Benefits of a POS System
POS systems have long been firmly established in our daily lives. They have supplanted outdated cash registers and made buying and selling faster and more convenient. Depending on the specifics of your company, you can choose an individual configuration that will fully meet your needs. Read this article for more information about what POS experience means for businesses and its main features and benefits.
What Is a POS System?
The term a Point of Sale (POS) refers to a place where the purchase and sale of goods occur and the transactions are carried out. Special systems serve such trading operations. They process incoming data, contact issuing banks, write off money, print checks, etc. The detailed list of all components may vary depending on the needs and characteristics of your business, so you can define the Point of Sale package yourself. It may include the following elements:
- weighing machines;
- cash drawer;
- other devices.
All these machines work in a single network. Of course, hardware is useless without convenient and functional software. ORTY combines all your devices into one powerful system that works for your business benefits.
How to Operate a POS System for Your Needs?
You do not need to go deep into such systems’ features since the software will do all the work for you. The main thing is to choose a convenient service and hardware compatible with it and then configure them correctly. And, of course, to receive payments, you need to have a bank account. Let’s take a look at a typical example of Point of Sales system usage.
First, you need to decide on a program or application to serve your business. After installing the right software, you need to enter into it all the data about your products or services, customers, employees, as well as gift and discount cards. POS systems allow the advantage of managing multiple sites as a single establishment without the hassle of having separate apps for each of your points in the chain.
Within one application, you can use as much hardware as you need. The detailed configuration of the system directly depends on your activity. For example, POS for service business is slightly different in functionality from a similar system for restaurants, where workers need to keep in touch with the kitchen. However, in general, they allow you to perform the following tasks:
- carry out sales;
- operate an inventory;
- manage employees and clients;
- process payments;
- prepare financial reports and forecasts;
- integrate a system with third-party services.
So, what does POS mean in business? Literally, it is a tool that allows you to manage all internal and external operations. It is a versatile structure that, despite its complexity, makes doing business simple and convenient.
10 Key Functions of Point of Sale System
If we talk about the advantages and disadvantages of a POS system, the pros outweigh the cons. The only downsides might be outdated hardware or incompatible software limiting your options. Otherwise, your business will benefit from the use of such systems due to the following features:
- Speed of service. Using modern POS, you’ll get rid of queues and improve your customers’ shopping experience. You can offer numerous payment methods and even save the most convenient options for loyal customers. And using the mobile waiter you will shorten the table service time.
- Time-saving. Since such systems not only process payments but also combine many other tools, you can significantly save time on various management tasks such as monitoring employees and planning salaries.
- Ease of use. Many terminals have intuitive interfaces so that you or your workers will not need much time to master them. You can easily connect all the devices and start using the service right after installation.
- Customer insights. You want to provide your client with the best possible service, so you need to thoroughly know their wishes and needs. Based on the data on purchased goods collected by POS, you can improve your business, launch new advertising campaigns, offer loyalty systems, etc.
- Incredible accuracy. Manual entry is a thing of the past. All the information necessary for work about the goods and services provided is at hand. It helps avoid errors and typos when processing orders and increases work efficiency.
- Inventory management. If a POS terminal is able to update inventory in real-time, you will always have accurate information about your stocks and be able to replenish them on time.
- Employee management. Modern systems make employee management, scheduling, payroll, etc., easier and more convenient.
- Accurate sales analytics. Reports allow you to keep track of various aspects of your business: daily sales, plan execution, order fulfillment progress, deals and promotions implementation, and so on. All key KPIs are under your full control.
- Accounting. With POS, you can simplify and speed up your bookkeeping process. Upload data for the selected period in seconds and use it to fill in official reports and tax returns.
- Cloud-based service. Modern systems store collected data in the cloud, making it possible to access it remotely, wherever you are.
POS systems provide companies with all the necessary tools to run a quality and modern business. As you can see, they not only improve the sales process itself but also contribute to improvements in all other areas.
Kaitlin is an editor at Square where she covers everything from how small businesses can start, run, and grow, to how enterprise companies can use tools and data to become industry leaders.