If you use your credit card swiper simply as part of the payment or transaction process, you may be missing out on significant features that could elevate your operations. The reality is that many of your competitors may already be taking advantage of these features or will be soon. With this in mind, you cannot afford to miss out on the benefits that these features provide.
Improved Reporting Capabilities
Your point of sale system can simply process transactions so that you can accept credit card payments, or it can track sales information from all terminals, on a per-employee basis and even from multiple store locations. Because this information is tracked in real-time, you can use your POS system to generate accurate sales and productivity reports. These systems may also produce reports for employees’ time logs and more. Your ability to analyze these detailed reports on demand can help you to improve how you run your business and assist in well-informed decisions.
Easier Inventory Management
Regardless of whether you run a store or a restaurant, your POS system may be used to track inventory. By doing so, you can determine when you need to order more supplies or products so that you can better manage storage space and avoid shortages. Improved inventory management may help you to save time, minimize food spoilage and even determine which items you need to keep in stock in larger quantities.
Adjusting Prices
If you are currently manually adjusting prices in your POS system each time you have a sale or run a promotion, you may be wasting a considerable amount of time. Modern POS systems enable you to quickly set price adjustments that turn on and off at specific times. This works well for sales in a retail store as well as for happy hours in a restaurant. You can even adjust prices on select items at specific store locations.
Enhanced Loyalty Capabilities
Today’s POS systems enable you to obtain customer-specific sales data for individuals who have opted into your loyalty program. You can then use this data to customize the loyalty program offers. With this information, you can also customize your marketing efforts based on what specific customers have purchased in the past.
You can see that a modern POS system is more than a basic credit card swiper. These are only some of the many benefits that you could take advantage of if you upgrade to a new POS system. Because the features vary considerably, take time to learn about all of the features and their functionalities before you select a new system to incorporate into your business operations.