You’ve heard of point of sale systems (POS), but why should you upgrade from your current system? The answer lies in the benefits upgrading provides. A point-of-sale system is software designed to track inventory, manage customers, handle payments, and generate reports. An effective point-of-sale solution helps business owners increase customer satisfaction, improve cash flow, and reduce labour costs.
There are several reasons to consider upgrading to a new POS software. For example, some older models don’t support mobile devices or integrate well with other applications. Another reason is security concerns. Some POS solutions store sensitive information such as credit card numbers and PIN codes.
What Are The Most Important Key Features To Look For In POS Software?
The most important features to look for in a POS system depend on the type of business you have.
Here are essential features to look for in a POS system for retail companies :
- Inventory management
- Customer management
- Supplier management
- Employee management
- Integrated supplier purchasing
- Customizable reports
- Multi-store management
- Bulk product imports
- Promotions and discounts
- Multiple payment methods
- Advanced analytics
What Should a POS System Be Able to Do?
Cloud-based POS systems are getting smarter. In fact, there are some POS systems out there today that do just about everything a small business needs. But what exactly does it take to make a POS system work well for your business?
Here is a list of the most important functions that a POS system should include:
- Calculate Accurate Payments for Every Transaction: A good POS system should be able to calculate the correct amount due for each customer based on the product purchased, the price per unit, taxes, discounts, etc.
- Record Payment Methods: If your customers pay via credit card or debit cards, you must record those payment types. If your business accepts cheques, you must track that as well.
- Track Money in the Cash Register: You want to know how much money is coming into your store and how much is being spent. A POS system should allow you to see where all your money goes. You can set up alerts to notify you when certain amounts are reached.
Why Updating Your POS System Is So Important
If you have not upgraded your Point Of Sale (POS) system in a while, you might be missing out on some essential features and functionalities. Here are just a few reasons to update your POS system:
- Improved customer experience: Your customers will notice the difference when you offer better checkout options and faster transactions.
- Better security: Updating your POS system improves overall security because it helps prevent hackers from accessing sensitive data.
- More flexibility: A modern POS system offers greater flexibility and customization for your store.
- Increased efficiency: An up-to-date POS system reduces errors and increases productivity.
- Enhanced reporting capabilities: With a modern POS system, you can easily generate reports about sales performance, inventory levels, employee activity, and much more.
- Reduced costs: Modern POS systems provide improved functionality and easier maintenance, resulting in lower operating expenses.
What Are The Benefits Of Updating Your POS System?
1. Faster Payment Processing
Funds are delivered in days instead of months. With the help of cloud-based software, sophisticated hardware, and a variety of useful features, modern POS systems can perform the following tasks:
- Calculate each payment for every transaction
- Record payment methods
- Store customer information
- Maintain real-time inventory data
- Generate sales reports
- Keep track of employee hours and sales
A new POS system could be just what you need to keep up with the competition, increase sales, and prevent customer fraud. Modern POS systems allow retail businesses to integrate mobile payment processing and provide customers with digital receipts.
2. With A Modern Point-Of-Sale (POS) System, You Can Run An Efficient Business
If your business uses old POS systems, upgrading them might help you save time and hassle by making transactions easier to complete. If you’re using an older POS system, chances are you could benefit from newer features. You can use cloud-based point-of-sale (POS) software to help you run your business regardless of whether you’re using desktop computers, laptops, tablets, smartphones, or any other device.
3. You Can Improve Inventory Management
Managing inventory can be complicated, especially if you’ve got hundreds or thousands of different types of goods. Thankfully, a modern POS system can make tracking inventory levels easy. You can import thousands of products and corresponding item information from a single spreadsheet, then check the quantity of your stock, edit products, flag them for reorder, and set up low stock alerts, so you’re ready whenever they run out.
Reviewing your inventory data regularly can help you determine how to adjust stock levels so you maximize sales and improve inventory turnover. A modern cloud-based system provides company owners with inventory management tools and helps them identify best-selling items.
