This is a more advanced cash register, allowing a business to accept payments by credit or debit cards and record transactions with cash and checks.
A POS is capable of so much more. It can accept payment. These systems can also produce reports that help you understand trends and peak periods. Almost all POS systems use your transaction data for inventory management, letting you know when your stock is running low.
Selecting a POS System is a complex process. Many features and comparisons are available between vendors. It’s hard to know what tools you will need for your business to be successful when you are just getting started. Here are some features that small businesses must have in their POS systems to help them get started.
Accounting software with inventory management and additional apps
Your time as a small-business owner is limited. Your time is likely limited as a small business owner. You may wear multiple hats, such as an accountant, HR representative, or floor manager. With tools that help manage your business, a POS system can make handling some of these responsibilities easier.
Consider what activities take up most of your business time. A POS system that is right for you can manage your paperwork, accounting, and inventory. Modern POS systems integrate accounting functions, including payroll, so it is easy to reconcile spending at the end of each month. Other POS systems can help with inventory management, marketing campaigns, and customer rewards.
Some POS providers have app stores to help you configure your POS to perform the functions required to run your business. Clover has, for instance, the Clover app market, which offers hundreds of apps that can help with everything from background checks on employees to reordering paper receipts.
Tools for human resource management to help with scheduling, hiring, and time management
You’ll need tools for hiring, scheduling, and managing employees. Your hiring needs will also grow as your business grows. Ensure that your system has unlimited employee roles so that every team member can access the platform.
Today’s POS systems also have tools to keep employees happy, motivated, and paid. Please keep track of your top salespeople and reward them. Create team commissions. Schedule shifts in less time. Calculate payroll with the correct taxes using features integrated into your POS.
How will you centralize your system as your team grows? It could be possible to use multiple devices with the same cloud platform. Hardware specs are as crucial as platform features for your POS.
Talking about cloud platforms, you can make it easier for your employees to collect customer payments with a POS that accepts contactless payments, mobile payments, gift cards, checks, debit or credit card payments, and digital wallet payments. This is possible on the same POS, even if the WiFi goes out.
Cash flow is maintained with reporting tools.
A POS can help you improve your bottom line, manage your cash flow and protect your financial information. You’ll want to monitor your cash flow when you first start. This should be easy to do with the reporting tools built into your POS. Clover is part of Fiserv – one of the world’s largest financial service providers. Clover’s Main Street insights can provide you with market and industry information to benchmark your results. If you’re in a tight spot, find POS providers that offer products like Rapid Deposit from Clover.
Protect your business with security tools.
Cyber threats are often aimed at small businesses. It would be best to look for a POS that provides security and compliance with PCI to protect your business from fraud and chargebacks. Clover and other advanced POS systems can provide financial services such as quicker settlements (Clover rapid deposit) or advance against your sales (Clover Capital). Clover is a great partner that can grow with you and your business.
Keep customers engaged with customer engagement tools.
Look for a POS with features allowing you to connect with your customers and encourage them to return. Early sales are crucial for new businesses. Clover’s Customer Engagement Suite contains Feedback, a tool that allows your customers to share their reviews with you directly (rather than on a public forum). You can then adjust the customer experience as necessary and maximize every opportunity for sales.
Clover’s Customer engagement suite helps you maximize your customer lifetime value. This is an essential metric investor will ask you for when you reach the next growth stage. You can reward loyal customers with targeted promotions and improve cash flow through Rewards and Promos. Clover is one POS system that offers tools for managing and providing gift certificates to customers.