Small business merchants face increasing competition today, both from their brick and mortar and online counterparts. They often have fewer resources, less money and time to devote to daily tasks of running a business. One way for small business merchants to keep up and stay relevant in today’s competitive marketplace is by using a small business POS system.
Let’s take a look at five of the most significant benefits of a small business POS system.
1. Streamlined sales.
Without a small business POS system, customer sales information may have to be inputted more than once during checkout, increasing the possibility for numbers to be transposed or inputted incorrectly. A small business POS system integrates the sales process, streamlining sales using whatever payment type the customer chooses opts for.
2. More efficient inventory tracking.
Keeping track of inventory can be a cumbersome and time-consuming process. Manual inventory tracking is also highly prone to human error. A novelty gift store, for example, could have hundreds, even thousands of items for sale at any given time. A small business POS system can help track each item and provide alerts when popular items are running low.
3. Improved security.
Payment card data breaches make news every day. If the threat of cardholder fraud is not on the minds of every small merchant in business, it should be. Today’s small business POS systems offer increased security benefits, including technologies such as tokenization which replaces sensitive card data with a token that is useless to thieves if stolen, and end to end encryption, which masks sensitive cardholder data from the time it is read during the transaction until it is processed by the payment processing provider.
4. Effective customer marketing and loyalty programs.
The success of small businesses rests on the ability to grow sales with current customers, and attract new customers for additional revenue. A small business POS system is a small merchant’s secret weapon to keeping the interest of current customers, and attracting the interest of new customers. Built-in loyalty programs allow merchants to identify their best customers, execute successful targeted marketing campaigns, reward current customers, and engage new customers.
5. Reporting capabilities to keep pace with the big guys.
A small business POS system gives merchants the power of information that allows them to compete with their larger counterparts that may have greater resources. Not sure if a transaction went through? Want to know what your batch total was for last week? Need yesterday’s deposit amount? A small business POS system can provide it all and more, often with customizable settings.
From streamlining business management to driving sales with customer loyalty capabilities, a small business POS system is simply a cornerstone for a successful business today.