Whether you’re setting up a new business or are an experienced pro, your Point of Sale or POS system is a central component of your business. The right system will do more than just offer clients a way to pay, today’s POS systems can track inventory, manage clients, provide
reporting and more. Therefore, choosing the right POS system for your company is one of the most important decisions a business owner will ever make. A good POS system can merge and simplify crucial business operations while providing a steady stream of data to help you make informed business decisions. If choosing a new POS system is in your near future, we advise that you spend some time researching POS software. With that in mind, at Peak Utility Brokers, we understand that it can be hard to know exactly what you should be researching. Whether you are looking for your first POS system or an updated system, finding the perfect solution shouldn’t be a headache. Here is our guide to 5 things to consider when choosing a new POS system.
Solid reporting is the key to successful business management, especially for competitive
industries like retail and restaurants. Not knowing how much inventory you’ve sold and how
much is available can cripple your operation. But like the POS systems in general, not all sales reporting is created equal. Beyond sales transaction data, your system should offer reports on top-selling items, inventory reorders, ‘X’ and ‘Z’ reports, sales and inventory activity, and customer activity. If you’re not sure what all of these reports are, you can read a breakdown of necessary reporting here. Ideally, the software you choose should let you pull reports by date or by customer name. After all, in order for your business to truly be successful, you need to understand it as much as possible. Having access to relevant data will empower you to make the right decisions.
Integration refers to the various applications and software that can seamlessly work together. When your POS system integrates with the apps your business already uses, you no longer have to split your time among a variety of tasks. Take for example MailChimp integration. Once your POS and MailChimp account are connected or integrated you can collect customer email addresses at the point of transaction and sync them directly with your MailChimp account. This way, the next time you’re ready to send out a newsletter, you can skip the step of updating your email list. Third-party integrations can dramatically simplify many day-to-day business processes. When choosing a new POS system, give heavy consideration to the available integrations.
Not too long ago, a robust POS system could run as high as $20,000 a price unfeasible for most small business owners. But today, thanks to the newer software as a service (SaaS) model, you can expect to pay as little as $59 per month with free or discounted hardware. Obviously, pricing should not be the most important factor here, as the features you need to run your business far outweigh the cost. However, beware of POS companies that over-promise and under-deliver. One of the easiest ways to spot a bad system is through inconsistent pricing policies. Though prices may vary from system to system, one thing that never should is transparency in pricing. Look for systems and companies that offer straightforward, competitive pricing that is easy to understand. If the company offers a contract, it should be optional, not mandatory. Contracts may be able to save you money depending on the terms, but be wary of any company that states a mandatory contract requirement.
Before you invest in a POS system, a top priority should be ensuring it has a user-friendly
interface. No business can afford to invest in a difficult-to-use system that requires constantly consulting a manual. Particularly in fast-paced settings, a simple POS system is essential if you want to keep productivity high. If you’re not sure about a system's functionality, ask fellow business owners what system they use and what pain points they’ve encountered.
Let’s face it, we rarely think about a system's support options, until we actually need them.
Whether it’s setting up your system for the first time or having an issue with a menu item,
eventually you’re going to need help. To be sure you’re never left without help, 24/7 support is a must. It doesn’t matter if it’s via phone, live chat, or even email, support should be available to answer your inquiry ASAP. Not having the right level of customer support can result in your business losing sales. Excellent support is mandatory to help you overcome any glitches and it’s crucial for your bottom line. Therefore, when you are searching for a new POS system partner, you should carefully consider the support they offer.
The Bottom Line
Now that you know what key factors to explore prior to choosing a POS system, you’re ready to go out and decide on the best system for your business. If you’re ready to buy a new POS
system or upgrade your existing product, contact Peak Utility Brokers today. We offer POS and credit card processing solutions that can save you money today!