A point-of-sale system can help reduce shrinkage from employee theft and provide you with access control methods to ensure employee identification is validated for clock-ins and access to your system—especially for voids and refunds.
A POS system is a useful tool to accept a preferred payment method, as well as a managerial tool and reward-enabling system for business operations. Employee-management tools are integrated into modern cloud-based point-of-sale software. A POS motivates employees to be more productive because of the all-in-one system and its cutting-edge features. Management can even monitor sales made by each employee with POS software. With increased efficiency and productivity, a company's annual revenue is likely to increase and drive business objectives, all while fostering customer satisfaction of current customers.
The employee, on the other hand, can look at his or her own sales statistics (sales per employee), to drive progress toward goals. In addition, they can see where the numbers can be improved by regularly reviewing their performance metrics.
A POS system tracks business trends and helps companies become more cost-focused, which improves revenue, saves time, and nurtures better relationships with customers. It also provides an excellent advantage by using previously recorded data to make data-driven business decisions in critical business matters.
Many features in a point-of-sale system and its business software tools enable employees to improve the level of service they provide to customers, including the ability to:
Further, since the evolution of payment technology, a POS system integrates with daily business tasks, such as payroll processing to further improve the accuracy of employee wage payments, tip distributions, and employees’ sales commissions. Through a built-in employee scheduler, workers can be automatically alerted when they near their maximum hours for a pay period, which helps businesses comply with all employee-related regulations.
A POS system also offers several other benefits for employees, including:
As a store owner or manager, there is nothing more frustrating than seeing a long queue of customers impatiently waiting at the checkout counter. It happens when a customer wants to split a bill which requires your sales staff to manually enter the purchase details for each customer into the system. This not only creates a long line, but it also causes customers to feel frustrated and affects business performance.
With a POS system in place, staff can split a check with just one click. In addition, a POS system allows you to send receipts via email and automatically manages the receipts. This, in turn, reduces the time spent by store staff to compile and archive stacks of receipts.
A POS system enhances customer service management by collecting customer data, such as an email address and tracking previous transactions. When sales staff enter a customer’s name, they can quickly find their entire purchase history. With this feature, business experts and owners know who their best customers are and what type of products they frequently buy. This information can be utilized to develop a customer loyalty program and send special offers related to their favorite products. By having a POS system in place, you can better understand your customers and significantly boost sales.
A point-of-sale system electronically stores inventory and costs rather than requiring your employees to type numbers into the cash register. The total amount due automatically calculates and displays after you scan each item. As a result, a POS system prevents costly mistakes for your business, such as keying in the wrong item code.
The most time- and labor-intensive task in the retail business process is inventory management. Using a POS system in an independent retail store is advantageous because it provides a real-time, accurate update on inventory. For every customer check out, POS systems maintain an inventory list on the hard drive and automatically deduct the purchased item. Having a POS system that tracks and controls inventory automatically saves time and money for business owners because it allows them to hire fewer stock clerks.
For example, a POS system can help you analyze previous sales data and make better decisions about product reordering than the manual inventory system. You'll be able to tell when demand for a particular product is rising, so you can place orders right away to ensure you have enough on hand. As a result, it aids you in making seasonal purchasing adjustments and decisions.
Every retail business owner loves their POS system’s reporting feature. After every workday or during off-hours, this powerful feature produces detailed reports that give you sales insights for the whole day, week, month, or even year. A sales report allows management to identify top-selling products, such as which products sell well on what days or at what price, and which promotions were most successful.
Expansion is exciting; opening a new location is a big deal for business owners. With new stores, however, come new challenges. Managing multiple stores is complicated, but the right point-of-sale system offers a solution to increased business operation needs. Terminals that make up the POS system can be networked. This means, whether a business has multiple locations or you simply add a new office to your current building, your system ties everything together, and offers real-time information on any location at any time.
A POS systems facilitates building customer loyalty through customer support resources and detailed customer insights. Additionally, the hours you and your employees save by automating tasks within the POS can instead be spent with your customers. POS systems also allow you to create, launch and track customer rewards programs to encourage repeat business.
Often a business appreciates the availability of technical support for its POS systems. To keep POS systems running smoothly, some suppliers offer maintenance contracts to their POS system customers so they have the option to contact a support team.
A support team can address a variety of questions about the POS software's functionality, technical issues, and fundamental capabilities. You must, however, exercise caution when selecting a service provider. While many vendors provide technical support, others provide no support at all.
A POS system reduces the number of errors in customer and business activities by automating multiple functions directly in the system.
For example, inventory management is simplified; instead of keeping intricate, manual records by scanning items, the system automatically adjusts inventory each time there’s a sale or return. You no longer manually enter items, which reduces inventory mistakes in the system.
POS systems require updates to properly work. Some POS providers initiate updates and offer support to fix bugs in the system that result from updates and corresponding new features.
Some vendors ensure a POS software system remains up to date through a cloud-based POS system. Cloud-based software is easier to maintain than a server and is installed on site. However, not all providers offer a cloud-based system.
BNG Point-of-Sale are POS solutions that improve your bottom line. With a full selection of POS systems for various businesses, including restaurants, bars, retail, convenience stores, and more, you’ll find the right tool to grow your business with the personalized support you need. Connect with us to learn more.