BEST SMALL BUSINESS POINT OF SALE SYSTEMS
New technology to help small businesses improve customer service
In the world of small businesses, the point of sale (POS) technology used can directly impact the bottom line. The more effectively the features of your POS can support your business, the better you can serve your customers. In order to drive success, you will be tasked with choosing from different types of point of sale solutions for small business owners that are on the market today.
It is very tempting to simply look at buying a newer version of what you already have in place. You know how it works, and you are well versed in getting to accomplish the tasks you need it to. But what if you are missing some important features that could, once applied, push your business outward to new audiences and improve future sales?
The traditional POS till system
There is something to be said about the traditional POS till system. Its simplicity makes it easy to learn, and upgrading the underlying software may mean that you get to keep the hardware you already have in place. However, like the business world, it is not that simple. Sticking to the traditional POS system can yield some disadvantages that can cause issues even after an upgrade is complete:
- You may still be left with manual data management tasks.
- Reliance on spreadsheets and manual data entry for performance monitoring.
- Hand-count inventory processes may be required.
- Inability to effectively engage new and existing customers through multiple channels.
One reason for not transitioning to forward-looking POS systems is because owners do not think them to be obtainable. It can be surprising to learn just how accessible the latest POS technology is and how well it can perform in your business model, while staying safely under budget.
Cloud-based technology steps up the game of small businesses
The most commonly seen move by small businesses is to enlist the limitless potential of the cloud to power their POS systems. Cloud-based POS solutions offer the small business owner multiple options for building a feature-rich solution without the need to invest in on-site supporting infrastructure. This yields immediate cost savings, while offering tools that can scale to each unique business.
| Data management |
| With data being the new gold standard of any business model, the draw of improving the storing and use of sales information cannot be undersold. Cloud-based POS software offers the ability to seamlessly store all of your valuable information in the cloud. This allows you to access this information freely and without fear of loss due to theft or hardware failure. |
| Sales and inventory analytics |
| Storing information in the cloud gives you seamless integration into all of your other POS tools. The always accessible nature of cloud-based data, plus the high degree of accuracy, makes it possible to build predictive analytic reporting. Having these reports at your fingertips gives you that next level of support to proactively respond to even the slightest of market changes. |
| Online sales options |
| Housing your POS tools in the cloud affords you with some pretty exciting options. Implementing an online storefront that fully integrates into your POS system will boost profits and expand the reach of your brand. This, when combined with tools such as web-based invoicing or virtual terminals, helps you to ramp up and build your business into an attraction. |
| Data management |
| With data being the new gold standard of any business model, the draw of improving the storing and use of sales information cannot be undersold. Cloud-based POS software offers the ability to seamlessly store all of your valuable information in the cloud. This allows you to access this information freely and without fear of loss due to theft or hardware failure. |
| Sales and inventory analytics |
| Storing information in the cloud gives you seamless integration into all of your other POS tools. The always accessible nature of cloud-based data, plus the high degree of accuracy, makes it possible to build predictive analytic reporting. Having these reports at your fingertips gives you that next level of support to proactively respond to even the slightest of market changes. |
| Online sales options |
| Housing your POS tools in the cloud affords you with some pretty exciting options. Implementing an online storefront that fully integrates into your POS system will boost profits and expand the reach of your brand. This, when combined with tools such as web-based invoicing or virtual terminals, helps you to ramp up and build your business into an attraction. |
So, why upgrade?
Here are some of the core features that can benefit your small business:
Re-engaging customers using a pre-COVID business model will cause issues from the start. With data from last year being skewed, and 2019 data not necessarily representing the customers of 2021, you need a POS solution with very capable data analytics. The data analytics supported by a POS solution will help in creating a balance between past and current business performance.
It is likely that with skewed sales numbers come misalignments in inventory management. But the ability to use the provided data analytics in your POS software will help you to alleviate inventory issues rather quickly. Near real-time monitoring and accurate sales data will have inventory controls back on track and out of reactive response mode.
Some, if not all, of your staff, will likely be new or a little out of practice with their customer service skills. Others may have to balance changes on the home front as well. But with the right POS software in place, you can utilize web-based scheduling, digitize timekeeping, and monitor sales metrics to coach employees towards being at their best.
Even with the return to normal (or the new normal), it is a given that some customers will be cautious in their return to your business. Adding a POS system that supports contactless options, such as online ordering or QR codes, will help them ease back into your brand. This builds a bigger sense of trust and serves to strengthen both customer relationships and your margins.
How invoice automation technology reduces common errors
If you are in a type of business such as catering, plumbing, pest control, or other mobile services that requires frequent invoicing prior to work completion, the best point of sale systems reduce or eliminate the mistakes that are most likely to delay payment. Enterprise software vendor NetSuite lists the six invoicing problems small businesses are most likely to encounter:
The customer never receives the invoice
A business may not be aware of the failure of an invoice to arrive until near or past the 30-day payment window.
