Using a POS Partner to Help Manage Your Business
Point of Sale (POS) Systems are commonly misunderstood as being a credit card processing system for small businesses. For instance, you’d like to accept credit cards and by simply adding a POS terminal, you’ll be all set.
Point of Sale by definition is the place that a transaction takes place between the consumer and retailer. It isn’t incorrect to think that a terminal that helps facilitate a transaction be lumped in with a much broader set of tools. However, POS Systems have developed into robust retailer and restaurant business management systems that can cover the entire spectrum from inventory to transactions. Let’s take a look at some of the features you should be looking for in your next POS System.
The most basic function a POS System should perform is handling transactions in a competent and engaging manner. Ease of transaction and the ability to accept multiple tenders should be an absolute requirement. Some of the transaction related abilities of a POS system include:
- Ease of Navigation
- Open Checks
- Tender Types
Running a successful small business comes down to two things: increasing revenue and controlling costs. One of the best ways to control costs is to manage your inventory by having just enough product on hand with a minimal risk of loss from leakage, theft, unusable inventory, or large capital outlay. Some of the ways your POS system can help with this are:
- Inventory Tracking
- Raw Good Tracking
- Margin Tracking
- Ordering Supplies
- Barcode Scanning
Establishing a customer base is at the core of most local businesses. Customer relationship management (CRM) is an umbrella term for a software that covers your interactions with customers from each touchpoint with your business. It’s a way of establishing benchmarks, including spending habits, that can help drive insights that will help increase revenue or improve the customer experience. Some tracking items that a competent POS system should have are:
- Cost of Marketing
- CRM Tracking
- Customer Data Collection
- Customer History
- Import / Export Capabilities
- Gift Cards / Reward Programs
Employee management software can be daunting and a lot of small businesses avoid it because of its complexity. But managing your staff in almost every case leads to far happier employees because they know what the expectations are and it can help give employees feel empowered by seeing and understanding the business. A few things a POS system can help accomplish with employees:
- Time Management
- Employee Scheduling
- Employee Monitoring
- Internet Access
Reporting and Analytics
Most businesses rely on an accountant to provide the statistics, but in reality the reason they use a bookkeeper’s number is because they are the only numbers available. If a small business was able to access this data from another source, one that’s closer to the point of transaction, the data become more real and in real-time. A POS system should help you:
- Data Capture
- Targeted Reporting
- Item Reporting
A POS system should become the hardware for your business. It shouldn’t be an add-on to your existing business hardware. The hardware doesn’t have to be clunky or unaffordable. Consider a cloud-based system that takes data storage out of your hands and rely on your POS partner to deliver for you.
- Basic Transactions
- Business-Specific Hardware
Security and Fraud Prevention
Protect your business from data breaches and business interruption by taking the time to address specific security concerns. Your POS system should help you navigate the security path and put safeguards in place to protect you from vulnerability.
- PCI Compliance
- Secured Hardware – iPad
- Employee Theft Reduction
Credit Card Processing
Make sure that you are making credit cards part of your business plan. The consumer data shows continued gains in this segment and there are many reasons to pay with and accept credit cards beyond ease of transaction. One of the biggest reasons is the increase in per transaction amounts.
- POS system with a Processing Partner
- Transparent Processing Fees
- Multi-Platform Transactions to Match Your Business
- Understanding Rates
Although this list isn’t exhaustive, we’ve tried to put together some of the finer points of selecting a POS system. We specialize in POS integration and launch for many businesses we work with. If you are considering a new point of sale system to streamline your business, we’d love the opportunity to discuss it with you. We offer several POS systems that are designed for specific business channels including Shopkeep.
It’s a pretty simple process to get started with us. It’s not an exaggeration to say that most of our clients wish they had made the change years ago, but were reluctant because they thought the process was hard. We have streamlined the process to eliminate pain points and are able to guide you through the process with a ton of respect for your time. Check out our current POS solutions.
Our motto is “Moving Forward” and it is our desire to help your business positively grow in many ways. Get started today by calling us at 608-819-8666 or visit us online anytime at www.MotusCC.com.