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How The Wrong POS System Can Ruin Your Business
POS systems are excellent tools for businesses of all sizes, but what happens when you use the wrong POS system? Besides just making the business more difficult to run, the wrong POS system can actually affect your business to the point of crippling or even completely ruining it altogether. Keep reading to learn why the right POS system matters, and what having the wrong system can do to your business.
Your inventory management system controls your inventory counts, available product, and so much more. Without proper inventory management, you’ll find your business overstocking product or losing count of what you already have, causing dead stock (stock that sits on the shelves and doesn’t get sold) or errors. These errors are costly in that someone will have to go back in and manually fix them; costing you labor hours.
The fact is, managing inventory in an effective way is one of the most vital components of a successful business. Besides causing problems for you and your employees, a faulty inventory system can also lead to frustration from customers. If a customer sees an item on your website that says in stock, but the item isn’t actually available when they visit your store, they’re likely to be pretty upset.
Keeping inventory under control with a modern POS system will help you stay organized, and, since most POS systems update in real-time, you won’t have to worry about waiting for the system to update your numbers.
When you find a POS system for your business, you’ll want to make sure the company providing the hardware/software also offers a customer support line. Many POS systems offer 24/7 support (does your old cash register do that?) which can be incredibly useful during those late nights or holiday sales. Without a proper customer support line, your business will be at the mercy of the POS system and its possible malfunctions.
The fact is, if a business doesn’t stand behind its product(s) and offer support, it’s probably just best to avoid that business altogether. A support line is the business’s way of saying to its customers, “we value your business and stand behind our products.” Be sure to inquire about the business’s support line, and how it can be reached in the event of a problem with the hardware/software.
Let’s say you’re using an older POS system. You can probably only accept traditional payments such as credit and debit cards and cash. While this is all well and good, you’re potentially missing out on a large portion of potential customers by not having the ability to accept multiple payment methods.
Over the years, the way money is exchanged for goods and services has changed drastically. While cash and credit/debit cards are still king, digital payments, touchless payments, and more are making their way to the top of the roster. Ease and convenience is the name of the game when it comes to payment processing, so you’ll want to make sure you’re using a POS system that can accept a wide variety of payment methods.
Imagine the amount of manual work involved with fixing an entire days’ worth of transaction errors. Not only would your financial numbers be full of mistakes, but your inventory counts and any other information your business depends on from the POS would be at risk as well. The wrong POS system can leave your business reeling from errors and mistakes; causing you more work and more money to fix the errors.
Choose a POS system with a good reputation for quality hardware and software, and, of course, customer service. When those problems occur, you’ll want a team available that can guide you through any issues quickly so you can get back to serving your customers.
A slow POS system is the bane of any retail store. We’ve all been through a retail line that felt like it would never end. Standing in line for longer than a few minutes isn’t exactly conducive to creating a sales-friendly atmosphere. Customers don’t want to spend more time in line than they spent shopping, and many will leave a long line before even purchasing their items.
The right POS system will help minimize long lines and keep transactions moving quickly. Your customers will appreciate an efficient checkout system, and your sales won’t suffer from customer frustration due to long lines.
The bottom line is that having the right POS system for your business is a vital component of your success. With the wrong system, you’ll lose sales, complicate your inventory and financial systems, and create an overall sense of chaos on the back end of the business. Find a good POS system from a reputable company to make the most of these powerful business tools.
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DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages.
TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business, CyberSchmooz, and BizCafe.