How to Choose the Best POS System for Your Business?
POS machines are found in most retail stores. People generally take these machines for granted, i.e., they know it exists, but couldn’t care less about its features. This blog post will go into more detail about the lesser-known and always seen POS system. The name stands for point of sale. The purpose of this device is to calculate retail transactions quickly and accurately. This is where it gets interesting: A study conducted by the Customer Satisfaction Indexes found that 78% of retail stores that didn’t have a POS system made transactional errors during check-out. What’s more startling is that customers tended to not return to a retail store in the fear of being shortchanged. Therefore, it is vital to select the best POS system for your retail store, grocery, shop or any other business.
Several features should be highlighted about POS machines. So let’s get the obvious stuff out of the way. Yes, this is where buyers make payments to the company during the purchasing process. And yes, it is also where a cashier can collect payments and keep a tab of all the cash received. But this is just the tip of the iceberg, the POS system also lets a merchant manager evaluate daily transactions and prepares invoices for buyers.
The merchant is also capable of applying various techniques to calculate the amount of money for the exchange of goods and services. If your business requires a POS system, you can use barcode scanners, payment terminals, cash registers or weighing scales. Additionally, there are some tools to make the payment: touch screens, software points, and payment terminals. Business owners can also benefit other functions of the POS system. Since it helps the merchant to manage inventory and control warehousing and financials.
Types of POS systems
There are five main types of point of sale systems: mobile, tablet, terminal, online and self-service.
Mobile POS systems allow people to perform transactions by using their mobile phones. This type of POS system is also capable of performing payments and obtaining customer information including ID verification, phone number, email address. Mainly these systems are available as free applications created by retail stores or different e-commerce companies.
Tablet POS systems are available on Android and iPad tablets. You do not need to spend much investment to set up them. Maybe a little amount of subscription fee can be required to use these POS systems on your tablets.
Terminal POS systems require Internet access because they are software-based systems. Barcode scanners, cash drawers, and card readers are sold with terminal POS systems together. This kind of system also limits employee theft and access without permission. Terminal POS system are mainly useful for grocery stores and busy retails.
Online POS systems allow you to apply your hardware that is either a personal computer or tablet. There is also no need to invest a lot of money in setting up this kind of POS system. As online POS systems are cost-effective, they are beneficial and appropriate for small businesses.
Self-Service POS systems are mostly used for parking, ticket sales and bridge passes. Here, people can perform all operations including making payments and taking receipts by themselves.
Related: 12 Tips On Buying Retail POS Software
Main Factors for Choosing the Best POS System
Initial Cost
When you want to select the best POS system for your business, its cost is one of the crucial parameters. It is because the point of sale is not a cheap device. That is why, you need to look for a suitable POS system for your budget, as well as a cost-effective credit card processor which can decrease expenses. Here, expenses include PCI fees, equipment costs, chargeback fees, charge for per transaction and software fees.
The question is which one should be considered firstly. The answer is to choose the right and cheap credit card processor first. Since credit card processors have numerous different brands and models, you will still keep some competitive point-of-sale system models. In terms of processor, take notes about various models or brands of some companies. By comparing them, you can easily see the difference and key features.
After determining that, you will have a few options to choose the best POS system. Even remaining the point of sale systems are likely to be widespread and effective ones.
Related: What Is POS Software? How Much Does A POS System Cost?
Hardware Features
While choosing the best POS system, a processor plays a significant role in this system’s performance. Besides its high performance, competitive fees and rates are essential because of cost-effectiveness. Finally, you need to take into account which systems are supported. Popular processors for the point-of-sale system are AEDEX, HP, Ultimate, UTC Standard, Epson and Logic Controls.
Standard Features
The most important approach in choosing the best POS system is its features. To determine which point of sale meets your business needs, features should be examined carefully. Key elements of the system are card acceptance, inventory management, and reporting. Other features depend on the type of business you set up. If your business is a restaurant or fast food chain, you need to focus on online ordering and delivery tracking. The first one allows customers to pick up and order their meals or beverages in-person, while delivery tracking is useful in food and non-food businesses such as pizza shops and coffee shop POS system. Other features are ID verification, age verification, unified appointment, which are necessary for drinking stores, fitness centers, hospitals, and others.
Data Security the Best POS System
One of the main problems of a POS system is security issues. Even though there are so many cutting-edge POS systems, they are not very strong to worker theft. A cashier is possible to note lower prices or avoid scanning some of the items for a friend or relative, or taking some of the items for himself. As a result of poor security, your retail store or something else will provide freebie.
That is why it is best to use an admin control for yourself to supervise all purchases and payments. In this way, it is possible to prevent employee theft, and this control will also alert you about canceled receipts or lowered prices. Additionally, you can also equip your sales counter with a closed-circuit TV camera that monitors the POS system and records every operation.
End Usability
When you want to buy the best POS system for your business, usability is one of the key factors. Because your workers or customers will use it, a point-of-sale system should be simple and comfortable for them. The more your system is usable, the more your sales operations are quickly done. Usability helps cashiers or customers to spend less time while ordering or purchasing any item.
Industry Compliance
This factor is essential for card reader terminals of POS systems because it provides online purchasing by transmitting and accepting card data to complete transactions. Besides this, it allows you to prevent card fraud and data breaches. That is why it is necessary to consider that your POS system has a reliable and compliant PCI Data Security Standard.
How to Be Sure
When you want to choose the best POS system, you need first to consider what your business needs are. As features of a point of sale system change depending on business areas, start determining your business requirements. Then you can look for a system having the functions and services that you need.
If you find some appropriate POS systems for your business, start to compare their hardware. You can get advice from other experienced retailers using the POS system, or feedback from POS system providers. Be sure that you choose the best POS system meeting all your needs and being better than others in terms of hardware.
Final Thoughts
It’s only the quality of POS systems that are important, you also need to take into account your budget. How much you can pay for a point-of-sale system and what its costs are the main questions to find the best POS system for your budget. POS system costs depend on the type and size of your business, meaning that the number of potential customers, products.
Before purchasing a POS system, it is best to examine it in action. As you need to be sure whether all these features are what you need and want, or not. After selecting a POS vendor, you can set up your system and drive. However, it is not enough for running a POS system in any business, as you can also add some applications and develop hardware to strengthen it.
