Your business needs to efficient if you want to be successful. Unfortunately, many companies still use outdated methods to take customer payments.
If you want to upgrade your business technology, a POS system is the perfect place to start. The good news is that you have plenty of options available. The POS market reached a value of $62.34 billion in 2018.
If you’re still handling cash the old way and aren’t convinced about the POS benefits yet, this post will help. Below are eight benefits you see when you upgrade to a modern POS system.
1. Serve Customers Faster
If you rely on your front-line workers to handle everything from counting cash to running cards, you’re going to have long lines during busy times. The problem is, nobody likes waiting in long lines to get out of a store.
A modern POS system can take a lot of the work off your cashiers. Instead of a cashier manually calculating payments and change, your POS system will do everything for you.
A POS has a barcode scanner that will automatically total what’s owed by your customers. It will then take payments, count your cash, and tell your cashier how much change is owed. You’ll be able to move customers through lines faster to get them out of the store.
2. Manage Inventory
A POS system does a lot more than calculate product pricing with barcodes. It can connect to whatever inventory management system you’re using.
Typically, you have to go in and figure out how much you sold during the day. Once you have your numbers, you have to update your inventory by hand.
Since you have a connected POS system, it will handle this for you. Once your customer checks out, it will automatically update your inventory count. You’ll be able to save hours of manual labor with this automation.
3. Eliminate Errors
Manual work is a severe risk for any business. Even if someone is excellent at their job, that doesn’t mean a mistake will never be made.
You need to automate as many of your systems as you can if you want to reduce errors. Investing in a modern POS system will help you do that.
Your POS will count your cash, total your sales, and count your inventory. You won’t need to rely on you and your employees doing completely accurate work every day. Accurate data will help you make better business decisions without worrying about bad data.
4. Improve Worker Productivity
If your employees spend a lot of their time handling things they shouldn’t be doing, it’s hard to find time to handle the critical tasks. You’ll need to hire more people if you want to get all your work done.
Working with a POS system means you can remove much of this work. You can potentially save your employees several hours of work during the week.
Reducing your employee workload also means you can reduce your workforce. You’ll be able to save on staffing costs and improve the bottom line of your business.
5. Take New Payment Methods
Technology has changed a lot in the past several years. The days of cash, debit, and credit being the primary payment methods are over.
Consumers are beginning to use their smartphones and smart wallets to make payments at stores. It’s more convenient for people to pull out their phone and hold it up to a POS system than to dig through their wallets and purses.
If you don’t provide this convenience to your customers, you run the risk of them going to another store to find it.
6. Secure Your Transactions
With financial transactions going digital, you must take the proper precautions to secure your customer information. Even if you are using a POS right now, old systems might not have the security features that protect sensitive data.
A modern POS system benefits small business because it will be up to date with all the latest security advances. Even if a security problem is found, you won’t have too much cause to worry.
These systems are all internet-connected. Your POS vendor will send up an update to apply to your device. If you’re concerned about handling updates yourself, you can talk with a support specialist and have them guide you through the process.
7. Get Better Reports
Sure, you can make decisions by knowing how much money you’re bringing in. The question is, what kind of reports are you missing out on by not getting a modern POS system.
A system like Quickbooks point of sale will give you an online portal to log into and get your information. From here, you can find several reports that will help you gain insight into your finances.
You can use these reports to find trends in your business. If you can’t find the report you’re looking for, you can create your own. You can handle this yourself or work with a consultant to develop the exact report you’re looking for.
8. Manage Your Team
You need to track the performance is vital if you want to organize your team the correct way. Without a robust POS solution, you aren’t going to have the data you need to do this.
A POS system can clock employees in, track their sales, and track performance metrics. You can use this information to find underperforming employees and work with them to be better.
You’re also covered if you’re worried about theft. Your employees will all receive an identification code. You’ll be able to see who opens the register and see if any money is removed.
Don’t Undervalue the POS Benefits for Your Business
You can’t afford to handle things manually when dealing with cash for your business. The POS benefits you will see will more than pay for itself in the long-term. Talk to a POS provider to try out a new system today. Of course, partnering with the right POS provider is vital if you want to keep things running smoothly. Head back to our blog to learn how to find the right vendors to work with.