So much more than a device to help your customers make their purchases, your point-of-sale solution (POS) can become the backbone of your business. Even so, the idea of shelling out the dollars for an upgrade might go against the grain.
Before you close your wallet and decide to limp along with your old POS (or to go with no POS at all), take some time to learn how an updated system can bring your business to the next level and pay for itself many times over.
Enhancing Your Revenue
It only makes sense that paying to give your POS a facelift would be a great deal easier to swallow if doing so meant that you would make significantly more revenue.
Once you get a POS that has built-in capabilities to take mobile payments, contains accounting and reporting abilities and has inventory management software, you can watch as your profits slowly but surely begin to climb. Your POS can be your silent and very talented partner in several ways:
- With your new mobile payment processing capabilities, customer payment transactions can be completed not only faster but also at any location in your restaurant or retail space. With shorter lines and seamless checkout, you will have happy patrons who are more likely to return to your establishment as well as recommend you to their friends and family.
- With your modern POS, inventory management is a breeze. The days are over when you would run out of sought-after items, leaving potential customers disappointed. With your POS on the task, you can generate reports well in advance of your stock running low and order accordingly.
- Your new POS most likely also contains software that will allow you to set up a customer rewards program with very little effort on your part. Your regular patrons will be even more motivated to visit again and again if you make it worth their while with free or discounted merchandise that they earn when they make purchases. All that remains is for you to use your POS to keep your dynamic database updated.
- For some businesses, a modern POS can be a catalyst that can bring about an expansion in services as well as an accompanying increase in revenue. Now that you can benefit from portable credit card processing, you can take your company on the road to places such as trade shows, farmer’s markets, concerts and craft bazaars.
Providing Cost Savings
No one knows better than a business owner how many small and large costs are constantly eating into your bottom line. Luckily, your new POS can help you to minimize many of these drains on your capital.
- Inventory management. Let’s visit this important area again but now from the standpoint of cost savings. If you have ever misjudged your current stock and ordered a surplus of expensive items that you ultimately did not sell, you know what a toll improper inventory management can take on your enterprise. Automating it via your POS can prevent incidents like this from happening again.
- Time savings. You have heard the saying that time is money, and nowhere is it more evident than in the running of a business. Now that your POS can automate tasks such as accounting and inventory management, you and your staff can be freed up to take care of other equally important priorities that might have previously never gotten the attention they deserved. For instance, you might now have a few minutes or even hours to make changes to a window display. Furthermore, your POS can enable you to make the best use of each staff member’s time.
- Eliminate manual errors. One of the greatest gifts that your POS will bring to you is the automation of tasks that you or your staff may have done by hand in the past. From tallying employee hours to keeping track of sales slips, there is inevitably a higher chance of human error if the data are being entered by a human who is probably also juggling several other tasks. Relinquishing these time-intensive tasks into the capable purview of your POS can not only free you up to engage in other tasks but also may well protect you from costly data entry errors that could come back to haunt you when the time comes to balance your books.
- Space saving. Of course, portable units can be carried by staff to any desired location to complete a payment transaction, but even POS workstations are now designed with maximum use of space in mind. High resolution/high contrast backlit antiglare LED displays are easier to see in a variety of lighting conditions, thus making the customer ordering or payment process faster and less prone to errors.
With technology evolving fast, it probably comes as no surprise that your POS can become an integral player in virtually every aspect of how you do business, from what goes on in your back office payroll, inventory and accounting arena all the way to your customer payment experience. Some entrepreneurs might fear that delegating so many tasks to a system of hardware and software will compromise their integrity and turn the company they worked so hard to build into an impersonal and robotic place. Rest assured that this is not the case.
Your customers will patronize your restaurant or retail establishment based on the quality of the products or services you offer as well as how they are treated each and every time they walk in the door. No machine can ever replace that unique quality that sets you apart from your competitors. Your POS is simply there to enhance what you offer, help you generate more revenue and cut down on your costs. Who can argue with that?