Using cash registers, pens, and notebooks for accounting and processing transactions are a thing of the past. With today’s advancements in technology, it’s much easier for small business owners to process transactions and calculate sales. If you want to stay competitive, it’s imperative you adapt to innovations. While the latest tech can be expensive, New York business loans can help you cover the costs of purchasing updated technology.
Many retailers are now using the point-of-sale (POS) system to manage and streamline transactions. Here are five reasons why many business owners prefer POS systems over regular cash registers.
1. Improve Customer Relationships
Business owners use data generated by POS systems to create effective marketing strategies to attract more customers. The latest point-of-sale innovations produce accurate information regarding consumer behavior. This valuable data allows you to come up with engaging strategies, such as incentives, programs, and discounts. When implemented successfully, you’ll be able to improve your relationship with current clients and generate new leads at the same time.
2. More Payment Capabilities
With a POS system, you’ll be able to accept various payment methods like EMV chip cards, mobile wallet payments (Android Pay, Samsung Pay, and Apple Pay), as well as contactless payments (NFC). By having numerous payment methods available for use, you can increase customer satisfaction and generate more revenue. In fact, studies show that 33% of shoppers prefer to use credit cards, while 44% pay with their debit cards.
3. Manage Inventory Better
POS systems are equipped with advanced inventory management features that enable you to automate inventory management. A great POS system allows you to track the number of inventories, set up reorder triggers, as well as a retail matrix. One of the more helpful features of this software is that it gives you real-time inventory data, which can save you countless hours of inventory management and even reduce your overhead costs.
4. Easier Accounting
If you have a love-hate relationship with Math, a POS system can help you out. With regular cash registers, you’ll need to go through hundreds of receipts. On the other hand, a POS system streamlines the entire process. It allows you to print reports, as well as sync data directly with your accounting software.
5. Faster Service
Nobody likes to wait in long queues – especially your customers. Long checkout lines decrease customer satisfaction. With a POS system, the checkout process is faster than regular cash registers, especially if your system uses a bar-code scanner. The latest POS technology enables small business owners to provide faster service and therefore, increase customer satisfaction. A genuine win-win for both the customer and you the business owner.
6. Save Time
POS systems allow you to keep track of the goods that go out of your store. It continually updates you on the number of sold items and lets you know what you have in stock. Some POS systems even submit orders to your suppliers of inventory levels are low. With a machine taking over this task, your employees can work on more pressing tasks.
Additionally, when your customers want to know more about a specific item, you can quickly check the item in the program, improving customer service by reducing wait time. A POS system can automatically calculate margin and taxes, making it easier and faster for you.
7. Gives You Detailed Receipts
With POS systems, you don’t have to manually write down the date and amount of the sale on a piece of paper. The system provides your customers with detailed receipts complete with item description, price, savings from a sale, etc.
Some systems even allow you to customize a portion of the receipt. You can use this feature to print coupons, information on loyalty rewards programs, promote your social media accounts, or write down your return policy.
8. Access Information Anytime, Anywhere
If you can’t be in your store most of the time, the ability to access POS information is a necessity. Technology has changed the way retailers operate. With the right POS system, you can easily access real-time data to both your financial and operational data. You should be able to seamlessly integrate data from your physical stores and online shops.
New York Business Loans for Your Retail Business
The price for POS systems (plus software) usually ranges from $1000 to $2000, depending on the type of business and system. Only a handful of small business owners can afford to pay for the latest POS system upfront. Fortunately, New York business loans can help. Small business loan programs help you secure the funding you need to take your retail business to the next level.