Retailers have hundreds of point-of-sale system solutions to choose from, so finding the right POS solution can be a time-consuming process. When evaluating different solutions, make sure to look at your bottom line as well as the available tools and features.
What is a POS Solution?
A point of sale solution is a combination of Point of Sale (POS) Hardware and Software designed to enable accurate and efficient sales transactions. With a POS system, retail business owners can track sales, process payments, record inventory levels, administer customer loyalty programs, manage employee performance, generate real-time reports, and more. POS systems are often bundled with software that may be compatible with multifunction printers (MFPs), cash drawers, barcode scanners, receipt printers, touch-screen displays, receipt printers, etc.
Retailers using point-of-sale (POS) software have two options. They can install local server-based POS software and store their sales data onsite, or opt for cloud-based retail POS software, which can be accessed online and is less expensive. Cloud-based solutions are becoming more popular since they allow retailers to view sales data in real time, regardless of where the business owners are located.
When deciding on a retail Point of Sale (POS) solution, you will have to consider what type of hardware you need for your store and how practical that hardware will be. The right POS hardware can improve the efficiency of your business operations. It can allow you to offer seamless services to your customers and increase customer satisfaction.
Retail POS software has evolved over the years to become a more sophisticated, feature-rich software solution. While many POS software providers allow you to use third-party hardware components, this can cause a lot of issues because there may be specific brands and models that are only compatible with specific softwares. To avoid this, companies like retailcloud, provide the hardware and software together to ensure that they can handle support for both. This is important because it ensures that you are using the best system for your business.
Important things to keep in mind
A retail POS system must be compatible with a payment processor so that it can process any credit or debit cards that your customers use to pay for their purchases. It is important to choose the right processor for your business because each company has different rates and fees.
Think about which features your business might need that would set you apart from others.
A product matrix, for example, allows you to record all inventory data, including product titles, SKUs, colors, and sizes. This can be a vital feature for clothing stores, helping them keep inventory organized and easy to manage.
A purchase order allows you to order products you run low on or sell out of. Some companies, such as retailcloud, also allow you to receive inventory from a purchase order. This reduces the lengthy process of entering each individual product into the POS system manually, which can save you time and allow your business to run more efficiently.
You should also look for features that can help you customize your POS to fit your business needs. Like pricebooks, which allow you to set different prices & taxes by location, or email alerts which can help you stay on top of your operations. Retailcloud has over 50 email alerts that you can set, like when an employee gets force clocked in or out, a purchase order has been approved or cancelled, or when a cash drawer has reached the maximum or minimum amount.
Lastly, you will want to consider features your business may need as it grows, such as the ability for multiple locations, or even a warehouse. Choosing a retail POS company that can grow with your business will save you money in the long run and eliminate the headache of switching POS systems since it will save you money on hardware/switching systems, not having to retrain employees/learn a new system, not having to move inventory, and etc.