The many administrative duties involved in running a retail operation can be adeptly streamlined by an efficient point of sale (POS) system. Here is an outline of the features and benefits you can look forward to in most POS systems.
What is a POS system?
Essentially, a POS system is the place where a customer will make a payment for products or services offered. This is the central component of any business, merging all necessary functions for the day-to-day operations. Every POS system consists of both hardware and software which work to make your business operations much smoother.
What are the key features of a POS system?
There are a wide variety of POS systems available, although it’s vital that you partner with a reputable supplier when choosing a POS system to ensure you’re getting something suited to your unique needs. Here is a look at some of the key features you can expect from a POS system:
- Monitor or tablet
This will display the data related to retail operations and it's how you are able to operate all the POS functions, including sales reports, inventory and employee arrival or departures. The modern monitor is generally a tablet as these are a lot sleeker and easier to manipulate than previous, bulkier models.
- Bar code scanner
All product information is easily captured via a bar code scanner, which will add the product to the final checkout total. Alongside product sales, POS bar code scanners can integrate with inventory management as a way to ensure sufficient stock levels are available.
- Credit card reader
A POS system can have the capability to read credit cards, which is crucial for all modern transactions.
- Cash drawer
While cashless transactions are certainly on the rise, South African consumers do still rely quite heavily on cash for payments, which is why POS systems still require a cash drawer. In addition to storing the daily cash takings, the cash drawer will store cheques, vouchers and receipts, which are all relevant to accounting operations.
- Receipt printer
There is a move towards the sustainable option of e-mailing and texting receipts rather than printing them. However, a receipt printer remains an essential feature for a POS system as many customers still request a hard copy, and some retail operations require them for cashing up at the end of the day.
- Special features of a POS system
Alongside the standard POS features, there a range of modern features that further streamline daily operations and improve productivity.
- Quick keys or product lookup
These are POS shortcuts that allow you to press a single button for popular products or services, thereby making transactions much swifter. This POS system can also search for products quickly when ringing up sales – a useful functionality for price checks.
- Split or mobile payments
Modern POS systems allow for mobile payments, making transactions much easier for retailers. The option of split payments allows for large parties to easily split a bill, or to spread payments across vouchers if needed.
- Return, refund and store credit
The Consumer Protection Act allows for consumers to return items within a six-month period, which means the modern POS system requires features that allow for this. This flexible POS option also makes for a much more shopper-friendly environment.
- User accounts
For bigger retailers with a large staff contingent, it’s necessary to have a POS system that provides for multiple users to track the sales of each employee. This will allow you to set sales goals and track employee activity.
- Customer-facing display
Using a secondary screen, customers are able to track the items being rung up, which allows for transparency and aids in preventing errors.
- What are the benefits of a POS system?
These various features congregate to make one really user-friendly POS system that streamlines retail operations. If you’re still not convinced, here is an outline of the various POS systems’ benefits.
- Enhanced service
Customers will either leave a store or simply not return if they are forced to wait in a long queue to pay. There are simply too many competitors in the modern retail market to risk disappointing customers, which is why an effective POS system is so necessary.
- Increase productivity
As mentioned previously, the POS system will streamline operations, which then increases productivity. They often come with additional features such as time management to further enhance business.
- Inventory management
When an item is scanned at a POS system, this information is stored and the inventory is updated. Using the POS, you are able to track which products need restocking, which products are doing well and which products your business could do without.
- Multiple payment methods
As mentioned in the POS features, the modern POS system allows for different payment options – sales, cards and vouchers – as well as splitting of bills if necessary.
- Improved pricing accuracy
The price of all stock can be stored and adjusted easily in the case of sales. This means there are no discrepancies when customers are paying for products.
- Employee management
The performance of every employee can be easily tracked on a POS system, which allows you to reward high-performing individuals and incentivise where needed. The unique identification codes and passwords makes the tracking of employees much easier.
- Customised sales
Alongside employee tracking, you are able to track your customers, refining their POS profiles according to their purchase history. This allows for more targeted marketing, promotions and loyalty reward programmes.
- Business reports
Information such as sales and stock management can be co-ordinated into usable business reports by the POS system.
- Easily upgraded
Modern POS systems are very easy to adapt and upgrade. New features can be added and software quickly updated to ensure you are always ahead of competitors.
The various features and benefits of POS systems makes them an integral part of any retail facility. It is important to analyse exactly what your business requirements are before consulting with a POS supplier to ensure your needs will be affordably met and adequate support is given.
Share