Point of Sale software, or simply POS, is capable of so much more than simply accepting credit cards. It can also be a tool to manage your inventory or make reports. Retail business heavily relies on the efficiency of the process and the time needed to serve the customer – Point of Sale system can have a huge impact on that.
Choosing the best POS software for your business can turn out to be a real headache because there are so many options out there. We will help you to get on track and select the system that suits your situation the best, just follow the steps described below.
1) Define Your Goals
Most of POS systems are very similar regarding the main features – they all can take credit and debit cards, manage the inventory or split bill/add tips if it’s a POS system for a restaurant. Besides that, Point Of Sale Software can have additional features, such as delivery tracking, ID check interface, online orders, or a calendar for appointments.
So before you decide to buy or rent POS software, make sure to define your goals and look for a product that can offer you the functionality you desire. Obviously, more features will probably result in a higher price, so don’t go for a system that has all of it, even though you don’t really need it.
2) Equipment First, Software Later
Usually, the POS system consists of two separate parts – processing equipment and the software itself. Most of the businesses select the processor first because that’s a logical move. There are a lot of card processing providers willing to offer you their equipment, so request a quote from at least several of them before making a choice. It’s predicted that 1 in 3 POS terminals will be mobile-based by 2021, i.e. payments will be handled by a tablet or a smartphone. Don’t invest too much into the equipment that might be outdated soon.
When you have the processing equipment in your hands, it’s time to decide what POS you will choose. In this case, the choice will be limited, but you will be offered the most popular software that is completely compatible with the equipment you have. In addition to that, it will be easier to make a decision because of the narrowed options.
3) Leasing Vs. Buying
There are two options for how you can pay for your POS system – buy it or lease it. Buying requires bigger cash flow, so it might be painful for a small business. However, leasing costs more in the long term. Since every case is different, you need to sit down and do the math by yourself.
It’s a great idea to plan ahead. Keep in mind that retail stores in the US and all over the world are closing faster than expected, so be realistic about the perspective of your business. If you are not sure about the future, it’s probably a better idea to just lease POS software and equipment instead of buying it. However, if you have enough spare money and the future looks good, consider paying upfront and saving money in the long term.
4) Setup The System Properly
Once you have all the pieces in place, you need to take care of the installation. You can do that yourself by following guides provided by the POS company, or hire a professional IT technician to do that for you. The second choice is more reasonable unless you are tech viz yourself.
It’s better to set up and test the system properly before real customers get their hands on it. The poor performance of POS software can cause a lot of disappointment and bad customer experience, so make some transactions on a test account and train your employees to use the new POS system properly. Most POS software providers have 24/7 customer support, so don’t hesitate to reach out to them if you have bumped into some problems.
5) Don’t Stop Improving
Imagine your POS software provider as a partner and not just someone who is there to support the technical side of your POS and collect payments. The game is changing fast, especially in a retail business, so you have to adapt to it. The same goes for the POS software – talk to them constantly just to see if there are any new features, upgrades, or maybe they are organizing training and you could attend them?
If you are not satisfied with your POS software quality or some failures occur too often – tell them about it, there is no shame in that. It’s a customer-centric business and they will do everything to keep you satisfied. If not, there is always an option to withdraw from the contract and seek for a better service.