A point-of-sale (POS) system helps businesses track their earnings and expenses, as well as automate their financial transactions. Utilizing a POS system can increase your sales potential, widen your customer base, and improve overall business efficiency.
4 Things You Need When Preparing for a POS System
Setting up a POS system can be easy and quick. Plus, True POS will help you get set up efficiently. To make it a smoother process, these simple steps can help you prepare better.
1. Have Your Inventory List Prepared
A POS system serves as a catalog for your products and services. It helps to prepare a list for each of your offerings by navigating to the “add product” button or a similar command. Be sure to add important information, such as barcodes, product names, descriptions and costs, and SKUs. It also helps to upload a photo of each product, so you can have a quick reference when needed.
When each product is listed in your POS system, it can synchronize with your e-commerce site to display what’s available online or in-store. Depending on your POS system, you may also have the option to edit or delete items in your inventory list. Others may also notify you when certain products are low in stock, allowing you to replenish these things to bring in more sales opportunities.
2. Know Who You Want to Give Access to, and What Kind
The next step is to add the users and determine what access permissions to give them for your POS system. While it’s important that all your employees have access, certain things should be limited to them.
To do this, go to the “users” tab or a similar command in your POS system. Enter the user credentials, such as their name, position, employee ID numbers, and scheduled shifts. From here, you can provide specific permissions from the same interface.
It’s important to know the limits of your permissions. For instance, only managers or team leaders may have access to the analytics reports functions. Higher-level POS functions such as cash management, inventory control, and order control should be given only to select people. Limiting the access of sensitive information to the right people will help ensure your business is kept safe and secure.
3. Decide Which Payment Methods to Offer
Once you’ve entered your products and users, it’s time to set up your payment method. Head to the “payment methods” command on your POS dashboard. Add, remove, or edit the payment methods as necessary.
Your POS software's manual lists which payment methods your system can accept. Most POS systems accept cash, major credit cards, cryptocurrency, contactless payments, and web payments.
It’s beneficial to ask for feedback from your customers about what payment methods they use, to help you determine which ones to include. This way, more customers will be able to make purchases at your store because you accept their preferred payment method. Plus, it will strengthen your relationship with current and potential customers.
Ultimately, the ability to accept multiple payment methods gives your business a competitive advantage in the market.
4. Decide Which Software You Want to Integrate Your POS System With (If Any)
Many POS systems can integrate with your existing software, such as bookkeeping, inventory, and other business management tools. Integrating your POS systems with these tools streamlines your business functions because it combines all your tools, controlling the flow of information across your company.
To do this, navigate to your system’s “settings” tab and look for options like “integrations” or “other software.” Some software may require extra steps to integrate with POS systems, so be sure to research which POS system supports your specific needs or contact your solutions provider.
What is a POS system, and How Can it Benefit Your Business?
A POS system is a tool that uses hardware and software to process and record financial transactions. Depending on the business, a POS system can be at the counter, table, or even on the store floor.
It provides a more convenient way for customers to pay for goods and services from your business — whether in-store or online. It also allows you to maximize the interaction between you and your customers. Furthermore, it brings together your sales and payment processing, inventory management, staff management, and customer engagements.
Setting it up offers numerous benefits for your business. These include:
- Better business insights — Monitor sales trends, track recurring purchase patterns, and identify areas for improvement. You can also anticipate customer interests and provide personalized marketing based on their purchase habits.
- Stronger data security — A trusted POS system can store confidential data safely. This means you can run your business without worrying about the mishandling of sensitive information, both for your business and your customers.
- Improved customer satisfaction — A POS system makes checkout processes quicker and more efficient. With your product catalog, payment processing, and inventory management system all in one place, you can expect quicker transactions. This also leads to shorter queues in checkout lanes, leading to higher customer satisfaction and business efficiency.
- Increased revenue — Track sales and automatically update inventory levels to make smarter choices about product orders. When you track the right metrics and understand the data, you can identify aspects to avoid, opportunities to leverage, and trends to maximize.
- Optimized inventory management — Automatic tracking and updating of stocks reduces the need for manual checks and the risk of human error. This also saves time and manpower while making smart re-stocking decisions.
Having a solid POS system that suits your specific needs and requirements is crucial to your growth. That’s why you must know how to choose the best POS system for your business.
How True POS Can Help
True POS is here to make things easier for you. All our tools are easy to learn and navigate, ensuring that your POS system works efficiently for your business. We provide customized solutions, so you can offer your customers the right payment option, integrate with your current systems, and continuously grow your business.
Beyond that, if you need any support and training, our skills experts are ready to make the process smooth for you. Whether you’re changing systems or starting fresh, we can assist you in setting up and running your POS. We also offer ongoing maintenance if you need guidance along the way, and unparalleled support wherever you are in the country.
Ready to get started with your POS system? Contact us today to get a free quote.
