Are you still using cash tills in your business? Do you wish to upgrade? Well, this article is for you. A point of sale system, which is widely known as a POS system, is one of the best ways to upgrade your business from the traditional cash registers.
If you are using a credit card terminal and an Electronic Cash Register (ECR), then this is the best time to upgrade to a much easier and cost-effective solution.
What Is a POS System?
A POS system enables your customers to make payment of the goods or services that they have received from you. They enable any business transaction between you and the company to be completed.
In addition, it is a computerised network linked to checkout terminals and is supported by various features including bar codes and end with a card payment. There are specific systems for each business, meaning the restaurant business has its unique system that can meet its specific needs.
With this system, you are sure of several benefits that will help you run your business smoothly.
Here are some of the benefits of a POS.
1. Improved Efficiency
Using the right tools will help your operations to run smoothly and efficiently. Your employees will be able to manage queues better, especially during checkouts and this will also make your customers happier.
You will also be able to save a lot of time and handle your customer complaints much better.
Modern POS systems have an easy to use touch screen that has all the information that your cashiers need right at their fingertips. It eliminates the manual keying-in system that is prone to errors. This technology is guaranteed to improve accuracy throughout the operation and it also has real-time data that eliminates the need to upload any data and this minimises the risk of human error.
3. Detailed Receipts
Point of sales systems will provide your customers with a detailed receipt rather than just a receipt stating the date and amount. These systems use inventory data that provides information like service description, item, price, and even any saving from coupons.
Some systems can allow you to add a footer for a more customised receipt, where you promote any of your services, print coupon codes, and add any custom message that you desire.
4. Inventory Management
The system also has an advanced inventory management technology that can track the quantity of the products you are using in your restaurant or selling in your gift shops and is also able to set up a reorder trigger and retail matrix.
It saves you hours of stock-taking and inventory management and the best part is that it will give you a real-time inventory data. Can cash registers do that? It can’t.
5. A POS Expands Payment Abilities
A POS system can accept different payment types like the EMV chip cards, contactless payments (NFC), mobile wallet payments like Android pay, Samsung Pay, and Apple pay. When your customers can pay with different payment types, they will be satisfied and this can increase your revenue too.
According to a survey conducted in 2017, consumers in the UK who used debit cards as their preferred means of payments increased by 14% while those who used cash reduced by 15%. Therefore, by using a POS system that you can track, you can easily keep track of your records and serve your customers better irrespective of the payment method used.
6. Employee Management
If you need a system that can monitor your employee clock in and clock out times and still manage the payment and checkout systems, then this is the system for you.
The modern POS system has a time clock functionality that you can use as your employees’ clock in and out system. You will have access to ensure that every employee’s identity is verified and you can monitor their attendance easily.
7. Reporting Feature
With this feature, you will be able to keep an eye on profits, expenses, and sales. You will receive this data in real-time and formatted so that you can be able to read it easily. The best thing about this reporting system is that you can access the reports whether you have travelled or right at the comfort of your home.
There is no better thing than be able to manage your business and make decisions from wherever you are, and this system offers you just that. You will also be able to monitor Key Performance Indicators and this will help you identify areas in your business that needs improvement so that you can maintain profitability.
8. A POS Is Fast
If you do not like to wait in long queues during checkouts, then neither do your customers. Customers get frustrated if they have to take longer to pay.
This is all solved by a POS. It has a very fast checkout system that also involves the customers leaving them with a very good impression of your brand.
9. It Makes Accounting Simple
Using the old fashioned cash registers would mean balancing it out at the end of the day, and this includes sorting all the sales receipts of the day. This is not easy, especially after a hard day’s work. With this system, you can print reports and also import the data directly with your accounting software.
The days of using analogue technology are fading away and technology is taking over in all areas of business. Working with new-age technology is the way to go and do not remain behind. POS systems are easy to use and easy to learn. This is a worthy investment or your business.
Consider Using a POS System in Your Business
A POS system will increase productivity and improve it in the long run. It will also result in a faster ROI both in the time spent on daily operations and in pounds too. This is a no brainer; you need this system in your restaurant today.
If you are looking for a POS system for your business. We have the right one that is best suited for you. Check out our website and visit our hospitality operations page to learn more about POS.
Do get in touch with us for more information.