Point-of-sale Terminal (POS terminal)
Touch-screen point-of-sale (POS) systems are viewed by many merchants as beneficial to some degree, but some business owners may not realize how dramatic of an impact these systems can have on their businesses’ bottom line. Here are 5 benefits of using POS systems for your business:
1) Streamlines the Sales Process – Unlike credit card terminals that are limited to only processing credit and debit card transactions, a POS system can process sales by cash, credit card, debit card or check, all from a single interface—no more bouncing from the cash register to the card terminal and back again. These systems enable small and mid-sized merchants to better manage and grow their business while experiencing tremendous gains in efficiency. By streamlining the sales process, customers can be served in a shorter amount of time, creating an excellent customer experience that boosts sales.
2) Saves Time On Daily Tasks – POS systems pay for themselves not only in streamlining customer service but also by dramatically reducing time spent on daily administrative office tasks. Integrated, comprehensive, on-demand reports provide businesses with organized, detailed data that offers a more complete picture of business operations and reduces bookkeeping and accounting expenses. With an integrated system, merchants can review total sales by specific day of the week, date or time, or even by sales associate. This helps to evaluate performance trends, measure the effectiveness of promotional efforts and determine products that are in highest demand.
3) Keeps Track of Inventory – Another powerful advantage of a POS system is its effect on inventory management. POS systems provide a simple and accurate way to ensure an up-to-date product inventory. When all sales are tracked in the same system, it becomes very easy to keep count of stock on hand and set re-order alerts to avoid running out of products and losing a sale.
4) Gives a Personalized Experience – Customers love a personalized experience. To enhance customer service and engagement, POS systems can retain customer data and purchase history to use in loyalty programs or marketing campaigns. Using this data can help create a more personalized shopping experience that customers will appreciate, and it can help boost loyalty, offer up-sell opportunities and encourage repeat business.
5) Manages Employees and Personnel – One of the most helpful features of a POS system is that it can also serve as a personnel management tool. Merchants can save time and improve accuracy with multiple time-keeping features, including an integrated time-clock to eliminate the practice of employees over-reporting their hours. Detailed information about individual employees and their productivity enables business owners to make more informed staffing decisions, effectively reducing labor costs and increasing profitability.
With so many features to improve both internal management and customer-facing experiences, a full-featured POS system can streamline any size business operation and automate daily management activities. These efficiency gains and revenue-boosting opportunities enable merchants to focus on what’s really important: keeping customers satisfied and spending.
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