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Point-of-sale systems make it easier for small business owners to keep track of their sales, inventory, customers, and employees.
There are many different types of point-of-sale systems for each kind of business, so we’ve outlined some key points to consider as you shop.
A point-of-sale (POS) system is more than a fancy cash register. In addition to checking out customers and recording sales data, it becomes the hub of your business, bringing together information about your sales, inventory, customers, and employees, so you can manage your business more efficiently.
Many POS systems run on tablets, an option that is increasingly popular with small business owners because they’re less expensive and easier to set up and use than their old-school counterparts. Most new POS systems also store data in the cloud, giving you the convenience of accessing back office tools using an app or the browser on your phone or home computer when you’re away from your business.
However, with hundreds of POS systems on the market, sifting through them to find the best solution for your business is overwhelming. In addition to looking for a system that has the features you need, you also need to look at factors such as service contracts, payment processing, and hardware options, and their associated terms and costs, as they can affect your satisfaction with your POS system.
Here are five of the factors you should look for in a POS system to for your business:
- Features that make it easier to run your specific business are key. Beyond ringing up sales and accepting payments, you want a system that streamlines related processes such as inventory and customer management. Keep in mind that features vary widely between systems, and often even between the service levels offered by each company.
- Cloud-based systems have several advantages, including lower upfront costs since you pay a monthly fee instead of purchasing a software license. These systems also offer anywhere, anytime browser access to back office management and reporting tools. However, most systems are platform specific, and work on either iPads or Android tablets, but not both. If you already have tablets you plan to use with the system, check for compatibility before signing up.
- No contractor leases are important considerations because if the system doesn’t meet your needs or if you find a cheaper system elsewhere, you don’t want to be stuck using it for several years or paying hundreds of dollars to get out of your contract early. You especially want to steer clear of equipment leases because most are impossible to cancel. Instead, look for a POS system that works with you on a month-to-month basis and, whenever possible, buy your equipment outright, even if it means using a simpler system until you can afford high-end hardware.
- Third-party processor and hardware compatibility lets you shop around for deals on these pieces of your system. It can also save you money later on if you decide to switch systems, because you may be able to continue working with your processor and keep using the POS equipment you already bought. Some POS companies don’t give you a choice — You can only use their credit card processing services and proprietary hardware. The problem with this is that it’s often more expensive and the hardware is probably going to be unusable if you switch POS software.
- Integrations make it easy to connect the POS system with other business systems you use, such as your accounting or email marketing software. The benefit of this is that it allows the programs to share sales figures and customer contact information, saving you the hassle of manually downloading it from one program and uploading it to the other.
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