Why a point of sale system will be your silent, ultra-efficient, and talented business partner.

As a busy entrepreneur, have you ever fantasized about having the perfect employee, someone who quietly does everything you ask while also seeming to intuitively know what to do to enhance your operations? Chances are good that you have had a few amazing staff members over the years, and you might even have one or two now. But consider how adding just one suite of payments hardware and software can take the great work you and your staff are already doing and launch it to the next level.

The amazing point of sale system.

You don’t need a 200-page book or our handy ultimate POS guide to quickly master the basics of this payment processing and business management giant. While its capabilities might be huge, its physical profile is tiny. Here’s what goes into a standard point of sale (POS) configuration.

• A computer terminal or tablet. This functions as the hub of your point of sale system, the epicenter everything operates from. 
• POS software. Think of this set of programs as the brains that run your POS solution. It contains everything you need to communicate with your payment processor to transact customer purchases, as well as a wide array of tools that will assist you in virtually every other aspect of running your retail store.
• Card readers. These devices can be attached to a terminal or tablet, or can even be used with a smartphone and allow a customer to swipe, dip, tap, or wave their credit or debit card so that payment details can be exchanged and the funds transferred to you.
• Barcode scanners. These handy peripherals make it possible for you to catalog each piece of merchandise that arrives at your warehouse so that you can track it throughout its journey into your customer’s hands.
• Cash drawers. These are where you keep paper money and coins. Although the use of cash has decreased in recent years, you will likely still accept it from time to time. In fact, for some businesses, bills and coins remain the preferred method of payment.
• Receipt printer. A modern POS system will give your customer the option to provide their email address or phone number, which eliminates the need for a paper receipt in many cases. However, as with cash, there will still be times when you will be asked to print paper proof of purchase.
• Customer-facing display. This piece of hardware allows shoppers to see the exact prices of everything they are buying. It also provides you with a venue to highlight promotions and other types of advertising.

In light of the many features that a modern POS system boasts, you might now be eager to learn just what it can do to accelerate your business and enhance your own customers’ shopping experiences.

Boost your operations with a modern POS system.

There are numerous benefits today’s smart POS systems offer that will enable your online or physical store to become more streamlined and efficient while simultaneously enhancing your relationships with shoppers. These include the following.

• Speed. Today’s smart POS systems can assist both customers and staff when it comes to speeding up the checkout process. Whether people dip, swipe, tap, or wave their cards or pay using a digital Apple Pay, Google, or Samsung wallet, the process is lightning-fast. Buyers are no longer fumbling for change or struggling to write a check while the line of aggravated shoppers steadily grows behind them. Instead, the entire process takes a matter of seconds to complete.
• Enhanced security. Although speed and efficiency are ultra-high in today’s POS solutions, that doesn’t mean that security is compromised. In fact, the opposite is true. Today’s chip cards and digital wallets have built-in encryption and tokenization features that actively dissuade hackers from stealing sensitive cardholder data. Furthermore, because records are digitally stored on the system, purchase data can be retrieved later if necessary. As long as your hardware and systems comply with the Payment Card Industry Data Security Standard (PCI DSS) protocols, you will not be held liable in the unlikely event that fraud or data breaches occur.
• Customer relationship management (CRM) tools. Everyone knows that today’s buyers want a highly personalized experience, and with the right POS in place, you’ll have everything you need to satisfy this ongoing demand. Your system (and payments software) should come equipped with database capabilities that let you build a dynamic storehouse of information about your loyal buyers. Gather data such as email addresses, shopping histories, personal hobbies and interests, and milestone dates like birthdays, and you’ll have everything you need to effortlessly establish and grow a positive rapport with each person. We will admit that setting up the database does take some time on the front end, but the rewards you will reap will make all of that initial effort worthwhile.
• Inventory management. One important aspect of keeping customers happy and coming back has to do with your products. Do you have what people want when they want it? Are you able to keep your promises about delivery dates? Your POS system should be right there at your side keeping track of each piece of inventory you sell thanks to your barcode scanners and inventory software. You can even set alerts that let you know when you are running critically low on popular items so that you can re-order in plenty of time to avoid the dreaded, “I’m sorry, we’re out of stock.”
• Report generation. Your POS software should connect you to a dashboard containing a robust set of reporting capabilities. With just a few clicks, you’ll be able to generate documents that highlight your best- and worst-selling products, sales figures by date or time, highest and lowest-performing employees, and much more. Because today’s smart POS systems are constantly collecting information and updating their systems, you can get these details in real time right when you need them so that you can tweak marketing campaigns, change workers’ schedules, and even imagine long-term strategic plans for business growth.

Your POS should be one of your staunchest business partners and allies during every facet of your business operations. Inventory cataloging, tracking and ordering, customer relationships and loyalty, targeted marketing campaigns, and multiple payment choices for your customers are just a few of the numerous advantages this hardware-software combo will bring to your business. If you haven’t already experienced all that a modern POS system has to offer, talk to your payment processing provider today to get set up with one of the most competent, talented, and efficient business partners you will ever have.