Oftentimes, business owners need to decide whether to simply invest in a credit card terminal or get an advanced POS system. Credit card terminals allow merchants to receive payments in debit or credit form. On the other hand, an advanced POS system can perform the same functions as a credit card terminal but they have added functions, in which they can allow business owners to store important business data, facilitate customer loyalty programs and track inventory. Let’s take a look at some points that will determine what you actually need.
Do You Need Analytics Capabilities?
As business owner, it is vital to keep consumer insights and records to help in driving sales and marketing efforts. An advanced POS system has the capabilities of taking categorized analytics and details that can help a merchant to track which goods are selling more than others. The system allows for customized sales reports which can help a business owner to make informed choices regarding his business.
Do You Seek A Modern Type Of Payment?
There are many varieties of modern payment types which include mobile, NFC and chip card payments. If your business accepts these modes of payment then you need to consider using an advanced POS system. Credit card terminals are only limited to accepting credit or debit cards and this can hinder your business. On the other hand most POS systems accept a variety of payment types. The POS system can make card purchases analytics to help business owners keep track of their customers purchases.
Do You Need To Track Inventory?
A business needs to be able to keep track of their inventory to avoid discrepancies and product loss. The POS system has a built in tracking solution which can be used in many types of business to track inventory. Think of how much money your business can save from product losses when you invest in a modern POS system.
Do You Have To Record Employee Hours?
Outdated or manual means of tracking employee hours can be tedious and difficult to track. A modern POS system has the capability of allowing employees to clock in out of shifts with ease. Managers on the other hand can use the cloud based technology to track their employees’ hours and even plan their schedules remotely. When you invest in an advanced POS system you don’t have to manually track your employees’ hours and this saves a lot of money and avoids confusion.
Do You Want To Reduce Losses?
Many small businesses that opt to use manual means to keep track of their business dealings end up losing a lot of money due to human error cases. A modern POS system which is rich in a variety of features can easily eliminate these problems since it can track sales cycle, exchanges, returns and even monitor purchase to shipment. This way, business owners can easily tell where they are incurring their losses from and adjust accordingly.
As you can see, an advanced POS system is more than a way of receiving payments from your clients. If you are just using a credit card terminal now, you will need to switch to POS systems which have better features and added advantages.