Learn what features to look for when choosing the best POS software for your business.
· A point-of-sale (POS) system is a combination of software and hardware that allows businesses to complete purchasing transactions, in addition to many other functions.
· The five major benefits of POS software are reporting, third-party integrations, employee management, inventory monitoring and customer management.
· Your company's size, industry, budget and feature needs will help you determine the best POS software for it.
A point-of-sale (POS) system is a combination of software and hardware that allows businesses to complete purchasing transactions. If your business sells goods or services, you will likely need a POS system to operate efficiently.
As technology evolves, so has the functionality of POS systems. In addition to payment processing, there are hundreds of POS software features available. Your business should choose a POS software solution that has features tailored to your specific industry and size. Learn about which POS system software features are available to make an educated choice for your business.
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What are the benefits of POS software?
The hospitality EPOS software that will be the most beneficial depends on the industry you're in, the size of your business, your budget and the features you need. Some point-of-sale software companies tier the features in each plan, so when you consider a plan, pay special attention to which benefits it includes.
Here's how five of the major feature categories of POS software can greatly impact your business.
It streamlines and integrates with your other business systems. Finding POS software that easily integrates with your other business programs can simplify your operations. For example, connecting your POS system with your accounting software can automate sales and billing operations.
It creates and tracks data reports. As a business owner, you should track and monitor your business data to see how your business is progressing and where you need to make changes. Cloud-based POS software allows you to track this data in real time.
It monitors your inventory. The ability to automatically track and monitor inventory is a helpful feature for most small businesses, even those with very little inventory. Some POS software can track your inventory, calculate markdowns and notify you when supplies are low.
It helps you manage your employees. Employee management features can be useful for setting functionality restrictions and permissions based on user profiles. Your POS system should also be able to track sales by individuals, which is a great way to set sales goals and monitor employee performance. This data can help you see where your team is excelling and what can be improved upon.
It incorporates customer management and loyalty programs. If you need to collect customer information – like email addresses for mailing lists, physical addresses for delivery, or birthdays for annual rewards – a POS system that incorporates customer management features is key. Some systems can include loyalty programs as well, though it may cost extra.
What's the difference between POS software and hardware?
When you get a POS system, you will need both POS software and POS hardware. The main difference between these two items is that the POS hardware is the set of physical components you need to operate, whereas the POS software is the digital technology program you use to access information.
The POS software could be in the form of a web-based program or a local server-based program. Cloud-based software is the most popular option among small and midsize businesses, as it includes useful features like easy installation, affordability and online accessibility. Legacy server-based software, on the other hand, offers a stable connection, but it's typically only beneficial for very large enterprises, as it can be very expensive.
Point-of-sale hardware can be purchased or leased, though you should always buy your equipment, as POS leases are notoriously unfavorable to merchants. Mobile POS hardware has become the norm and typically includes a tablet, tablet stand, receipt printer, cash drawer, and card reader or credit card terminal. Depending on your needs and budget, you can incorporate additional pieces of hardware such as barcode scanners, caller ID devices, coin dispensers, customer display screens, digital menu boards, kiosks, kitchen display systems (KDS), kitchen printers, scales and tablet cases.
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