How a POS can you help you become a successful retail business owner.

Not so long ago, the humble cash register reigned supreme in the retail world, reliably ringing up customers’ in-store purchases and generating paper receipts that made product returns and bookkeeping exponentially easier than pen and paper. Who could have predicted how quickly online technology in the form of the modern point of sale system would blow those old-school registers and the “dumb” terminals that succeeded them right out of the water? If you haven’t already fully embraced today’s POS solutions, spend the next few minutes gathering details that just might transform your entire retail operation.

The anatomy of the POS.

The POS is one of the most versatile and flexible payment devices for retailers because it contains an array of capabilities and is designed to adapt right along with your business as it grows. The following are the main components that make up most POS solutions.

• A countertop terminal or tablet with a screen facing the customer. This contains details about the purchase they are making and may also feature advertisements and promotions.
• Payment processing and business operations software. In effect, this is the “brains” of the POS that interacts with your merchant provider, stores various sets of details in databases, and can generate reports upon your request.
• Card readers. Anyone who has ever shopped in-store using a credit card is familiar with these devices. They may be attached to the terminal or tablet via a wired connection or can wirelessly link up with a tablet or smartphone to allow for the seamless processing of electronic transactions from anywhere. All you need is Bluetooth or wifi.
• Barcode scanners. These peripherals are designed to record the unique barcodes on all merchandise that comes into your warehouse. This enables you to keep track of every item, including its cost, any mark-ups or mark-downs you may institute, who eventually bought it, who sold it to the customer, and when the transaction occurred.
• Receipt printers. Although the system is equipped to send proof of purchase directly to a customer’s email address, it is helpful to also accommodate buyers’ requests for a hard paper copy.
• Cash drawers. Although cash payments are few and far between for many retailers, they still do occur. This accessory gives you a place to securely store bills, coins, and checks. What’s more, the system can keep track of how many times the drawer is opened, helping to cut down on fraud.
• Associate display to keep track of item and customer details, the chosen payment option, and the amount billed.
• Scale. Supermarkets and small grocers use this accessory to accurately weigh and price items that integrate with inventory counts in real time.

Hopefully, you are beginning to see that today’s POS system is leagues ahead of those one-trick-pony cash registers. Now let’s dive into what incorporating one into your business can do to take your physical and online store to the next level.

Take payments quickly and securely.

Your POS provides speedier and safer payment processing at every step of the way. Lightning-fast internet connections allow for virtually instantaneous payment screening and authorization, and receipts can be emailed or printed in a jiffy. In the end, that amounts to a seamless and satisfying purchase experience for the customer, shorter lines at the register, and happier sales staff.

Streamlined accounting.

No longer do you and your accounting team need to frantically scramble to gather and record thousands of receipts. Once your POS is up and running, it records each sale as it happens, integrating it into its database for easy retrieval whenever you need it. With this data always on hand, you can get an instant, accurate snapshot of your store's functions with just a few clicks. And tax preparation will go from an endless nightmare to an efficient, manageable process.

Inventory management.

When you are in control of your stock counts, you can ensure that you always have the right quantities of every product, without ordering too many or too few. This is accomplished thanks to your POS system’s inventory tracking capabilities and the barcode scanner that inputs your merchandise data. Your system can even be configured to alert you when stock is getting critically low so that you can re-order in plenty of time. Customers are always happy when they can get their hands on what they need right away without ever hearing the dreaded news that the item is not available at the moment.

Customer relationships tools.

Today’s shoppers want more than a boring transactional relationship with you. They now demand customization and personalization, and they are at their happiest when they feel like a vital part of your business family and an ambassador of your brand. Your POS has the tools to make this curated experience possible, including the ability to make a customer database with contact details that you can harvest for future newsletters and marketing campaigns, customer loyalty program software that enables you to reward frequent buyers, and integration with contact software so that you can keep in touch with individual segments of buyers to provide bespoke shopping opportunities.

Enhanced receipts.

The cash registers of yesteryear were bare bones, only providing the buyer with information about the date, item name, and sale price. With your modern POS receipt capabilities, buyers will also be privy to helpful specifics such as a full description of each item bought, the list price and the sale price. This is possible because of the POS system’s full integration with your inventory. As a result, you will present maximum transparency and full disclosure, minimizing confusion and encouraging customers to make informed buying decisions.

Reduced errors.

Because your POS is equipped with built-in security checks and validations at each step of the data entry process, staff members are less likely to make costly mistakes that throw off your bookkeeping numbers and lead to confusing pricing issues for buyers. Additionally, these precautions will help you to maintain that all-important data integrity that every business needs to strive for.

Enhanced data security.

Your POS stores its information off-site in the cloud. Should any kind of disaster strike at your physical site, these sensitive details will remain intact. Furthermore, your POS uses secure payment protocols, encryption, and user authentication software to ensure that information is as safe as possible from hackers.

Best of all, your POS integrates flawlessly with most standard third-party accounting, customer contact, and ecommerce platforms. With all of your operations coalesced into an efficient unit, there is nothing you can’t accomplish.

Are you convinced now that upgrading to a modern point of sale solution will be a game-changer for your retail operations? The next step is easy: Just contact your payment processing company to learn about the options available to you. Before you know it, you will be able to modernize and streamline every aspect of your store with results that make you, your staff and your customers happy.