When most business owners think of a Point of Sale system, they primarily think of it as a cash register. Items are rung up, payments are taken, and receipts are handed over to customers. But POS systems are much more refined than that, and when used properly help business owners understand what’s happening in their business every day.
Here are a 5 helpful tips to make sure that you’re making the most of your POS system and using it to your company’s utmost advantage.
You can’t sell what you don’t have, right? That’s especially true in retail stores. Point of Sale systems track which items sell and with what frequency. Top selling items are flagged to ensure you’re alerted when you reach a minimum number in inventory. Running a monthly, quarterly, or annual inventory report helps with forecasting and ordering. Knowing you sell fifty blue widgets a month allows you to order in bulk, which reduces per item costs and saves on shipping fees.
As a business owner, you’ll want a top down view of your business, but might not want every employee to see product costs, labor percentages, and financial reports. Your store manager should process refunds but not your sales associates, for instance. With a POS system you determine who sees what and which functions they have access to.
POS systems allow you to run multiple reports, and 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 so that you are focusing on the areas that matter the most to your business.
Customer Data Base
One of the strongest features of a Point of Sale system is the ability to track customer data. With the addition of a gift card and loyalty card program you and market directly to your best clients and reward them for visiting your business frequently.
And of course, a Point of Sale system is a cash register too. You can accept credit cards, debit cards, gift & loyalty cards, EMV (chip) cards, contactless payments (NFC), Google Wallet & Apple pay, cash and checks. Transactions are logged for convenience, so you’ll never have to chase down lost receipts again.
Contact Us Today
POS systems are a valuable business tool. If you’re interested in learning more about how a POS system will improve your business 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.