Helpful Tips to Make the Most of Your POS System
The primary function of a POS system is to process payment transactions. However, POS systems are much more refined and can be used to obtain a host of valuable information to help you run your business more efficiently. Here are two quick tips to make sure that you’re making the most of your POS system and using it to your company’s utmost advantage.
Not only do POS systems allow you to run multiple reports, but you can customize those reports with a variety of filters. For instance, if you really want to know how sales perform during a certain time of day, you can use the appropriate filter to laser-focus on that particular time. Filter options allow you to customize your data allowing you to focus on the areas that matter the most to your business.
Additional filters include:
- Week to week sales comparisons
- Month to month sales comparisons
- Labor costs during certain shifts
- Item/inventory sales
- Discounts and promotional package sales
Opportunities to Strategize
If you’re only using your POS to complete financial transactions, then you are missing out in a big way. Ensure you’re using the POS to obtain all of that relevant information stored in the reports. Consider your POS as your personal assistant with access to all the innerworkings of your business. Just as you would talk to your manager or staff, you’ll definitely want to pull as much information from your POS as possible. Don’t let all of that useful information go to the wayside! All of those details can be used to help you define sales strategies.
Your POS systems can tell you:
- Which items sell the fastest
- Which items generate the most profit
- How often you have repeat clients
- Average ticket amount
- The impact of your specials and promotions
Contact Us Today
POS systems are certainly a valuable tool. If you’re interested in learning more about how it could improve your business’s function, please reach out to us at International Bancard. We are excited to explain our payment processing systems and connect you with the tools that work best for you.