POS Upgrades Are Worth It for SMBs
Integral to a small retail business is having a point-of-sale (POS) system that makes business run smoothly. Many merchants still utilize old POS systems like ledgers and spreadsheets which eat up resources and slow progress. And even the merchants that use POS systems tend to take them for granted and forget to update them.
But today’s POS technology is sophisticated and does so much more than just make simple payments which is why every merchant should consider an upgrade if they have not already.
What Should a POS System Be Able to Do Today?
When merchants work with an outdated POS system, the features that newer systems come with might be surprising. LinkedIn contributor Shmuly Preizler, an expert on POS systems, recently outlined a list of the tasks that a robust POS system should have the ability to perform, including the following:
- Calculate accurate payments for every transaction
- Record payment methods
- Track money in the cash register
- Create regular sales reports
- Determine proper labor and payroll numbers
- Maintain inventory data
- Provide information on repeat customers
Beyond these “basic” functions, a quality POS system also integrates with your wider IT infrastructure, including your online payments system. This means that it should be able to handle recurring payment processing and include support for new technologies such as integrated payments and cloud infrastructure.
What POS Technology Brings to the Table
Modern POS systems typically come with cloud-based software, user-friendly hardware (like touchless card readers), and a host of features like inventory reporting, sales analytics, and integrations. Different types of POS software offer different service, but some of the most important benefits for SMBs are:
- Makes Operations More Efficient – Upgrading your POS system can simplify payment processing and everyday tasks, saving time and headaches. This technology is faster, more detailed, and easier to use. And it allows merchants to make payments on a variety of mobile devices, like a phone, laptop, or tablet.
- Offers Better Security – Today’s POS systems safeguard company records, confidential financial details, and customer information by encrypting data to help keep your business PCI compliant and secure.
- Better Manage Inventory – POS systems can track inventory levels in real time and allow merchants to check quantities, edits items, flag products for reordering, and set-up low stock alerts.
- Sharpen Sales – With better technology, merchants can generate sales reports that show which items are most popular, which sell slowly, when your business has high and low seasons, and how often customers take advantage of promotions.
- Integrates with Existing Systems – The beauty of most modern POS systems is that they integrate with a variety of platforms like accounting, sales, and marketing; making it easier for merchants to sync tools already being used on the business’s backend.
- Reduces Administrative Work – A new POS system cuts down on paperwork, tedious administrative tasks, reduces human error, and saves employees time to focus on other things.
- Improves Customer Relations – POS technology can generate customer profiles with key data like personal and financial information, purchase history, preferred payment methods, how often they visit your business and more.
Learn More About i3 Merchant Solutions’ POS Solutions:
Contact us online or call 1-800-621-8931.
Subscribe to Card Talk
Our monthly newsletter delivers the latest payments news straight to your inbox