Point-of-Sale System Basics for Retailers

Point-of-Sale System Basics for Retailers

Hearing the Ka-ching of a cash register is music to every entrepreneur’s ears. In today’s technology, cash registers are attached to a computer through the Point-of-Sale (POS) Systems. These systems have become popular compared to the traditional cash register because they do not just ring up sales, but they also provide vital real-time information with regards to your inventory and customers.

POS systems are just made up of a standard-issued computers, but the only thing different is that they run a specialized POS software with a cash drawer and receipt printer. Often they come with bar code scanners and credit card readers.

POS systems are bought pre-configured, and you can put additional features as your requirements grow over time. POS systems cost around $1,500 or less.

The main thing when you have your POS system is its ability to produce a real-time and accurate assessment of your inventory. So whenever the customer purchases an item, it immediately subtracts from the inventory list which is stored in the system’s hard drive. Convenient, less hassle and saves time and money.

Benefits of a POS System

Keep track of hard-to-find items that are in stock in your inventory.

Allows you to set up an alert when an item or stock is almost out. You can set your re-order point.

When you are re-ordering, it tells you the most recent price you’ve paid as well as the average price you have pain over the past.

During off-hours, you can run your sales report giving you the inventory activity in that day, week or even month.

Easy tracking of inventories even on a year-to-year reports.

It lets you get to know who your best customers are and what they like.

A POS system is more than just a cash registry. It can become a strategic service center and help you grow your business. And when your business grows, that familiar music in your ear will keep on coming.

Things to Consider When Shopping for the Ideal POS System for Your Business

There are so many choices to choose from when looking for a POS System and the cost varies depending on the brand, features and other factors. What it boils down to is your final decision. Here are some guidelines to help you pick your ideal POS system.

1. Inventory – an ideal POS system will allow you to assess your inventory thoroughly and easily, setting alerts for items when it is running low as well as be able to add new items with no difficulty as they come in. It also should be able to account back-orders, and generate purchase orders to send to vendors.

2. Functionality over Ease of Use – It is understood that the more complex your orders become the more features you will require for your POS system. However, with the many features that comes along with it, do not forget to take into account user-friendliness to help you save time and money when training a new staff. Ideal systems have a balance of both.

3. A robust system – it should be able to start small and grow with your needs. So if you are on a limited budget, you can get a POS system with the basic setup. However, as the needs grow, it should be able to take on additional functionality as it grows.