The POS system refers to the overall software and hardware needed for billing purposes in a store. The POS software acts as the operating system for the POS terminal, just like laptops running on Mac or Windows operating system.
In the interface of this POS software, you can enter data about products that you wish to sell, tally order costs, and conduct online financial transactions. The software enables you to process all orders using the available POS hardware. Many retailers use POS software typically customized to cater to their specific needs.
What Are The Key Features To Look For In A POS Software?
- The POS software that you choose must have basic functions to process orders and bills by scanning products and embracing various payment methods. Shopify POS generate invoices, prints receipts, emails to customers, add discounts, stores customer details, and attaches remarks and salesman’s identity to orders.
- The POS system should also be able to generate useful reports on sales outcomes. This reporting must be done on the basis of daily, weekly, annual, and monthly incoming and outgoing orders to help owners understand how successful their business is. So, reviewing sales patterns to observe demands for some products during specific seasons, forecasting on basis of such sales trends, getting insights on undesirable products, overspending, and data on stock management should be some of the features that any advanced POS system should be able to offer.
- The POS software needs an inventory management module that offers total transparency and accountability all the time. So, you should be able to access the transaction history and lot-wise, outbound, and inbound inventory. The software should also enable you to make stock adjustments, depending on demands.
- Facilitating refunds and conducting cross-channel payments are some of the other necessary features that the POS should have. You should be able to create multiple returns for a single sales order at various time intervals.
Common features that every POS software needs to provide businesses!
- A POS system will also ensure customer retention by storing customer data and order history. That way, you guarantee a personalized experience for every customer. The data is beneficial for marketing purposes too, as you will know which product will interest which customer.
- The POS software needs to help you manage your employees better. It should allow you to control employee work hours, sales performances, manage staffing levels, etc.
- Rather than using a punch card, the POS system will let you ensure customer loyalty through the incentives and sale of gift cards.
- You need a POS that will embrace all kinds of payments, and even support split tenders where a customer may want to spread his payment across a few credit cards or use both cash and credit cards.
- You are likely to employ many subordinates if you have a reasonably big establishment, and they will be using multiple cash registers. A good POS software lets you create account ids for every user to keep a tab on their sales. You should be able to password-protect every user. Also, you must if you want a new log-in by a user for every new sale they make.
- Mobile registers are imperative in a digital age, and you should be on the lookout for a cloud-based POS system that offers a mobile app. These mobile registers are a godsend, as they save a lot of time. There is no waiting in long queues, and you can bring the tablet to the buyer directly.
- When the POS offers a customer-facing display, every customer can see the transaction happening right before his eyes. This guarantees the highest level of transparency. He can also point out any error that may happen during the order placement process.
- You need a system, like Shopify POS, that will let you make variants of products. For instance, if you own a clothing business that sells the same t-shirt in 5 colors, the POS should record this product as the same t-shirt in different colors and not as 5 different products.
- The POS software must be equipped to print barcodes to help you have all products labeled neatly and ready to be tracked.
- Since the purchase history of clients is necessary, in case they wish to return an item for which they have lost the receipt, your POS should offer this functionality.
- Your POS software must be able to offer reports for tracking your business. For instance, the dashboard will tell you about your store’s progress, product reports will tell you which items sell best and which do not sell at all, employee reports will show who the top-performing workers are, and customer reports will give insight on who your best clients are.The ideal POS software should be scalable and customizable, being able to connect with other existing software being used in businesses such as CRM, accounting software, and gym scheduling software, to name a few.