In the retail industry, there’s one piece of technology that’s crucial to any business’s operation—the point of sale (POS) system. Whether you’re starting a new business or you already have an established one, having your own all-in-one POS system can be critical for the future success of your retail business. Here’s what you need to consider if you want to start investing in your own POS system.
Hardware Requirements
This is where everything starts. Finding the right hardware is like finding the perfect vehicle that will bring you from point A to point B in the fastest way possible. There are a couple of different options available now for POS hardware, and some are much more intuitive than others. Here are some options you should consider:
- Desktop POS – Perhaps one of the most versatile options available is the desktop POS since it can easily run your choice of POS software easily. If you want to take it a step further, a desktop POS with touchscreen capabilities is the most efficient option and is capable of reducing processing time for each transaction.
- Tablets – If you run a smaller operation and want to be more practical about it, tablets are a great checkout option. They’re quite mobile and allow associates to open new lanes quickly or process transactions away from the traditional point of sale area. If you want to open a little kiosk at a convention or an event, you don’t have to worry about carrying a bulky piece of equipment.
- Cash Register – Usually paired with other POS systems like the desktop POS. However, you can still use it the old-fashioned way of just storing cash and opening it whenever there’s a transaction.
- Payment Machines – Of course, no POS system will be complete without being able to accept payment. Nowadays, it’s no longer enough to have a POS system solely for cash transactions. You should invest in a system that can accept multiple payment processing options, including EMV and contactless payments.
Other ancillary hardware includes scanners and receipt printers. They’re both essential pieces of the POS system, although not all products require their use.
Software Requirements
A good POS software should be able to power all the features of your system easily. They should integrate quite well with your hardware without the need for any special arrangements. Remember, not all hardware and software are compatible, so be sure to consider this when shopping around for your hardware and software solutions.
If you want to make things a lot easier, you should opt for cloud-based software so that users can access the data and metrics from any device with an internet connection.
Inventory Management
This is another crucial feature to consider for your retail business. Any responsible business owner does their inventory regularly, and doing that requires a smart inventory management system. Typical features to look out for include ordering, optimal stock levels, pricing, promotions, vendor management, and much more. As much as possible, don’t rely on manual bookkeeping or you risk wasting a lot of your employees’ time.
Reporting Capabilities
Finally, an all-in-one POS system should have great reporting capabilities to pair with your inventory management system. Reports like sales by retail area, sell-through rate, gross margin, and return/refund rates are crucial if you want to monitor your business quite effectively. If you’re working with an accountant or bookkeeper, they’ll rely heavily on these reports, which should be integrated into your POS.
Conclusion
Gone are the days when every transaction was manually recorded in paper documents and ledgers. You should invest in an all-in-one POS system right now if you want to survive the day-to-day operations of your retail business.
ProSource Payments is your partner when it comes to making your business processes go smoothly. From ATMs to payment processing systems, are exactly what your business needs to succeed. We have unmatched years of experience in the ATM, payment processing, and business finance fields. Partner with us today!