Business needs are constantly evolving. So why are people still using the same POS system? Like every solution, Point of Sales (POS) needs to be updated to meet business needs. Yes, customers still buy products and perform transactions, but business dynamics have dramatically changed.
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Point of Sales is no longer limited to cash registers. According to Market Research Future (MRFR), the POS market could grow at a rate of 14.27% and value over $34.77 billion by 2025.
With the increasing demand, meeting customer expectations has become an uphill task for businesses. They must support multiple features to ensure a seamless buying experience.
Therefore, finding a POS solution that best fits your needs can be overwhelming, especially if you have to search across the hundreds of POS solutions available online. Each solution boasts of new features and claims to be the best. When in reality, only a few offer high-quality features.
To help you choose the best POS solution, we have compiled a list of the top 11 POS features businesses need in 2022. Let us explore each key POS feature in-depth and see how it can help your business grow.
Businesses have to make payment processing as seamless as possible. Customers are more likely to come back to you if you provide them with an easy payment procedure. Therefore, it makes sense to invest in a POS solution that offers users multiple payment options.
Customers no longer carry cash around everywhere. By one estimate, approximately 70% of consumers in the United States carry a credit card today. Apart from that, customers use a variety of payment methods such as debit cards and mobile payment platforms like Apple Pay and Google Pay.
Some POS solutions enable customers to pay through various mobile and contactless payment options such as PayPal, Payoneer, and Venmo. Including these payment options is essential if the majority of your customers are young.
Young people also prefer In-Person Payments that enable them to pay via web, iOS, Android apps, Card Swipe, and EMV. All customers have to do is swipe or dip credit cards.
Likewise, “Card-Not-Present Payments” enable business owners to receive payments manually, over-the-phone, through invoices, eCommerce, web stores, card-on-file payments, and subscriptions.
At the same time, you should also consider POS payment features that enable you to generate and accept store credits and gift cards. It’s common for POS systems to offer multiple payment options, but only a few enable customers to split payments or pay with gift cards. The greater flexibility your store offers to customers, the better it is for your business.
Recording store transactions is a core POS feature. Business owners must record sales transactions as efficiently as possible to ensure customers are not left waiting. Therefore, it’s essential to automate this process.
POS software enables business owners to scan and sell products quickly. What’s more, an advanced POS solution like Sky Invoicing allows you to process a wide variety of invoices. You can select any product from the product list or inventory. You can even attach notes while adding custom one-time items to an invoice.
A POS system can also send estimations to customers. Remember, your customers might compare your prices with the competitors, so you must have the option to send estimates. An advanced POS solution will enable you to send estimates directly to customers via phone or email.
Each estimate is initially processed as a pending invoice. Once received, a customer can accept or reject your estimate. If customers agree with the pricing, they can pay you and immediately receive an invoice. If rejected, business owners can see why the customer didn’t agree to the pricing by reading the notes, giving them the chance to re-adjust their estimate.
A POS invoicing feature needs to be versatile enough to support custom merchant preferences, different types of products and services, as well as various inventory types. In other words, merchants should have the option to customize invoices to meet business needs.
Customer management is an essential POS feature. Remember, a POS system is an all-in-one solution for your business, so it needs to help you effectively manage your customers. Therefore, POS must be able to record customer purchase history, find customers by various search criteria, and keep track of key customer information.
Storing customer information enables businesses to launch personalized marketing campaigns. When a POS system offers customer management features, it can help you understand customer buying patterns based on their purchase history.
Likewise, a good POS solution will help you streamline product returns and discounts. Remember, even the best businesses get returns. However, if you handle them effectively, it can encourage customer loyalty and prevent customers from leaving you.
Shoppers always prefer businesses with consumer-friendly policies. A POS system should offer flexible options to customize the return policy for your store, allowing you to handle returns through store credits or refunds. Therefore, it’s essential to choose POS software that helps you implement various refund-and-return policies.
Speaking of customer loyalty, offering loyalty programs is a time-tested strategy to encourage customers to choose you over your competition. Unfortunately, not every POS provider gives businesses the option to integrate loyalty programs into their POS.
Loyalty programs like SkyRewardz incentivize customers to buy from your store. Each purchase allows them to gain purchase points. Customers can use these points in the future for special discounts, gift cards, free products, as well as premium service options.
Every business needs a full inventory. But keeping track of how many products have been sold, returned, and traded is difficult without POS inventory management.
An effective inventory management solution will allow you to manage real-time stock, helping you calculate the total amount of goods in inventory over a given period of time. Once you receive an order, all you have to do is manually enter items or scan them through a reliable barcode scanner. Each scanned item will be automatically saved in your system.
Advanced POS solutions offer real-time inventory management, enabling you to accurately determine how much stock you have. By matching your inventory records with your real-time tool, you can even estimate how much of your stock has been lost to damages or theft.
Moreover, business owners can integrate business orders with in-store and online purchases, so it’s easier to monitor supply levels. The POS inventory management solution can preemptively alert you when an item is low in stock, allowing you to keep the supply flowing.
Your business can save a significant amount of time and money by preventing unnecessary supply orders. A POS solution will ensure that you never lose money because you are out of stock.
Advanced POS solutions keep track of employee sales management, offer security management, and provide built-in time clocks. Business owners can even allow access to key features of the POS according to employee role or store location.
Although marketed as a POS feature, employee management is virtually a full-fledged tool integrated with POS. With POS employee management, owners can do everything from time-stamping staff attendance to calculating payroll with just a few clicks.
