Main Features
To ensure smooth processing of payments choose a third-party company to handle the transaction of debit and credit card payments by customers. This also ensures the security of each transaction.
Industry-specific POS systems help you with product management, categorisation and inventory control, as well as enable you to run customer loyalty programs and promotions. You can also manage staff with access-controlled logins and make use of the analytics and reporting with exporting functions.
The data you receive from reports can accurately assist you in achieving your business’s goals. Data can also be used to predict how and when your customers buy products to plan effective sales strategies and ultimately decide on a sales forecasting process. You can also integrate this feature within your accounting software.
Use this feature on your POS systems to create customer profiles, save their contact details including their email addresses and phone number. You can also give customers the option to become part of your business’s email list to get updates on specials and other marketing information. You can also send them receipts via email.
Offer discounts to help improve cash flow by encouraging new clients to buy or reward loyal customers. This feature on POS systems can help track the discount management process.
Gift cards can be used to attract new customers. This feature can offer tracking capabilities and can be integrated with other platforms.
Make sure you keep track of every single item in your inventory. With an Inventory Management system, you can stay well-informed of purchases including the resale items and the fulfillment of a customer’s order. This can all be done via cloud-based solutions such as SOS Inventory. You can also generate sales reports, set up automatic low inventory alerts, and manage order packing and shipping.
Use loyalty programs to reward regular customers. Loyalty programs can provide insight into customer product preferences and shopping behaviour.
This feature will allow your business to track inventory across multiple venues (stores).
Buyer's Guide
Choose the Right POS System for Your Business. There are numerous tasks that a professional POS system should be able to handle – from sales tracking and accounts receivable to purchasing and inventory management.
Consider the following:Â
It’s important that whichever POS system you choose is easy for customers to operate to avoid taking up your customers’ time unnecessarily and limit any frustration. It is just as important that your employees can easily handle the check-out process and are able navigate the dashboard to complete essential tasks such as track sales and manage inventory.
A good idea is to go with a POS option with software that can easily integrate with your existing accounting software, CRM, inventory management and even e-commerce website.
POS systems providers that integrate into e-commerce websites allow businesses to accept card payments without the use of card machines. Even businesses without online stores are also able to process online card payments by sending customers a payment link on WhatsApp, email, Facebook or Instagram.
- Alternative payment options
Different cashless and contact-less transactions like the Tap & Go option or QR Codes, are popular trends according to fintech experts. Alternative payment options should be considered in any business. Due to COVID-19, customers are reluctant to hand over cards or deal with cash in stores, they have become willing to use alternative methods like QR codes.
Finally, many consumers cite security as their primary concern related to alternative payment methods. It is important that your POS system is secure against criminals seeking to steal payment card data. Additional effort will have to be made by each business to assure customers that their data is safe and secure.
POS BenefitsÂ
- Customer service – increased convenience for customers.
- Increased reach – additional payment methods can help expand your customer base and increase sales.
- Convenience – payments are deposited directly to your bank account.
- Insights – informed decision-making with the help of sales insights and analytics.
- Security – it is safer than cash on premises or on hand.
- Increase access – 24/7 access to data on your cloud-based POS system.
- Better customer management – get regular updates on your POS system on product data and also on sales; you will also be able to keep track of their preferred products.
- Boost online sales – integrate your e-commerce solution with your POS system.