What Are the Uses of a POS System?

By Jared Ledbetter on May 10, 2021

Customer transactions are the heart and soul of a business. From storefront to online shopping, payment processing has evolved beyond the cash register. Point of sale systems carry a lot of promise for small businesses and offer more than simply additional checkout options. Knowing your business has the right point of sale software access will help you keep your business up and running like a well-oiled machine.

If you’re currently operating on traditional cash register payment methods or outdated point of sale software, your small business may not be experiencing the same growth or accuracy as the competition. Payment processing companies highlight efficiency as one of the top benefits of implementing a point of sale system into your business operations. 

Every time a customer makes a purchase at a store, restaurant, or online shop, they are completing a point of sale transaction. A point of sale system, or POS, is how a customer makes a purchase for a product or service that your business offers. Without a POS, customer transactions would be drawn out and complicated. This makes the POS the focal point of all transactions in your business. Here, everything from sales to inventory, customer service, and growth comes together in one system. 

Sounds more efficient, doesn’t it? While many retailers are still not using a POS in their businesses, adding POS could mean great things for your business. This includes expanded payment methods, increased customer satisfaction, accuracy, reporting, and overall efficiency. There are countless opportunities that a point of sale system and its many uses could bring for your business. 

In this article, we’ll talk about our top 4 uses for a POS system. 

1. Expanded Payment Methods  

Implementing a point of sale system in your day-to-day business operations means expanding the payment methods you accept. With newer technologies available to software companies, point of sale systems expand their reach of payment options beyond traditional cash registers and credit cards. 

With the growth of electronic payments, businesses must adapt to new technologies and realize that cash is no longer the most common payment method. A modern point of sale for small businesses will readily accept any form of payment from chip cards and digital wallets (such as Apple Pay) to other forms of contactless payment. Not only will this help bring in more customers and increase satisfaction, but it will also expand your reach and increase company revenue.  

2. Increased Accuracy 

Businesses have come a long way. Traditionally, manual key entry and price entry and adjustments would be found almost anywhere you shop. Times have changed, and newer technologies have shifted how we do business. 

Modern point of sale systems are easy to use and increase the amount of information available to the people using the system, i.e., your employees. Everything is right at your fingertips, eliminating having to enter prices and other information into the system manually. This decreases the transaction time and minimizes potential human error that could occur in entering everything by hand. 

3. Data Reporting

Think about all of the reporting you do as a business owner. Collecting data and monitoring inventory, revenue, etc. manually is a more traditional, hands-on approach to business operations. Wouldn’t you prefer using that time in other areas of the business? 

The reporting tools available in modern point of sale systems do the work for you in that they collect real-time data such as:

  • Daily average sales
  • Stock turnover
  • Sell-through rate
  • Supply inventory
  • Variance comparisons

Key performance indicators such as these give incredible insight into how your business is actually doing (and if it’s profitable). Knowing this information will provide you with an edge into where you’re doing well, where you need to improve, and how you can make those adjustments. (And you can access this information from anywhere with modern technology).  

4. Increased Efficiency

The goal of any business is to make a profit while keeping your customer base happy. Waiting in long lines probably doesn’t do much to maintain customer satisfaction afloat. Operating your business should revolve around the customer in every aspect, from desired services and products to how people can purchase or access those materials. 

If you’re spending time manually entering products, prices, and other information, you’re losing time engaging with the customer in front of you as well as holding up customers behind that person. Using a point of sale system provides a faster, more efficient way for customers to check out rather than having to wait in line for the next person to get through with multiple items and differing prices. This also means taking advantage of modern technologies, such as mobile point of sale. Use your sales floor to your advantage and have people out on the floor taking care of customers on the go. 

Looking for a Quality Point of Sale System?

Lowering business operation costs while increasing profit and productivity is the end goal, and we can help you get there. Our expert software developers at Embr Pay can transform how customer transactions occur using online and in-person technologies. Using simple, secure payment methods as the focal point, we offer invoice, e-commerce, and point of sale options best-suited for you and your customers. 
Start saving with us at Embr Pay today and apply here to join the merchant family!

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