Point of sale software, or POS software, is a key component to running any small retail business. This software helps you stay organized by keeping track of inventory and customer information and improving the efficiency of the initial retail transaction with a customer. Here are key features to look for when you invest in POS software.
Comparing Your Point of Sale Software Options
Customer relationship management (CRM)
CRM is a primary concern of small business retailers who want to build a solid customer base and lasting relationships with their clients. One way to do this is through social networking, such as posting coupons for your products to Facebook for registered customers. The POS system keeps track of the customer's preferences to notify the customer when a new shipment of his favorite product arrives. Many retailers also keep track of special dates to create personalized sales experiences.
An expansion of customer relationship management, logging customer habits in your POS system improves customer relations by tracking sales history, monitoring points earned from your business' loyalty program, and seeing how and when the customer can redeem them for awards.
Stock and inventory matrix
Even a small business has to keep track of a variety of items. Your POS system should have an inventory matrix that tracks each item separately so you can easily find what's in stock.
Layaway and holds
Your point of sale software should have a layaway and holds system, allowing customers to put products on layaway. This makes it easy for the employee to identify and locate the item in the inventory when needed.
If your small business has more than one location, store transfer capabilities are important to a POS system. The system should be able to check for an item that is out of stock at all the other locations, giving the customer the option to pick it up there or have it transferred.
Make sure your POS software accepts multiple forms of payment. A customer might use up a balance on a gift card and pay the rest in cash, or split the payment between two different credit or debit cards.
The right point of sale software for your business keeps you organized so you can focus on customer service. Find software that you can tailor to your small business, but make sure it will be able to accommodate your needs if you plan to expand your company.