If you’ve worked in retail or food services, you may remember what it’s like before modern point-of-sale (POS) systems exist. The hardship of having to manually add the cost of items using a calculator or even better, a cash register.
Cashless payments were yet to be implemented so the customers couldn’t simply scan the merchant’s QR code and pay wirelessly. Even credit card transactions weren’t instantaneous as it would take a day or two to process the payment!
However, times have changed, and now with technology at the forefront of our lives, it’s no surprise that small businesses are also looking to technology to better manage their operations for increased efficiency and clutter-free assistance.
In this article, we’ll be sharing what you need to grow your small business along with the benefits of using a POS system for small business.
What You Need to Grow Your Small Business
When it comes to growing your small business, there are many ways to do it, but the best decision you can make to move the needle forward in growing your business is to use a POS system. A POS system provides an array of benefits and functions that can be tailored to your business needs. Here’s what you need to know about a POS system.
What is a POS system?
You can liken this system to the convergence point where you and your customer make a deal. Similar to cash registers but with more functions and ease of use, a POS system can vary in terms of hardware and software.
Be it a simple or complex business operation, today’s POS system allows small business owners to better understand their sales trends, available inventory, as well as their customers. Not only that, but it also helps to simplify business transactions, and provide seamless access to data.
What does it include?
There are two components to a POS system – hardware and software. Depending on your business model (retail, F&B, beauty, or others), the hardware may comprise of a terminal with a display screen or a tablet, attached to a cash register, credit card reader, barcode scanner, or receipt printer.
As for the software, a POS system often includes a range of features and tools that can help ease small business operations such as sales reporting, inventory management, employee management, and customer relationship management.
Types of POS system
There are many types of POS systems that you can use for your small business such as:
– Cloud-based POS system
– F&B POS system
– Tablet/iPad POS system
– Self-service kiosk POS system
– Traditional POS system
The main difference between these POS systems lies in the features that each provides. Hence, the type of POS system you need depends on the nature of your business.
Benefits of POS System for Small Business
Now that you’ve learned what a POS system is and the type of POS systems available in the market, here are the benefits of having a POS system for your business. Not only can it help to manage your day-to-day sales and inventory, but it can also help to grow your business and provide timely business intelligence.
#1 less time spent on administration
Depending on your business nature, a POS system can provide you with relevant reports to help you make decisions in a timely manner. When you have a POS system that’s streamlined throughout your business operation, it’ll help reduce the time spent on administration, allowing you to work on other aspects to grow your business instead of dealing with all the working of your business.
#2 Stock management
When it comes to stock management, having a POS system with built-in inventory management will certainly ease your business operations. This is especially for small businesses where resources are limited and a poorly managed inventory could mean a loss in sales. Not only that, but it also allows you to make decisions based on stock availability, customer behaviour, and sales data.
#3 Automated CRM
When you have a POS system that has a CRM integrated out-of-the-box, you can expect an improvement in efficiency over time. Whether it’s managing your customer database, offering timely discounts or gift cards during special occasions, or creating loyalty programmes to convert your business’ one-time customers into lifetime customers, a smart POS system can be your one-stop solution.
#4 Increased efficiency
When your employees have the right tools to support how they work, your operation will run more efficiently. Similar to how a chef needs the right ingredients and equipment to cook delicious food, your employees need the right tools to make their day-to-day work more efficient.
#5 Business intelligence
Modern POS systems generally have a central database that can be accessed in real-time and can provide business owners with automatic updates. For small business owners, having a POS system means having the ability to access meaningful reports which enables them to make informed business decisions.
#6 Employee management
Other than managing your business operations, you also have to manage your employees’ work schedules. Luckily, a POS system that offers employee management can reduce your time spent on planning work schedules and workload. Also, it’ll be easier for your employees to clock in and out. Not only that, but you can also restrict access to your POS system to prevent misuse.
#7 Speed up payments
Instead of relying on manual calculations, a POS system can provide a more efficient checkout process for your business as well as your customers. This can help to speed up payments and minimise payment waiting time. A shorter payment process can lead to an overall better customer experience.
#8 Instant access via Cloud
Having the ability to access your POS system from anywhere, anytime is now a necessity. Small business owners can choose to work from home or access the system when needed while they’re away. This greatly transforms the way small business owners operate their business in real-time.
With a smart POS system like Qashier, you’ll get all the benefits mentioned above, integrated into an all-in-one package, with an initial cost of only $1/day. On top of that, it’ll also help your business run smarter and smoother while growing your sales.
Qashier also comes with integrated payment processing. With just one terminal, you’ll be able to accept every type of payments, from Paywave to credit cards and e-wallets such as PayNow.