POS systems allow store managers to add new employees, configure rates for their wages, and generate detailed reports for payroll. Likewise, they can control which POS features their staff can access or see.
Apart from helping business owners monitor and manage businesses, a POS solution optimizes worker productivity. By tracking employee productivity, POS enables you to build a seamless workflow.
Managing a full-fledged business is not easy. A POS solution is your one-stop solution to effectively managing a business. However, if it doesn’t give you a 360-degree view of your entire business, you are missing some serious features!
Every business owner wants an intuitive dashboard to effectively monitor different aspects of their business. Reporting and analytics are key features of POS. So there’s no surprise that some of the best POS solutions provide customers with advanced reporting and analytics features.
An analytics dashboard gives managers complete control and oversight of the business. Not only that, business owners can even promote their employees to access different parts of the system, as long as their role allows for it.
A dashboard is a powerful control center that helps you understand the full flow of the business. Therefore, you can use it to optimize your business in more ways than one. For instance, an analytics dashboard can help you analyze sales based on different metrics. You can analyze it in terms of money collected every day, week, month, or any other timeframe.
Likewise, you can also make a list of your top-performing products. Having all your sales data at your fingertip can help you analyze which products are the most lucrative for your business.
At the same time, you can answer several critical questions that help your business flourish, for instance:
- Should I continue product A?
- Is product B performing as per my expectations?
- Am I charging too much for product X?
- Should I increase the supply of product Y?
- Is it no longer profitable to continue product Z?
What’s more is that a comprehensive dashboard enables you to visually break down your data. In other words, you will be able to more clearly understand what the data means. Insights from reporting and analytics can help you make critical decisions in a timely manner.
Every business wants recurring customers, but not all POS systems support recurring payments effectively. Loyal customers are a source of strength for businesses, so it’s essential to make life easier for them. This is why a modern POS system allows you to store customer card data without putting client information at risk.
An advanced POS solution can help you develop recurring payment plans. In other words, you can charge credit cards a pre-determined amount of money whenever a payment is due. Likewise, the POS system can help merchants create and send payable invoices and product orders, enabling customers to pay with a few clicks.
One of the foremost applications of recurring payments is for businesses offering customer subscriptions. Advanced subscription tools like Sky Subscriptionz can help you configure Card-on-File Payments. Businesses that need to store credit card information on file can leverage recurring payments to streamline the payment process.
With this feature, business owners only have to create a payment plan, add payment information of relevant customers, and relax. They no longer have to rely on regular invoices and over-phone payments, as configuring recurring payments on cards will be enough.
Moreover, subscriptions can be especially beneficial for businesses that deal with international clients. It can help these businesses collect payment from customers regardless of where they are. It doesn’t matter if those customers use a phone, tablet, or PC, the POS system will ensure that they can pay you with ease.
All the best solutions offer exceptional customer support to businesses. Although often overlooked, it is one of the most important POS features to consider in 2022. Make sure you choose a POS solution provider that goes the extra mile to solve your problems.
Every POS system should offer you 24/7 support. Likewise, having the option to use a demo version can help you understand how the system works. A comprehensive POS solution will help every step of the way, from guiding you through initial POS setup to assisting you with product, customer, and employee management.
Not every business sells products. Some of them provide services that require them to book appointments from customers. This is where online POS reservation solutions like Sky Bookingz can help.
A POS booking feature can help business owners schedule their online calendar and book appointments from customers, regardless of where they are. In other words, customers can make reservations from your business website. You, the business owner, only have to specify which slots are available for appointments.
Business managers can set timeframes, quantity per time slot, times of day, date ranges, or other metrics required in booking appointments. Your customers will have access to a reliable booking system where they can instantly confirm reservations and appointments.
If a certain slot is free, those customers can book it through a payment method of their choice. The POS system could allow you to see the payment receipt, as well as the time the appointment was booked. The following businesses are best suited for a POS booking solution:
- Realtor / House Showings
- Amusement Parks
- Marriage Counselors
- Hair Salons
- Auto Mechanics
- Moving Companies
- Private Music Lessons
- Rental / Vacation Property
- Gun Ranges
- Equipment Rentals
- Entertainment / Wedding Venues
- Medical Offices
In response to the COVID-19 pandemic, an increasing number of businesses have shifted online. Online stores are a key component of modern-day businesses. Despite that, not all POS solutions enable businesses to efficiently integrate online stores with point of sales.
Comprehensive POS solutions like Sky Systemz can help your business become digital. Instead of offering basic features, POS online stores enable businesses to set up customizable online stores that work seamlessly with their physical store.
This feature is perfect for any business, whether they sell products or offer services. It offers access to several ecommerce features free of charge. POS online stores can help your business showcase products with customizable prices, quantities, and discounts. You can even add custom schemes of your choice.
A POS online store not only lets you configure products online, but also enables you to function as an online store. In other words, if you are a business that works with multiple suppliers or dropships products, the POS solution can extract product, images, description, and pricing data while accurately routing purchase orders.
An ideal POS solution in 2022 will offer you a wide variety of exciting features. A POS system acts as a command center for your business, helping you oversee several aspects of the business without being overwhelmed.
A modern-day POS solution will help you streamline sales with features like invoicing and advanced payment processing. These features enable you to manage customer orders more effectively. With payment and invoicing resolved, your customers will enjoy faster checkouts.
Leveraging features such as customer management and loyalty programs will encourage customers to choose your business over others. Likewise, if you have integrated online stores, your business will automatically sell more products.
With all the latest POS features in hand, you will have more time to focus on growing your business.