refers to the hardware and software used for checkouts, the equivalent of an electronic cash register. Improve your sales processes with the right POS system.
Choosing a retail point of sale (POS) system involves more than just selecting a combination of hardware and software. It requires understanding the potential for a business to grow and evolve over time. It also involves sharing a vision of how stronger customer service can lead to greater revenue. When evaluating retail POS systems, business experts advise decision makers to review eight important features, along with their benefits:
Total Cost of Ownership When pricing retail POS systems, many company owners mistakenly assume the sticker price includes everything they'll need for an effective installation. In reality, most retail point of sale systems require ongoing training and maintenance throughout their functional lives. Reviewing the cost of retail POS systems over the course of three to five years offers a truer picture of a solution's real value.
Functional Flexibility Not only should a modern POS for retail be easy to use, it should be adjustable to the needs of a business. Many retail POS systems feature flexible touch screen or mouse-driven command screens that make it easy for managers to speed up routine transactions. Instead of tying themselves down to hard keys, business owners can add virtual, on-screen commands for new items, services, or processes.
Back Office Integration Today's retail POS systems do much more than keep tills even. Business owners can use them to streamline and organize nearly every aspect of a shop or a restaurant, using advanced features that include:
Automated inventory management. Administrators can program newer retail point of sale systems to automatically re-order critical stock items from suppliers when inventories reach trigger points.
Integrated credit card processing. Hardware and software combinations allow merchants to funnel credit card orders to the right processors without the clutter of additional hardware.
Export to bookkeeping software. Company owners can review performance updates internally, bounce them to popular systems like QuickBooks, or even grant direct access to company accountants.
Invoicing and gift card management. Retailers that offer terms or maintain credit balances for customers can organize accounts receivables, accept payments for outstanding accounts, and even offer their own reloadable debit cards.
Multiple Location Networking Expansion is most business owner's dream. Many new retail POS systems allow a single administrator to run multiple locations simultaneously. A company owner or district manager can enjoy immediate snapshots of performance across multiple locations, or even numerous departments within large locations. Many companies can save money by using daily reports to adjust inventory and staffing across locations, instead of simply ordering more stock or hiring additional employees.
Hardware Compatibility In some organizations, workstations offer simplicity in exchange for the slight risk that an entire module may need to be replaced if it fails. On the other hand, software-based retail POS systems allow business owners to shop for the best hardware deals, as long as they provide support for:
Touchscreens and Mice. Many retail shops have the counter space to use mice, trackpads, or other pointing devices. However, many food service businesses enjoy the convenience of touchscreen systems. Business owners should ask prospective vendors about the durability and cost of their recommended input devices.
Magnetic card swipers. Swiping a customer's credit card provides extra security and convenience compared to manual entry. Managers should ask prospective vendors whether built-in swipers and processing tools can interface with their preferred merchant banks.
Cash drawers and safes. Most tills open and close automatically using signals transmitted over a simple device cable. However, many stores are discovering the extra security of tying retail POS systems to safes. On some systems, clerks can deposit large bills into a secure scanner without having to adjust their tallies.
Printers. Some retailers and restaurant owners enjoy the convenience of popular thermal printers. However, some boutiques and other sales organizations prefer to print receipts, contracts, invoices, and other documents using full-size inkjet or laser printers.
Signature pads. Although digital signature pads have become popular at many retailers, customers frequently damage them. Business owners should ask vendors about other customers' experiences with PIN pads and signature devices.
E-commerce Today, many retail POS systems offer direct integration to live e-commerce platforms. For retail shops, this feature allows customers to place orders online to be picked up at the store or for direct shipment. In restaurants, e-commerce integration allows customers to place "to go" orders from home, from in-store kiosks, or from mobile devices. Meanwhile, streamlined accounting and tracking keep employees focused on their existing workflow.
Innovative Customer Service Options Investing in modern retail POS systems can impact a business beyond the efficiencies of checkout. Some of today's most powerful point of sale tools also promote:
E-mail marketing. By collecting detailed customer information at checkout, retailers can streamline their outbound marketing efforts.
Customer service surveys. Retail POS systems can generate easy, unique transaction codes that enable more effective feedback tools.
Instant rebates and promotions. Flexible databases can handle instant price changes while printing forms or details for rebates and other special offers.
Direct fulfillment. Some retail POS systems can interface directly with warehouses or third-party drop shippers to facilitate custom orders or back stock processing.
Mobile deployment. A handful of vendors now allow customer service representatives to process transactions on wireless handheld devices. These tools streamline order taking, especially in restaurants.
Vendor Background Selecting a cheap retail POS system from an unknown vendor with few clients might save a few dollars now, but could result in chaos years later when hardware or software updates wreak havoc at a cash wrap. Vendors with experience and strong customer bases tend to offer stable, secure, supported systems that can stand the test of time. A good place to start your search for a suitable vendor is by comparing POS Systems from leading vendors.
Retail point of sale systems have evolved beyond simple cash registers into powerful tools that can transform a company's revenues through customer service. Although family-run garden centers might not look like hubs of cutting-edge technology, a small shop uses a powerful retail POS system from Radiant Systems to log over $2.5 million USD per year.
A small startup company has big plans for streamlining retail point of sale systems in restaurants. When a group of technical school students waited too long for service at one area restaurant, they brainstormed ways to help improve the experience of dining out. Over the past few years, those ideas have blossomed into sophisticated retail POS systems at the forefront of service industry innovation. The company developed some of the first self-service kiosks for quick service eateries. The company also pioneered the use of wireless handheld devices in restaurants, allowing wait staffs to enter orders and print tickets tableside.
The startup company has also developed integrated systems that enable to-go ordering from client websites. With Internet-enabled remote support options, their technicians can troubleshoot hardware and software issues without requiring expensive, on-site service calls. As the landscape of the restaurant industry shifts, industry experts predict that small companies will capture a larger share of the retail point of sale system market.
Conclusion If a small garden center can rake in over two million dollars and a city diner can revolutionize its take-out business, most companies can build stronger revenues by investing in high quality retail point of sale systems. As with any business tool, company owners must find the right combination of value and benefits. A system that limits creativity and locks in a particular business model can prevent a business from evolving. However, many of the latest retail POS systems offer the kind of flexibility that can cultivate strong customer service and positive financial results.
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