For many businesses, your Point-of-Sale (POS) software is much more than just a piece of hardware – it is the lifeline of your business! Therefore, it essential that you choose the right point of sale system for your business.
Your POS system should simplify your business management tasks while supporting your day-to-day operations. You may need a simple virtual terminal or mobile card reader to take payments at your office or on the go. Other companies, like retail and restaurants, may find a more complex point of sale system useful. There are software systems that can handle everything from payment processing to inventory management, scheduling, online ordering, table management, and more.
Below are 5 Essential POS features that you need for your business:
- A Quick & Efficient Checkout System
You know how vital customer service is. You want an efficient business where no customers are waiting in line, or having trouble checking out. You do not want anything that can easily hamper your sales or can lead to potential customers walking out your door. Whether your business is online or on-location your POS should be user-friendly, allowing your customers to check out quickly and easily.
2. Payment Flexibility
The point-of-sale system should offer flexible payment options for your customers, such as swiping their credit card, pay by EMV chip, and contactless payment options. If your business is set up for online and retail payments (card present/ card not present), you will need to make sure the POS software has that flexibility to run all of those transaction types under one merchant account.
3. Inventory/Product Tracking
With most retail and restaurants, you will need to have some type of inventory or product tracking to run your business efficiently. The POS software should provide that basic functionality so you can accurately access your current inventory and place future orders for any inventory that may be running low or out of stock.
4. Integrations and Hardware
Most businesses utilize some type of bar code scanner, cash register, pin pad, or receipt printer with their POS system. You will want to make sure that the POS software has all the necessary hardware integrations and add-ons that you need to run your business.
5. Financial Reporting
Every business needs to be able to print out daily reports to track sales and returns. The POS System and processing company should give you a detailed report that you can utilize with Quickbooks or another accounting software. For some businesses, you may need a system that can break down individual batches, sales per employee, or other tips collected.