Business operators are increasingly moving away from stand-alone credit card machines and cash registers, and purchasing point-of-sale (POS) systems. That’s because credit card machines can only do two things—charge a card and print a receipt; while cash registers can do basic sales functions. Perhaps, that’s all your business needs—the basics. However, more and more business operators are looking for more options.
So are those added options worth investing in a POS system? Well, that depends. First, you need to know what a POS system can do for you. You need to evaluate the value for your business. If a POS system can make/save you money, it could be your most valuable asset.
Below are some benefits of a quality POS system.
How Can You Save Money with Your Inventory?
A POS system can help manage your inventory. It can change item details like price, name, or quantity. You can even track stock quantities. Plus, track the items that are selling, and the ones that aren’t. Then you’ll know what to reorder. This increases customer satisfaction, and saves you money.
How Can a Loyalty and Rewards Program Work For You?
Loyalty and rewards programs are big. With a POS system you can collect customer data, and send incentives to increase their return to your business. You can also print out customized coupons with their receipts based on their purchases.
Studies have shown that customized receipts bring in 20%-25% more business compared to non-customized receipts. If you get a receipt with a coupon for a free dessert or 25% off your next visit, the customer has a higher chance of coming back. The whole point of these programs is to increase revenue!
Does Speed and Efficiency Matter to You?
In the example of a restaurant, a POS system can help with orders. Servers no longer have to write out tickets and risk poor written communication with the kitchen. Orders are easily kept track of in the computer and communicated properly to the chef. In turn, customers get the right order in a speedy amount of time.
Is Employee Theft A Problem?
Theft can be a problem in any business. With a POS , you can integrate your video cameras to your system. You can track and limit POS access, set different security levels with employees, and conduct background investigations with prospective employees as well.
Do You Need to Gather Marketing Data?
A good point-of-sale system will have the ability to record phone numbers, email addresses or purchase information. The POS can build a database of customer information. Later, in your direct marketing campaigns, you can use this information to personalize your promotions and tailor them to specific types of customers.
Do you Need to Manage Employee Time/Payroll Better?
A POS system can also allow hourly employees to clock in and out, calculate labor and payroll data, and record daily check averages for each worker.
So Is A POS System Worth It?
Only you can determine the return on your investment (ROI) with a POS system. Each operator will evaluate differently. However, if you purchase a system that meets your needs, and you are committed to using it properly, then you will reap the full benefits it can offer.