With so many point of sale systems to choose from, the task of selecting which POS system is suitable for your business can be overwhelming. This is compounded by the fact that ending up with a POS system not applicable to your business can be costly. So where does a small retailer or a start-up begin?
POS system that will let you assess your inventory
All POS terminals record sales and track inventory. It is therefore easy to find out if your stocks run high, low or just enough. A good POS, however, will let you analyze which of your inventory are fast-moving and which are sitting on the shelves. Knowing, in real-time, which of your stocks need a quick refill will spare you customer frustration and earn you more sales.
On the other hand, a POS that lets you see which of the stocks are not converting will let you divert your resources to stocks of higher turnover instead of them getting them tied down in merchandise that remains on the shelf. If you are in the service industry like hotels, a POS system should let you know quickly not only if there are vacant rooms but also when these vacancies happen on a weekly basis. This will help you decide whether it is more profitable to slash room prices on certain days even during peak season instead of letting the rooms sit empty.
POS system that is both user-friendly and high-performing
Understandably, the smaller your business, the simpler your POS needs. But as you grow, you might need your POS updated to accommodate changes in your inventory, changes in your customer base, and market trends that affect your sales. At this point you, might need to have check processors, portable barcode scanners to keep track of your inventory, and multi-lane card readers with pin pads and signature panels. Consider the cost-benefit ratio of bringing these hardware on board while keeping in mind of the time and resources that will be spent on training personnel or the sales you might lose if you choose not to use these technology.
POS system that is scalable
There is no use for setting up a sophisticated POS system at the very start when all you need is POS software running on a computer with one drawer and receipt printer. All those extra bandwidth and high-end software cost money to maintain; money that might be better channeled in acquiring inventory that earns you profit and improves your cash flow.
On the contrary, you would not want to be tied up with a POS system that will not accommodate a credit card reader or inventory tag printer or PIN debit pad. Your POS system should be flexible enough to accommodate additional hardware and software as your needs dictate, and a scalable POS allows you to do that.