Now-a-days point of sale (POS) system is an important component for companies. In the last 20 years, POS technology has emerged to accept multiple types of payments and provide important features such as inventory, real time reporting, customer loyalty programs, price check and data security. Traditional POS systems can be reliable for cash and debit whereas latest POS systems take your business into the 21st century and beyond.
Here are six important features present day POS systems offer:
Many POS systems in recent time offer customizations, such as downloadable apps and features that are industry specific. For example, retail POS systems in recent times have mobile cloud programs that can be used at location with software updates. Other POS systems include apps that can be added or deleted whenever, so retailers can get the right POS features so that they can maintain their business most efficiently.
As per a report, 46% SME’s don’t track their inventory or use outdated manual strategies. (1) This shows errors in inventory and the possibility of over buying of products. In order to stop this, modern POS systems are defined with inventory management programs that let retailers see what is in stock and what should be reordered from any location.
Modern EPOS systems, businesses need to employ specialists to aggregate their data and create business reports. Today, touch screen-based POS system features in real time reporting and analytics. These features enable managers to analyse what has sold well over a specified time period. These reports also allow businesses to figure out what they can dispose of to expel extra expenses.
Modern POS systems in recent time executing customer loyalty programs by means of mobile phones. These apps can be downloaded specifically to a customer’s cell phone free of charge. Rather than carrying swipe cards or paper punch cards, customers can track their purchases digitally and can build rewards. This has also reduced loyalty card fraud for businesses.
Managers and sales executives realize that the most popular questions is, “What amount does this cost?” Tablet compatible mobile POS apps can be gazed upward by SKU number or by scanning the barcode. This gives the sales executive and customer an accurate price of the product while saving workers time.
Modern day POS systems are more secure than their more established counterparts. With data encryption technology, tokenization and EMV chip card accepting, POS systems offer safety features that ensure both customers and businesses. Software can also be acquired as supplemental security with a few merchants offering protection packages.