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POS System Buyer's Guide

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Standard cash registers are a thing of the past—small businesses new and old are making the transition to modern retail point of sale (POS) systems. There are plenty of options out there that boast powerful analytics, ease of use, inventory management capabilities, and much more; however, making the switch or choosing a POS system for the first time can be a head-spinning venture with deeper dives into the functionality of each system, navigating pricing tiers, and matching a device and software to your business. Review this introductory guide to POS systems to help you feel more empowered in your purchasing decision.

Benefits of POS Systems

Gone are the days of storing cash in a box: POS systems are revolutionizing the way business owners manage reporting, inventory, and transactions. With these devices and software, customers can choose many secure ways to pay, including their smartphones. POS systems are fast, accurate, and can eliminate unnecessary costs, paper, and inefficient processes. Touchscreen devices offer ease of use for frontline workers and customers, and can even minimize the time it takes to create schedules or complete accounting tasks!

POS Systems for Small Businesses

For small businesses especially, a versatile POS system can make a huge difference in business operations. Cash represents only 26% of all consumer transactions in the United States, so expanded payment options could make a huge difference in revenue stream by offering customers more ways to pay for products and services. With small teams, it isn't always feasible to have an accountant or store manager included in full-time staff, and an innovative POS system can eliminate the need for hiring a consultant for management tasks.

Software Features to Consider

Every business is different, and not every software capability will be relevant when reviewing your options for a new POS system. Create a list of your core needs and prioritize them according to your budget for new software. Here's an overview of software considerations to potentially include or eliminate:

  • Inventory tracking
  • Time clock functionality (punching in and out for employees)
  • Expanded payment options (Apple Pay, Google Pay, Visa Checkout, etc.)
  • Customer email lists
  • In-device IT support

POS systems are changing the way entrepreneurs all over the world are structuring their business models, creating a more approachable and convenient way to manage operations. Looking for more ways to help boost the success of your small business? Tulane School of Professional Advancement offers professional certificates in Small Business Development and Applied Business Studies to support budding business owners by providing them with practical skills, knowledge, and tools to create and operate successful businesses. Request more information today to learn how you can lead a profitable business venture.

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