As a business owner, we’re always looking for ways to enhance and push your business success forward, whether you’re working from a high street brick and mortar store, or you’re solely focused on an eCommerce enterprise, updating your POS and merchant services account can effectively improve and develop your business foundations, helping you reach those revenue goals and enhance your brand.
When was the last time you updated your POS system? If you’ve always used the same technology, or it’s been a while since you considered a new merchant service provider, the development and progression of technology and POS design may surprise you. Today, POS displays aren’t just used to make payments faster, they have a variety of uses that make an upgrade worthwhile. In this post, we’ll examine some interesting reasons why you should update your POS system, read on to find out more.
Gather and Analyse Your Business Data
As a business owner, you’re under pressure to make strategic decisions about which products to promote, which ones that need less attention and how to drive your sales up. Previously, you’ll have had to do all this by hand, including looking through mountains of receipts and making notes of sales trends by monitoring your inventory levels and creating intricate breakdowns of hand-gathered data. By updating your POS system, all of this vital knowledge is gathered for you, from transactional history and sales numbers to identifying your busiest periods and even how well your marketing strategies are working. It’s this data that can help you make better business decisions, such as reducing labour costs, arranging staff for busier times, and promoting special offers on products that people want.
This kind of business insight can help you make better decisions and increase your profitability.
Increase Service Speed
No one wants to wait in long lines to make a purchase. Especially if those customers are on their lunch break or in a hurry. Updating your POS system means increasing your service speed, with multiple transaction options, faster payment processing and touchscreen and hotkey capabilities that make communicating to banks, merchant providers and even the kitchens in your café or restaurant much smoother.
Streamlined Inventory Management
Managing your inventory levels can be a real headache for small business owners. Whether you’re monitoring food stock in your pantry or the number of pencils you have in your gift shop, stock taking is time-consuming and is a drain on multiple resources. By updating your POS system you’ll be able to see your stock levels in real-time and receive accurate data that can prompt you to reorder your most popular items or consider promoting those that are struggling to move. You’ll also be able to forecast your predicted stock levels, improving accuracy and saving your business money. Reducing the number of errors within your manual stock-taking can streamline the efficiency of your business and help you make better business decisions.
Updating your POS system can benefit your entire enterprise. Embracing the latest technology can give your business the edge!