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Point of sale (POS) systems can help your business increase efficiency and reduce theft and fraud. Not to mention, customers paying with a credit card spend more. As reported by Psychology Today, "In a sense, the combination of credit (which itself is an abstract concept) and payment that comes at a much later point in time may act as a numbing balm for the pain that is normally associated with spending money."
POS systems allow you to automate the sales process, to take advantage of this psychology purchasing. Consider how your business can best use POS systems.
Benefits
POS systems are no longer an option for retail stores. If you’re not accepting credit cards you risk losing a large percentage of your customer base. While fees can be exhorbitant, there are a variety of other benefits.
See: "Point of Sale Systems Basics" in our business guides.
Prevent Fraud and Theft
Because a POS system logs all transactions, you can work toward strategically improving employee theft. A point of sale system may also help you identify return fraud by showing you when store returns increase rapidly. In addition, the existence of digital receipts created by your POS system lets you verify that an item being returned was actually purchased on the day the customer claims.
Mobile POS advantages
One of the newest advances in POS technology is mobile POS. This software, which can be used with mobile devices, tablet computers or consumer style hand-held devices, allow you to carry out sales without bringing the customer back to a centralized register or checkout lane.
They are gradually replacing fixed terminals as the transaction system of choice. Between 2010 and 2015, the market for hand-held POS systems is expected to rise by nearly 30 percent and sales of non-rugged POS devices are expected to rise about 400 percent, according to the IHL Group.
Consider Expenses
POS systems are integrated packages of software and hardware. Although they are designed to provide years of service, it can be expensive to purchase and install a point of sale system. Additionally, upgrading the system may require purchasing new software or hardware depending on how the system was designed. When planning for your POS system, consider your options, and whether a mobile POS would better suit your business and budget.
Pricing
Retail starter kits range from $1,500 to $2,500, according to CostHelper.com. Other systems include management systems and software. When you purchase a system, make sure you know how many registers or terminals you will need, as this will affect the cost. Consider purchasing used or leasing to start.
POS systems are value to each and every retail store or restaurant. You can save expensive time by automating the sales process by tracking inventory, creating electronic sales records, processing payments, and generating printed receipts. Consider how the benefits outweigh the costs as you begin to determine your POS needs.
For more information on POS systems, visit our guide pages, "Point of Sale System Key Terms" and "Making the Most of POS Software and Systems."
Point of sale systems can be of great benefit to businesses that are involved in the hospitality, retail and entertainment fields. Such systems enable the automation of the point of sale process making them easier and more efficient overall.
Point of sale systems can be obtained from reliable providers who specialize in hardware and software based systems designed for sales transactions. These providers often offer a wide array of different POS systems including software and necessary hardware. While some are designed to be industry specific , others are more generalized and can be adapted for use in different industries.
Consider using POS systems to automate your sales transactions and streamline the sales process as a whole; from reporting to customer facing transactions. They can improve customer service and allow for more accurate accounting of transactions on a day-to-day basis.
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