The retail and restaurant industries run on many systems, but the one thing that ensures a smooth and efficient operation for them will always be the POS system they have in place.

With the speed and versatility of the latest software that runs these, retailers and restaurateurs everywhere can effectively keep an eye on the various aspects of their business. They may be overlooked most of the time, but modern POS systems impact a business positively in so many ways.

For one, customers won’t have to stand in long lines because the POS system makes transactions faster; for another, the point-of-sale system makes critical aspects of the business such as sales, payments, and inventory more streamlined. The result, of course, is increased sales and faster ROI. Other benefits of using POS software include:

More detailed and accurate reports

The importance of reports to any business—or organization for that matter—can never be stressed enough. Ideally, all business decisions are based on the information contained in reports, and that’s why it’s absolutely essential that they contain nothing but detailed and accurate data.

The much bigger storage capacity of modern POS lends itself well to generating reports that are much more detailed than before. Today’s POS systems make use of a Cloud-based system to store and integrate information, which can be easily accessed by businesses for data that will allow the generation of incredibly detailed sales and inventory reports, among other things. Add to that the capability to come up with calculations that are 100 percent accurate, and you have a system for your business that will simply be indispensable.

Enhanced labor and human resource functions

There was a time when timekeeping and payroll generation were such tedious things to do. Those days are now gone—for the retail and the restaurant industry at least—with the advent of POS systems.

Even if the POS system you’re running is the most basic available, it’s likely capable of performing timekeeping tasks as well hooking up with the payroll system of the company. That makes monitoring the performance of employees and effective delegation of tasks so much easier.

Gone are the days of staff doing manual cash register reconciliations, thanks to the ability of POS software to generate more accurate reports. With one or two fewer tasks to perform, your employees will have more time attending to other urgent duties, like providing top-notch customer service.

Personalized customer experience

When you’re running a POS system for your business, keep in mind that it has a customer database that contains information that can help you make the customer experience more personalized. With just a few clicks, you can get your hands on a treasure trove of information that will allow you to track customer behavior, their order history, and personal details, among other things.

With all that data at your fingertips, you should set your POS system to send out promotional offers and discounts automatically to customers in its database. You can also have it create reward programs, which not only influence people to make buying decisions but also foster loyalty to your brand. Such programs make your customers feel that they’re important to you, and that will be enough to make them return to your establishment for more.

More secure and convenient card and mobile transactions

For the longest time, people have been paying for their purchases using credit and debit cards, and these are transactions that POS software can handle directly and easily. With a POS system, there is no more need for businesses to spend money on separate peripherals that will help with the processing of purchase. Most important of all, credit and debit card payments processed via POS are proving to be faster, safer, and more secure.

The rise of mobile payments, however, is starting to give card transactions in the United States a run for their money. In fact, it is projected that before 2021, there will be 150 million in-store mobile payment users in the country. And if you’re running a POS system for your business, then you’re in luck because you can update it or integrate it with other applications or third-party software to make it capable of accepting and processing mobile wallet payments.

There seems to be no end to the benefits that your retail store or restaurant can get from POS software. As POS systems stand today, they are practically capable of doing just about anything for your business, and automatically at that. And while basic POS systems get the job done, newer POS tend to be more versatile and reliable. With a more modern, more dependable POS system in place, reaching your business goals will immediately become easier.

Daniel Carleton is the Director of Sales Operations of Talus, a Dallas, Texas-based company that provides reliable payment processing and merchant services to small and medium-sized enterprises. Daniel, who has more than 15 years of experience in the payment processing industry, is currently in charge of Talus Payment’s sales and business development. Since joining Talus in 2012, he has put together many elite sales teams all over the country, all of which have consistently exceeded sales targets.
Outside Insights, POS Solutions, Story, Technology