As a small business owner, you always want the best for your company- especially when the best boosts sales, saves time and money, and provides efficient and convenient operations.
Did you know the proper POS system can do that for you? These systems should always be integrated into your business, no matter what industry you’re in, as they streamline the transaction process for both your staff and your customers.
So what are POS systems, and how can you choose the top ones for your business?
What is a POS System?
A POS system- or point of sale system,- is the hardware and software used to enact transactions for your business. This system provided a safe and secure way to charge sales and accept payment methods from your customers.
It is virtually impossible to get by as a business these days without using one of these systems, especially for card processing. They are crucial for the efficiency of sales and the security of your customers’ financial information. These systems are also essential to the accounting side of your business, as they automatically calculate and add sales tax to every transaction.
Benefits of Using POS Systems
No matter what sector your business falls under, the benefits attached to using POS systems are immense. This payment solution offers:
- Efficiency: Faster and better sales services for your customers, so you can serve more people within a small amount of time.
- Easy Usage: POS screens organize and categorize sales products to make ringing up purchases a straightforward process.
- Increased Payment Options: Your customers can choose to pay with various payment methods, so they are not limited to only cash purchases.
- Professionalism: Illustrates to your customers that you are a professional business with the appropriate technology to serve them well.
- Better Inventory Management: The system automatically tracks all transactions to show you what has been purchased and needs to be restocked in your inventory.
- Accurate Calculations: Computer processing offers quick and precise calculations, factoring in sales tax automatically, so no more human errors.
- In-Depth Record Keeping: POS systems help you with the accounting and bookkeeping responsibilities of your business, with detailed receipts and transaction history for proper record keeping coming tax season.
Questions to Consider When Using POS Software
Before choosing a POS system and software, you will need to consider a few things. When researching the numerous systems available on the market, it is advantageous to compare various features of each product before settling. Ask yourself these questions while browsing your options:
- What are the initial set up costs?
- How much time and money must you spend to get the system running?
- What are the payment processing costs?
- What will be the percentage of sale and charge per transaction?
- Is it economically viable to buy the hardware and equipment outright or rent them monthly?
- What are the fees attached to the software?
- Is the software a monthly subscription?
- How mobile is the equipment?
- Is the system stationary, or can you add machinery to smartphones or tablets to make the system portable?
- Does the software offer cross-platform functionality?
- Can the POS system accept EMV chip cards, contactless cards, mobile app payments from Apple Pay, Google Pay, and other such apps?
- How secure is the system?
- Can it appropriately protect all of the information stored on it?
- Can the system help me with my inventory and product management?
Best POS Systems for Small Businesses
You will want to choose a POS system based on the type of business you own. Depending on what industry you fall under, different POS software will provide you with various advantages and disadvantages for your specific services or products.
Always keep in mind what the most cost-effective payment methods are and what systems can process all types of transactions, like credit cards and debit card purchases.
Top POS Systems for Restaurants
If you’re in the restaurant business, you will need a highly specialized POS system, one that provides an easy path of communication between your bar and floor staff, and your kitchen staff. The system will also need to handle frequent menu changes meaning an easy to use interface. Look for a POS software that can split tickets for numerous billing options, create open tickets for ordering on a tab, and provide easy cash and card reconciliations.
TouchBistro is one of the most popular POS systems for restaurant type business. This brand’s systems help thousands of restaurants throughout the world. The system offers users multiple integrated payment processors, reporting and analytics, 24/7 support, inventory management, table-side and online ordering, and quality sales control all in one.
Top POS Systems for Retail
Retail businesses will also need the right POS system, one that can manage inventory, with software that seamlessly connects to a barcode scanner and receipt printer.
The Lightspeed POS system works great for both restaurants and retailers. However, the online retail capabilities are where this software shines. The e-commerce services provide small businesses with a significant advantage on the online marketplace, turning browsers into buyers.
Features such as loyalty programs, online returns and exchanges, wish list, with inventory management and shipment integration capabilities can help boost sales and customer satisfaction.
Quetzal is another retail POS system, designed specifically for shoe retailers and fashion boutiques. This cloud-based system offers businesses quality software and hardware at a lower price than other POS providers, with reliable software and almost zero support costs. Quetzal is compatible with iPads, desktops, and laptops, with an organized and easy-to-use interface for intuitive learning.
Top POS Systems for Diverse Businesses
Some POS systems are so diverse they can be used for any number of small business requirements.
If you enjoy using iPads and smaller devices to manage your transactions, then ShopKeep could be the most fitting point of sale system for your business. The software provides seamless integration with iPads and is the No. 1 iPad specific POS on the App Store.
With a quick and straightforward setup, customizable hardware with an attached warranty, accurate reporting, and 24/7 support, it’s no wonder this is such a popular POS for all types of small businesses.
Square is a highly compatible and customizable POS system for businesses of all kinds and sizes. With invoicing, bookings and payments, virtual terminals, checkout links, online gift cards, dashboard analytics, loyalty rewards program, and team management this software cover all your business’s needs.
The hardware is sleek to look at and quick to operate with stands, terminals, and readers for contactless, chips, and magstripe.
With Clover, you can customize the software and hardware that will work best for your business type. This POS system provides your operations with the ability to accept every kind of payment, including EMV chip cards, swipe cards, contactless NFC payments, checks, cash, and even specialized gift cards all in one!
Clover seamlessly integrates with other business tools such as Yelp, MailChimp, and QuickBooks. You can even try Clover for free for 30 days to ensure the system works for you before buying.
QuickBooks Syncs With POS Software & Hardware
If you’re considering the various POS systems discussed above, keep in mind that many of their apps integrate with QuickBooks accounting software for services that cover all of your sales and bookkeeping needs in one place.
With an intuitive dashboard that works on mobile devices, tablets, laptops, and desktops, you’ll never be without the information and services you need to successfully operate a small business- whatever that business may be! Try a free 30-day trial period with QuickBooks Online and take advantage of the payment processing today.