Choosing your Retail POS System
So you’ve decided to invest in a point of sale system. You’ve heard all the advantages and you’ve realized that your business can’t do without one. But how do you put together a retail POS system?
A retail POS system should include the following hardware components: a bar code scanner, a magnetic stripe reader, a keyboard, receipt printer, cash drawer and monitor. The bar code scanner can be handheld, or a flatbed one. The scanner enables items to be checked out quickly and with almost no possibility of pricing error. It also ensures that your inventory is properly accounted for. The stripe reader allows transactions with credit or debit cards, a must with the increasing use of ‘plastic money’. The cash drawer should ideally be heavy-duty to survive day-to-day abuse by employees, as well as having security features.
Your point of sale software should ideally enable you to perform the following functions: track inventory; guarantee that all items are sold at the correct price; monitor sales; track customer buying trends; and create purchase orders to make ordering new merchandise easier. It should also enable you to check the efficiency of your employees’ performances.
So how do you select the retail POS system which is right for your needs? Consider the following guidelines: first, decide what your needs are. Do you need features such as customer relationship management or accounting integration? Also, what type of support do you need? Do you need it 24/7 or can you settle for support just during regular office hours?
Then you should review available POS software. Should you pick programs which are personalized for a specific industry (i.e. retail or restaurant) or go for software which you can customize for your specific requirements? Of course you can also go for free downloadable software or generic packages that are cheaper than branded ones, but it is not recommended that you skimp in this area.
As far as hardware goes, you should decide whether you want your magnetic stripe reader to be stand alone or integrated. Stand alone units use the phone line to transmit data while integrated units are connected to the POS system and uses a usb or built-in connection. The advantage of integrated systems is that you no longer need to test or make sure that the unit is compatiable with your your POS Software or Syetm. With a stand alone system, however, you can use any standard connection, a potential cost savings. But it should be noted that retailers need to comply with the credit card industry’s security requirements, which mandate that card information be transmitted via a secure network.
Finally, you should consider if your retail POS system is easy to use to facilitate training your staff in its operation. This is especially vital given the transient nature of many retail workforces.
There are also some recent trends in POS systems that you should be aware of. These include self-service POS systems using touch screen monitors and payment acceptance devices, which save on labor costs. Some retail POS systems are now also offering advertising tailored to the specific gender or age of the customer, based on data acquired by scanning them while they stand in line, which could potentially be a significant revenue stream for retailers.
But these are state-of-the-art trends that have yet to become commonplace. What is clear is that a retail POS system can improve your bottom line enormously right now, as long as you design it properly to meet your store’s needs.
POS Software | Point of Sale
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