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A point of sale system refers to that place in your business whereby a customer makes a payment for goods and services that they purchase from you.
During this payment period, a barcode is usually scanned. Then this is automatically inputted in the computer screen, which tallies the total amount and prints out the receipt.
The great thing about point of sale systems is that the whole transaction is automatically recorded in your inventory. Each time a product is sold, this is recorded. With its convenient features, this makes for more efficient operations in your business.
Choosing the right POS, such as Retail Express, can greatly affect your entire operations. Since you want your process to be as smooth as possible, you should choose quality over quantity.
Here are some of the benefits that you can gain from having a Point of Sale System installed in your business:
1. Human error is eliminated
Manually recording all of your transactions in a day only is only effective at the very beginning. But, once you start to expand in size and get busier, manually recording everything only results in human error. When you're working with numerous receipts, it can be time consuming and ineffective to check all the transactions from the very beginning to trace the error.
Through a point of sale, human error is minimized because almost everything is automated. Your staff needs only to double-check the records at the end of each day.
2. Efficiency is increased.
Running a business also means that you're completing numerous transactions and operations in a day. You may not be aware of it, but your employees may already have a lot in their hands. When this happens, your employees are doing so much more than what they can handle on a daily basis. This results in decreased productivity, inefficiency, and ineffective time management.
A point of sale system and corresponding barcoding system works hand in hand as two of the best tools to help increase productivity.
3. Inventory is managed and tracked real-time
Tracking inventory forms an important part of your daily operations. The inventory refers to the coming in and out of stocks. Without a point of sale system, you have to do this manually. And, the danger is in missing out on certain items that you miss to track.
Having mistakes in the check and balance of stocks also creates confusion as to what you need to replenish. A point of sale system allows you to see numbers immediately, especially when doing an inventory.
- Here are advantages of managing your inventory well:
- You never run out of stocks.
- Your hottest products are always in stock.
- You get to sell first those products that expire earlier.
4. Payment options are expanded
In today's technologically advanced industries, you've also got to adapt to a market that accepts different payment forms. When you're using various payment types, you're making your business more attractive to a broader market range. With a point of sale system, you're not limited only to cash because it allows you to accept different forms of payments.
New payment options that you're opening your business up to includes:
- Apple Pay, Android Pay, and Samsung Pay
- EMV chip cards such as debit and credit cards
- Contactless payments
5. Customer service improves
After every sale is made, it pays to have a record of every customer transaction. Each receipt and purchase is matched with the specific customer that paid for the sale. Whether it's a first-time purchase or a successive one, having records of all your customer transactions improves your customer service. This is achieved in the following ways:
- Your customers can easily return or exchange purchases because they can easily be tracked.
- Customer loyalty programs and rewards can easily be given as it becomes more straightforward for you to have records of frequent shoppers.
6. Employee theft is minimised
Employee theft is often inevitable. It's bound to happen one way or another in your company. If not discovered early, however, this can result in significant losses.
Without an automated system, it's tough for you to track unrecorded transactions. The opposite is true when you've got a point of sale system in place.
After every sale is made, it's automatically recorded in the system. The corresponding total of the receipts should add up to the amount in the cash register at the end of a particular period. If there's any discrepancy, it's also easier for you to correlate it with the employee concerned.
Your point of sale systems can also serve as a clock in and clock out for employees. In this manner, you have a record of who's using the cash register at a particular time.
7. Discounts and promotions are automatically recorded
Discounts and promotions happen at least twice a year. You can offer this during peak seasons, such as Christmas and Thanksgiving, or even at the end of every season. Discounts are given to serve a dual purpose like:
- On the side of the business, it's to make way for the replenishment of new stocks. The older ones that have been left unsold should be cleared off the racks.
- On the side of the customers, it's a promotional strategy, as well. Sales will always get customers to shop more and patronise your products.
It can be confusing if you have to write down the corresponding discount on every item on display manually. When there are hundreds, time and effort are wasted, an automated point of sale system can remedy this.
Each bar code of an item in the store is partnered with a corresponding discount rate. That way, the discount is deducted upon payment at the cash register automatically.
Having a point of sale system installed equates to additional cost and training for your staff. But, once you get the hang of it, you'll start to see that this point of sale system is one of the best changes and upgrades that you can give your business. Its benefits far outweigh all the costs of purchasing and maintaining one. You'll see changes in almost every aspect of your business.
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