The Major Benefits To Upgrading Your POS System
The latest point-of-sale systems have evolved well past just being a device to process your customers payments, they can become the backbone of your business. Even so, as a business owner the idea of shelling out hundreds or even thousands of dollars to upgrade your POS equipment might go against the grain.
But before you close your mind and wallet and decide to limp along with your older POS system, it’s important to take some time to learn how an updated system can bring great value to your business, and pay for itself many times over.
Significantly Enhance Your Revenue
It only makes sense that paying to upgrade your POS system would be a lot easier to swallow if doing so meant that you would make significantly more revenue.
Once you get a POS system that has built-in capabilities to take mobile payments, offers robust reporting and accounting features, and has inventory management software, you can watch as your profit margins surely begin to climb due to more efficiency. Your POS can become your silent and very talented business partner in several different ways:
- With new mobile payment processing capabilities, customer payment transactions can be completed faster and from any location in your restaurant or retail space. With shorter lines and quicker checkout times, you will have happy customers who are more likely to return to your establishment, as well as recommend your business to their friends and family.
- With an upgraded POS system, inventory management is a breeze. The days of running out of popular items, leaving potential customers disappointed are over. With your POS on the task, you can generate real-time inventory reports well in advance of your stock running low, and then order accordingly.
- For some businesses, a modern POS can be a catalyst that can bring about an expansion in services as well as an accompanying increase in revenue. Now that you can benefit from portable credit card processing, you can take your company on the road to places such as trade shows, farmer’s markets, concerts and expos.
- Most newer POS systems contain software that will allow you to set up a customer loyalty program with very little effort on your part. Your regular customers will be even more motivated to visit again if you make it worth their while with free or discounted merchandise that they earn when they make purchases. All that remains is for you to use your POS to keep your dynamic database updated.
Provides A Big Cost Savings In Both Money and Time
Most business owners know far to well how many small and large costs are constantly eating into your bottom line. Here are a few ways how an upgraded POS system can help you to minimize many of these drains on your capital.
- Inventory management. Let’s revisit this important area again but from the standpoint of cost savings. If you have ever misjudged your current stock and ordered a surplus of expensive items that you ultimately did not sell, you know what a financial toll improper inventory management can take on your business. Automating it can prevent incidents like this from happening again.
- Eliminate manual errors. One of the best gifts that your upgraded POS system can bring to you is the automation of tasks that you or your staff may have done by hand in the past. From tallying employee hours to keeping track of sales slips, there is inevitably a higher chance of human error if the data is being entered by a human who is probably multi-tasking. Relinquishing these time-intensive tasks into the capable purview of your POS can not only free you up to engage in other tasks, but also protect you from costly data entry errors.
- Space saving. Of course, portable units can be carried by staff to any desired location to complete a payment transaction, but even POS workstations are now designed with maximum use of space in mind. High resolution/high contrast backlit antiglare LED displays are easier to see in a variety of lighting conditions, thus making the customer ordering or payment process faster and less prone to errors.
- Time savings. You have heard the saying that time is money, and nowhere is it more evident than in the running of a business. Allowing your POS system to automate accounting and inventory management tasks, allows you and your staff to be freed up to take care of other equally important priorities that might have previously never gotten the proper attention they deserved. Furthermore, your POS system can enable you to make the best use of each staff member’s time.
With payment technology evolving so rapidly, it probably comes as no surprise that your POS system can become an integral part of virtually every aspect of your business, from what goes on in your back office payroll, to inventory and accounting, all the way to your customer payment experience.
Some business owners may fear that delegating so many tasks to their POS system will compromise their integrity and turn their business into an impersonal and robotic place. Rest assured that this is not the case.
Your customers will visit your business based on the quality of the products or services you offer, as well as how they are treated each and every time they walk in the door. No machine can ever replace that unique quality that sets you apart from your competitors. Your POS system is simply there to enhance your product or service offerings, help you generate more revenue, and cut down on your operating costs. Who can argue with that!
To learn more about the point-of-sale systems that we offer, please contact us.
Visit us online at www.TailoredTransactions.com or call us direct at (888) 669.1686