What is a POS?

A POS, or point-of-sale, system is a computerized all-in-one solution for your business that handles multiple processes. A POS can handle payments, inventory management, employee tracking, reporting, analytics, and accounting. Some POS systems can be accessed remotely, giving you the ability to access your business information even when you’re not physically in the business.

When to Upgrade to a POS

The limited functionality of a credit card terminal may have worked successfully for your business for some time. However, if your business is changing in one or more of these ways, you should consider investing in a POS.

You’re currently running multiple systems to manage your business.

You can manage your entire business with the right point of sale. You won’t have to use your computer or laptop for some systems, your terminal for others, and paper and pencil for others. Being able to manage your business all in one place simplifies business management for you.

You’re managing inventory or other business aspects via paper process.

If you’re using paper for various aspects of your business like scheduling, order taking, or inventory tracking, you could benefit by switching to a point of sale. Or you’re using a different software for payroll and taxes.

You’re spending several hours inside the business closing the books at the end of the day.

A POS can automate some or all the processes you to reconcile your day. Administrative work and end of the day reports are easier with a POS and, depending on the system you’re using, you may have the flexibility to do things from any location, even your home.

You’re having difficulty keeping up with inventory.

Having a POS system will allow you to keep track of your inventory as it moves through your business. This makes it easier to verify that your inventory accounts are accurate and can help you detect theft before it gets out of control. Your POS can help you keep track of inventory levels so you can order when you need to.

The cash you have on hand doesn’t match up with what your expectations based on sales volume.

The POS can track inventory and employee activity, which gives you a better system for tracking sales. It also gives you the ability to hold employees accountable for the transactions they make.

You have difficulty managing employee time, attrition, or sales.

A POS gives you several options for managing your employees. For example, you can schedule employee work time and even allow employees to access their schedule remotely via an app. You can easily make change to the schedule and automatically notify employees of these changes. Many POS systems can also serve as a time clock which will aid in payroll and ensuring employees are compensated adequately for the time they’ve worked.

The number of transactions for your business has increased.

Business is growing. A POS can give you better ways to manage your business to ensure you’re growing efficiently. Terminals have a lifespan that’s tied to the number of transactions you process. If your volume of transactions has increased, there’s a greater likelihood that you’ll need to replace your terminal sooner. POS systems are designed to handle a higher volume of transactions, eliminating the need to replace your equipment as quickly as you would if you were using a standalone credit card terminal.

You don’t have a clear idea of customer buying habits or seasonal trends.

A POS can give you better insights into what your customers are purchasing, which allows you to have better control over your inventory and sales. Having data about customer purchases takes the guesswork out of your product management and allows you to stock the items that sell the best.

You want to integrate your online and retail transactions with a single solution.

Without the right POS, you’ll have to use two different systems for tracking and reconciling your online transactions with your retail transactions. A POS allows you to track inventory and sales from both channels in one system.

Is Upgrading Worth the Additional Cost?

Like, many business owners, you may have concerns about the cost of upgrading to a POS. Upgrading benefits your business in many way. A POS can pay for itself by allowing you to cut costs and improve revenue. For example, you can eliminate the money you spend on maintaining and upgrading other systems you’re using to manage your business.

By eliminating manual processes and paper tracking systems, you significantly reduce the amount of expensive errors. You can simplify your business processes and even add the capability to access your POS from anywhere making it much easier to manage your business.