Being a retail business owner is surely a challenge and it needs various mechanisms to ensure ease of management and profitability. That is the reason why most small businesses are using a POS system as a backbone for their whole operation.
Point of sale (POS) is used mainly for processing payments for the services you provide. In other words, this is the device used to swipe your card to pay for your meals, drinks, pharmaceutical preparations, and many more things.
However, the functions of this system are not only payment processing, but managing the entire business, obtaining sales information, and many others. In this article, we’ll show you how can you use your POS system to its maximum potential and ensure business growth. Keep reading and learn more.
Purchase a quality device
Before you get to purchasing such a device, be sure to understand your business needs and determine what you need from the POS. This will help you to achieve all the options and features required for running your business smoothly while not overpaying for the device.
Since you’ll be using the same device for many years, durability should be a priority of yours. Especially if humidity and sun exposure are common in your workplace, you will have to get an appropriate device.
Ensure platform scalability
Like any other owner, you expect continuous business growth. That is why you should look for a scalable POS and competent for your business needs. For example, you should not get a singular device but a complete system that can be both used as a stationary and mobile.
This improves your hospitality since it lets your customers be served and pay the way they want. With a device that can be used remotely, you can have your customers pay online, on delivery, during a table service, and using their phones. These devices can be used as tablets and quickly transformed into scanners for barcodes and stationary systems when docked.
The EMV complaint is a must
With lots of chip-equipped cards, getting an EMV device should be a smart thing for your business. An EMV device means that it supports the chips from Visa, Europay, and Mastercard.
Although this can be expensive, especially for small businesses, it is still protection for both your business and the customers collectively. You’ll not face any chargebacks which eventually pay for the added feature on its own.
Use the POS analyzing features
Most of the time transactions are the only thing the POS is used for which means all of its management and analyzing features are unused. These systems can analyze the patterns for usual traffic, the behavior and spending habits of the customers, and the productivity of your workers.
In addition, the management of your inventory is another important feature of these systems. They help you see which products you’ll have to replenish. By analyzing all this information, you get to adjust your business better to decrease losses and promote profitability as Auto-Star suggests.
Let the system pinpoint your best items
By using the analytical data features, you can combine the cost information, product status, and sales you can surely increase your business functionality. By pinpointing the products you sell the most, you can strategize and focus on them more.
In addition, the items that are not selling well can be excluded from your menu. Since the costs are constantly changing, the POS can be programmed to show you potential losses so you can properly adjust to insure profit.
Create individual loyalty discounts
The POS can be personalized for every customer by analyzing their buying habits. With that, loyal customers to your firm can be awarded special discounts that will keep them coming back. In addition, you can market this strategy, and let your potential customers know how much you care about this.
Use the tipping option with a single touch
Tipping is an essential practice in restaurants. It shows your appreciation to the servers and it serves as a motivation factor that keeps them working and earning more. To ease this process, the tablet POS devices are offering standardized tips that can be activated with a single touch.
With that, when a check gets called, the staff comes with a tablet where besides your meals, you can select the tip you are willing to pay. All of this is printed on your receipt and then decide your favorable paying method.
Protect your business from theft
Even though hiring people you completely trust is an essential factor for your business’s prosperity, activating protection mechanisms is surely helpful. By analyzing the inventory and the finances coming into your account, the POS finds major use for this purpose
That way, you can compare the two values and see if there is something that does not correlate. It is always better to be quick in such situations since you can easily address the issue and prevent getting your money stolen from you.
Combine the in-store with the online sales
The modern days led to a situation where online shopping is a more favorable action for consumers. However, this can be a serious complication for business owners since it can be hard to register the online money influx with the orders inside your object.
Luckily, the POS lets you combine both orders and incomes which helps your business management process.
Working without a quality POS is surely a challenge. In addition, with such options that these systems are offering, it’s a shame not using them with their whole potential. You won’t have insights into the information your store produces, and the quick adjustments to ensure better profitability would be impossible.
Besides the data, you integrate the orders and the finances that come with them. You also increase the satisfaction of your consumers with various payment options. This finally leads to business growth and earning more all because of a POS integration.