The customer doesn’t understand the invoice
Customers can be left scratching their heads when they receive invoices that bill for multiple services, or when multiple invoices are sent that apply to the same project or transaction. To avoid this, use clear terminology and a simple format that matches the original job quote, purchase order, or other documentation.
The invoice is incomplete
Even if the itemized list of charges is accurate, using terms such as “due upon receipt” is ambiguous. Information about discounts, early payment incentives, or fees for late payments must be stated clearly.
The invoice is inaccurate
Common mistakes include failing to itemize charges, double billing for the same service or product, and simple math errors. Automated invoicing helps reduce and eliminate these types of human miscues.
Recurring invoices have mistakes
When the same error affects multiple invoices, customers can become suspicious. Even when the mistake is unintentional, customers are required to expend extra time and effort to correct the errors.
The invoice includes wrong or missing contact information
This is another problem that can be avoided by adopting an automated invoicing solution that integrates with the business’s accounting, sales, inventory, and other systems.
If generating and managing invoices is an aspect of your operations, a point of sale system that has an invoicing solution can help you mitigate these common issues and miscommunications.
Mobile POS solutions offer convenience
The cloud offers an exciting POS option that, although technically a subset of cloud-based POS systems, is capable of standing on its own legs. The mobile POS solution adds powerful options to an already strong cloud-based foundation, including:
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- The ability to use mobile devices to improve the customer experience.
- Mobile payment apps to facilitate faster, safer payments.
- Offer trending options, such as contactless interactions.
- Improve productivity in a time where staffing is a growing concern.
Mobile POS options are an ideal choice for businesses on-the-go. These options allow food truck operators or mobile repair persons to quickly generate an invoice, accept payment and manage inventory from the convenience of a smartphone.
Point of sale system features that improve the customer experience
The reports that your POS system generates help you spot and respond to customer purchase trends and view your operations from the customer’s perspective.
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- Are your products and information easily searchable on your website?
- How long are customers waiting at the checkout?
- Are they able to make changes or returns to their orders?
- Will they exit the store pleased with their experience?
A modern POS system provides a branded website that invites new and existing customers to explore your catalog of products and services. It allows store employees to complete sales transactions via the business’s mobile app running on a tablet or smartphone. Self-service POS kiosks go further by letting customers complete their purchases themselves.
| Gain insight into your sales and marketing effectiveness via POS analytics |
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Standard sales reports tell a small business when its sales are up or down, but they don’t offer much help in explaining the reasons for the shifts. Today’s cloud-based POS systems feature easy-to-use sales analytics tools that parse the numbers in ways that tell you the “why” behind the “what,” “when,” and “how much.” Sales: Among the sales performance metrics measured by modern POS systems are sales by department or category, gross margin return on investment, and inventory turnover. Customers: Analytics that focus on the business’s customers include customer lifetime value, sales per unique customer, retail profit per transaction, revenue growth, free cash flow and return on investment capital. |
| Get a singular view of online and in-store sales |
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Small business point of sale software allows managers to track sales in real-time regardless of whether they’re happening in the virtual space or the real one.
Another benefit of combining the business’s online and in-person operations is taking advantage of the growing trend of customers making repeat purchases online. However, that second purchase and all subsequent transactions rely on the customer having a positive experience the first time they interact with your business. |
| Make employee scheduling and management more accessible and efficient |
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The features built into modern POS systems help empower a company’s workers.
Most importantly, POS systems support employees by making the tools and information they need to excel in their jobs readily available via POS terminals as well as tablets, smartphones, and other mobile devices. |
| Realize the many benefits of taking your small business on the road |
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Most small businesses will need a hybrid POS system that combines mobile devices and stationary terminals, both of which are linked to the cloud. Alternatively, a fully mobile business requires the ability to generate invoices, track inventory, and connect to accounting systems from any location with internet access. The mobile system must accept a range of payment types, accurately calculate tax based on your current location, and automatically apply discounts. It must also include an appointment scheduling component and a customer database that tracks past purchases and customer preferences. |
Which is the best small business point of sale system?
The POS technology model you use will impact the ability of your business to earn a profit for months, if not years. So while what you have done in the past may have worked, the acceleration of technology expectations among your customers could make standing firm a costly mistake.
Determining the best small business point of sale solutions is too important a task to handle on your own. You need the expertise and small business experience that talech brings to the table. Our consultants work with you from start to finish to ensure that the POS technology you use brings your business to its maximum potential. Contact us to learn more about how our POS solutions can drive your business forward and to take part in a free demo.
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