What are the business functionalities of a POS system?

Any business needs tools to operate seamlessly.

These are employee-tracking software, CRM (Customer Relationship Management) tools, and inventory management solutions.

But instead of paying and installing each of these, you can just have one – a retail POS. 

No doubt, you need a retail POS, your one-stop solution, and your all-in-one tool that your business can use to operate smoothly, efficiently, and productively.

The retail POS is responsible for accepting and processing payments, sales reporting, and inventory management.

Aside from these, there are many advantageous functionalities that a retail POS offers, notably making all tasks easier to manage your retail business.

In some cases, it can even help increase sales, generating more revenue in the long run. 

What is a Retail POS and what can it do to your business?

Point of sale (POS) means it is a period or the moment a transaction is completed between a consumer and the business establishment or it can be an online sale through an e-commerce site. 

Meanwhile, a retail POS (Point of Sale) system is basically the software and hardware to help any business in its operations.

The hardware is the common thing we see at the checkout counter.

This would include a computer, a physical terminal or monitor, a scanner, a printer, and all other devices to operate the POS (point-of-sale) software.

The software then tracks and organizes the retail store’s data and prepares the necessary information to be generated for the day. 

The great thing about a reliable POS and inventory management software is that it easily integrates and it combines with several different aspects of the business producing a workable and convenient solution that is beneficial for the business.

Using POS and inventory management software may come in varied forms.

You can get one through a monthly subscription fee or a percentage-based transaction fee. It is worth the amount spent, given the tremendous value it brings to the business.

Apart from facilitating payments, retail POS are apparently more than that!

Let’s take a look at the business functionalities a retail POS system can bring to your business:

1. Payment Acceptance and Processing

The payment acceptance and processing function is what is always referred to when it comes to retail POS.

And for most businesses, this is the first and foremost feature they need from a reliable retail POS.

There are different ways a POS and inventory management software can process a transaction.

Apart from cash payment, the most basic payment processing functionality is an online debit card and credit card payment processing.

There are also mobile payment apps, credit card chip readers, and other newly introduced modes of payment.

It is a must for your business to stay at the forefront of payment options to be able to get ahead of the competition. 

2. Transaction Management

A POS and inventory management software needs to have a navigable inventory database, the capability of issuing receipts, and the capacity for customer tipping.

At the same time, your employees should be able to gain access to a user-friendly interface for systematic transaction management.

For every transaction, you’ll also need to be able to produce a transaction receipt.

Some customers request a physical receipt especially for the purpose of company reimbursement while others are content with having a printed one or perhaps, no receipt at all.

3. Inventory Management 

If your retail business sells certain products, then you really need the business functionalities of inventory management.

Retail POS systems can assist you in monitoring your products, and determine the fast-selling ones and those that are barely moving.

This way, you are able to pinpoint which products you will continue to order and those orders that need to be stopped.

Some systems will even allow you to set automatic purchase orders that will order additional stocks in the inventory when the number of a particular product hits a certain critical threshold.

4. Sales Reporting

POS and inventory management software provides the functionality of monitoring your business performance.

It helps generate reports that gauge the financial health of the company.

New retail POS systems that are out in the market today enable you to make reports that will help you make informed and strategic business decisions.

These reports can also leverage sales data that will help you optimize your business operations and streamline a path to profitability.

5. Customer Relationship Management (CRM)

Retail POS systems are perfect partners for your retail business.

It provides information about customers that creates a stronger relationship with your customers.

It also helps maintain a friendly relationship leading to confidence and loyalty.

If you are still starting out, you can create a good impression on your repeat customers by giving away freebies and discounts or through a customer loyalty program.

This will encourage customers to be loyal to your business.

6. Employee Management

Retail POS systems can also help fortify your relationship with your employees.

You are also able to manage them well through dependable tracking of hours as well as consistency in providing sales commissions and employee tips.

The retail POS also enables to set work schedules and at the same time monitor time in and time out of employees.

These are just the basic functionalities of a retail POS System.

Are you searching around for the perfect retail POS system for your business?

This is a helpful guide for you although there are still a few different things to consider.

You should evaluate and take a closer look at your business needs, how much you are willing to spend for the POS and inventory management software, and exactly determine which software and hardware components your business will require.

Find a BIR-accredited retail POS System that can help you with your business today.

EasyPOS is the best POS system for retail business in the Philippines.

Why settle for something mediocre when you have EasyPOS, the best one there is?

For a free 65-day demo, you can check out: https://human-incubator.com/easy-pos/