How To Better Control Your Stocks
4. Upgrading Your POS System Can Improve Your Sales Strategy
Real-Time Reporting Systems (RTRS) can help you improve your sales by giving you instant access to valuable customer insights. RTRS provide powerful tools for analyzing sales performance and identifying opportunities for improvement.
With new point of sale (POS) technology, you can track the sales patterns of individual products, view overall sales trends by season or week, set filters to search for deals, exchanges, or returns, and even view and compare your current store’s sales figures to those of the previous weeks, quarters, or years to understand how much progress you’ve made. Understanding what works and what doesn’t helps you better adapt your product offers, fine-tune your sales strategy, and come up with creative ways to promote your brand.
5. Integration With Other Systems Is Seamless
Most modern point-of-sale (POS) systems are designed to be integrated with other platforms, including accounting, sales, marketing, and human resources. You don’t need to bounce back and forth between different software programs to transfer your company’s data, set up new employee profiles, or create new point-of-sale (POS) systems. With a single tool, you can easily manage all these tasks at once.
6. New POS Systems Reduce Administrative Work
Compared to an old point-of-sale (POS) system, a new one reduces paperwork and tedious administrative tasks. It also helps you save time by enabling you to send and track invoices easily, view your billing info in one place, and automate certain tasks, like instantly ordering supplies when you run out of certain items. By freeing up your staff to focus on selling and servicing customers instead of doing admin, you can increase revenue and improve customer satisfaction.
7. Improved Customer Relationships
Upgrading your point of sale (POS) system is one of the most effective ways to improve the customer service experience. A modern POS system can automatically add new customers into a database, save their personal and payment information, and send them electronic receipts. All of these features make the purchase experience fast and easy for customers.
New point of sale (POS) technology can help you gather valuable insights into your customers’ preferences and habits. You can use POS systems to track customer purchases, analyze trends, and identify profitable opportunities for your business.
Understanding this information is essential to understanding what your customers want and how you can improve their experience. Depending on which point-of-sale (POS) system you use, you may be able to offer a loyalty rewards program for customers. It’s a double win: a loyalty program shows your customers you care and encourages them to buy from you again.
Customizable Loyalty Program To Help You Generate More Sales
8. Improved Security For Your Business And Customers
It’s important for any business to ensure its customers’ financial information is secure. A POS system can help. Upgrading your POS system safeguards your business’ records, confidential financial details, and customer information by encrypting all your data. Modern point-of-sale (POS) systems also handle PCI compliance on your behalf so you don’t have to stress about audits, assessors, or changing safety requirements. Because your POS system syncs with your inventory, you can check that there aren’t any losses or discrepancies in product counts.
9. Track Employee Work More Easily
In order to properly assess an employee’s performance, you must know what type of work he or she does. Some companies already keep track of this information through their payroll systems. However, if yours doesn’t, then you should consider investing in a new Point Of Sale (POS) system. With a POS system, you’ll be able to monitor your employees’ activities, including how much money they make, how often they sell products, and how much time they spend assisting customers.
You can also see when they clock in, so you can determine if they’re working overtime without being paid. This information helps you understand your employees’ performance better. It then becomes easier to address any issues in customer service or keep your team accountable and reward them for their hard work.
Optimize Your Store Operations
Successful businesses invest in modern POS systems to stay ahead of their competitors and offer the best customer experience. SIR Solutions is a Canadian company, which has been developing POS systems for over 25 years for retailers of all kinds and sizes. Mainly those working in the the food, pharmacy, fuel and retail sectors.
Our solutions are based on our unique experience and knowledge of the industry. Our customers rely on us to develop software that meets their needs while being easy to use and adaptable to changes in the business environment. We offer you an extensive range of products and services, ranging from simple inventory systems to complex POS systems with advanced features. We invite you to contact us for further information.