When it comes to retail business, using good POS machines (aka, point of sale systems) can be a major asset.
If you’re someone who’s running a physical store and sells a lot of products that you can’t mentally keep a track of, you should get POS machines. Even if you think that you can keep track of your business records manually, you’d still do better with a POS machine.
The bottomline is—you’re going to be surprised to know how much it can be of help.
What Are A POS Machines?
Point Of Sale or Point Of Purchase is a the place and time where a transaction gets completed in retail stores.
A POS system combines software and hardware to help merchants simplify their daily business activities and receive transactions.
There are many POS softwares that are available today, that can help you boost your business. A POS machine is one that lets the person swipe, insert, or enter the debit/credit card details to transfer funds to the merchant. POS systems are increasing in number in all brick and mortar stores. Read on to find why.
Reasons Why POS Machines Are Used Everywhere
Removes Human Error
If you’re business activities and records are handled manually, it’s then open to human errors. You might think that a small error won’t bring down your business, but a small error margin of 1% could cause you losses of hundreds to thousands a year.
POS machines provide business with no chance of error by keeping track of transaction records, and it also helps you to bottomline figures.
Reduces Your Losses
It is sad to know that often a business’s losses occur due to theft by their own employees. Employees know how the system works, and they can exploit and cover it up easily. Using a POS machine is an advantage because it keeps track of the entire product life cycle—right from buying from a supplier to selling to a customer.
This data is crucial because you can use it to keep track of your losses. You can find out where your losses occur, and then plug the holes. Doing so could save you two fold.
Using a POS machine can significantly speed up your checkout process. The process is even faster with barcode scanning. This in turn makes the customers happy because they don’t have to wait in large queues to buy their stuff. It also allows you to record more data at the checkout counter, which can be used to find which products sell the most, loyal clientele etc.
When you’re making records of your inventory and what you’ve sold, there might be some discrepancies. Sometimes you might forgot the number of items in your inventory. This is where a POS machine comes in. A POS system sends information directly into your inventory, you don’t need to keep checking for any discrepancies between the items you’ve sold and your inventory.
Know What Product Sells Best
Every business person is keen to know what products sell best. Keeping track of sales records manually is a tedious process. But, sales reports generated by POS machine helps you analyze your sales reports in detail. Using a POS can help you determine who is the top salesperson in the team, what products sell best, what market strategies are best for the business etc.
Using POS Machines
Using POS systems provides you with the ability to accept credit and debit cards from your customers in the store. This means that you can your products on the go wherever your customers are.
The seamless integration makes it easy for a business to sell products and accept payments hasslefree, and while doing so it automatically updates your orders, customer data, and inventory.
By using POS machines you can:
- Use your own credit or debit terminal: You can use your own external credit card terminal and track payment details.
- Split tenders: With a POS you can accept two or more payment types in a single transaction. For instance you can use both card and cash, or multiple cards.
- Selling gift cards: Sell gift cards that can be redeemed in store. You can print gift cards using your receipt printer.
- Store credit: In the case of refund, you can provide store credit instead of the payment method used.
- Custom payment methods: You can use custom payment methods of your choice like gold coins, cheque etc.
Original article published on Times Square Chronicles, October 18th, 2017.