tech-savvy, though, and customers might complain when they inevitably experience problems with the system.
Before you can choose the correct POS system for your business, you must first understand what the consumer needs. From a retail perspective, something with a barcode scanner integrated into it would be ideal, as well as a reliable printer. A restaurant, on the other hand, might need a scheduling program that can handle reservations. The same can be said for a hotel or salon, which might need booking systems. Therefore, we urge you to carefully consider what the best fit for your business’ customers is.
#2 – Understand POS features
While there might be many different POS systems to choose from, there are even more decisions to be made in terms of specific hardware and software. Other features you should consider include:
- Inventory control
- Payment processing
- Return pricing
- Labor management
- Integrated Enterprise Resource Planning (ERP) capabilities including supply chain management
- Reports and analysis
These features are some of the most common ones that provide high-efficiency gain for businesses when used with a POS system. With integrated ERP capabilities, companies can more effectively control the supply chain right from the POS system, taking inventory management to the next level. Out of all of the above, we think this has the possibility to make the biggest difference for businesses.
Let’s use a restaurant owner as an example. With a label maker, you can easily manage inventory by adding barcodes to products on your shelves. This helps staff know when it is time to order more products, and it is only possible in any easy capacity thanks to a POS system utilizing the above system.
POS systems can even handle the time management aspect of your business, including scheduling, reservations, employee time cards, and other needs. Thanks to cloud-hosted solutions, scheduling, and other employee information can easily be shared online so that businesses can ensure they are always staffed accordingly.
If you correctly utilize all of the features of your POS system, you might be surprised by how much control this gives you over aspects of your business that you might not have foreseen. You can even customize reports and analyze operational information, giving you the knowledge it needs to make informed decisions.
Nexela can help your business implement the correct POS system for its needs. To learn more, reach out to us at (215) 525-3223.