Gone are the days when the store owners have to sit back with pen and notepad to manually keep a record of all the sale, purchases, cash-in and outs, and make invoices manually for every sale they make. Point of Sale systems perform all these tasks for you at a single click as POS nowadays are no more the old school EDC machines that only accept payments. Having a POS system is a good choice as it is difficult to remember all the transaction and other business details.
A POS (point of sale) machine which can help reduce your paperwork, track sales, purchase and stock levels and market to your customers through one easy to utilize process, making greater opportunities for you to deal with your business instead of staying stalled in subtleties, is the one ideal for every retail owner nowadays to streamline his operations. But choosing the best POS machine or Point of Sale software is quite a task when the number of options available in the market today is just too high.
Looking at the features below should give you an idea of what POS solutions are right for your stores. Use that knowledge to build a list of some of your top choices, then reach out to the POS machine or Point of Sale software providers to see if they can offer more information.
A great retail management POS will bring you all these features, making it as easy as possible to focus on growing your business.
1. Omnichannel payment acceptance
Go beyond the old school EDC machine that accept traditional payment methods like cash and credit cards. Look for a POS that allows you to take digital payments like AEPS,UPI and also the mobile wallet payments. Rather than restricting the customers to pay only through cash or bank cards, provide them the experience of omnichannel payments and watch out for your sales shooting up.
2. User accounts and permissions
Unless you’re the only one operating the store, chances are you’ll have multiple staff working at point of sale system at your store. You need a POS that allows you to create a user for each of them so that you can track the sales every person makes. This feature will ultimately allow you to set sales goals (or see if one of your employees is perhaps being dishonest).
You should also be sure to get a POS that allows you to password or biometric protect each user, as well as gives you the chance to choose whether or not you want to have a user log-in for each new sale they make.
3. Returns, refunds and store credit features
Consumers increasingly prefer to shop at stores with shopper-friendly policies like easy return and refund or the credit policies. Keeping that in mind, you should ensure that your retail POS system can help you create the ideal return policy for your store by providing you with adaptable options to return items for refunds or for store credit. This implies you can process credits and returns and add the credit balance in the customer account to be used to pay for another sale now, or later.
4. Inventory Management
Inventory management is the next segment that the store owner should look for in a retail management POS system, whether he has 5 products or 5,000 in his store. The inventory component of the system will keep track of all the products and even help to see and analyse which product performed well and which didn’t. A retail POS with inventory management capabilities enables a company to maintain a centralized record of every unit of the product in the control of the organization, providing a single source of truth for the total number of a particular item currently in stock. The ideal POS system would also give alerts to replenish the quantities on reaching the threshold levels.
5. Bulk product imports
Always go for retail management POS system that allows you to upload all your products in a bulk upload using spreadsheets. Unless you have only a few items on sale, manually uploading each product you have will get tedious when you can just get a POS that supports a bulk upload. Bulk product import makes managing inventory more efficient for stores with large list of inventories. Create, update, or delete entire groups of items at once using spreadsheets, without manually doing so separately for each item on the list.
6. Reporting and Dashboards
Beyond a simple close-out report, your POS should be able to provide you a dashboard with a full set of reports to help you track the performance of your business. A dashboard gives you an at-a-glance view of how your store is doing. It’s a great feature to have because it gives you an immediate idea of your business’ performance without having to dig or hunt for the info. It should be capable of providing sales reports, product reports, employees reports, customer reports, payment reports, etc.
7. Printed invoices
Nowadays customers demand for printed invoice for every purchase they make. So how about choosing something with benefits of multiple hardware on a single hardware. Thus, the desired POS machine should be able to provide smart invoices for your customers with items and payment information combined printed directly from terminal itself or should send them via email or SMS, making it a cost-effective alternative of a separate hardware for printing invoices. It also frees up valuable real estate that would otherwise be dedicated to a countertop a separate printer.
8. Solution-Based Integration
Different business owners have different needs related to the desired POS machine or software they’ll be using. As a business owner, you need your software to work together with other software. An ideal POS software should be compatible to integrate with other property management systems, payment processing, accounting and ERP systems (just to name a few) into one cohesive retail software package that is easy to use and install.
Technology is changing the things we once took for granted, faster than ever before. It can help you stay ahead as technological upgradation ensures that your business retains its competitive edge in the market place. Therefore, choose a POS that can give you a competitive edge in the market with its exceptional technological features.