How can I choose a Retail POS System? There are a lot of different POS systems for Retail Stores and how to choose one can be a challenge. The key things to consider are listed below. For the purpose of this discussion we are referring exclusively to PC Based Point Of Sale Systems.
Increasing Sales and Profits
Your first reason to invest in a Retail POS system is to increase your sales volume as well as achieving your optimal profit margin. The cure for every problem in the retail business is to sell something! Our Retail POS systems help you sell more by helping you:
- manage your cost of goods
- improve profit margin
- set minimum stock levels
- decrease “out of stock” frequency
- manage purchase orders
- monitor vendor sales performance
- prevent theft
- evaluate your data with reports
- streamline the checkout process with Integrated credit card processing
Inventory Control Systems
“Tracking Stock” – It sounds easy, and it is when you understand the inventory cycle:
- It all begins with defining the inventory item and perhaps setting an initial on-hand stock level.
- Receiving Inventory or adding stock
- Relieving inventory – most commonly:
- Sell the item
- Transfer Stock to another store
- RMA the item to your vendor
- Re-Ordering Stock from your Vendor
- Go Back to 3 and Repeat!
Defining your inventory
A quality Retail POS System will always revolve around the Inventory control process. Your Point Of Sale system should allow you to easily add and edit an inventory item – especially the stock number, description, cost and retail and beginning stock quantity. Your Retail POS Software from Point Of Sale Max will have an ASCII import for inventory to reduce the work required to enter inventory data.
Receiving Inventory or Adding Stock
A built in Vendor Purchase Order system will help you create and send a purchase order to your vendor. Later it will quickly and easily print labels as needed, and finally, receive the items into inventory. In the event of a Chain Store you can receive product in a merchandise transfer from another store.
Removing Stock from Inventory
Primarily stock is removed from inventory when you sell the item (and returned to inventory when you do a Merchandise Return transaction at the POS.) An item can also be sent back to the vendor in an RMA procedure. In the case of a Chain Store you can transfer merchandise to another store.
Our Retail POS Systems will all assist you in reordering inventory either by generating a PO based on minimum order levels or by generating a PO to replace items sold during a date range. For example, you can create purchase orders to replace all the items you sold last week. Some systems allow to specify maximum levels as well as minimum vendor order requirements.
Physical Inventory – Stock Counts – Stock Takes
Various Retail POS systems refer to the process of adjusting physical inventory based on stock counts with different terms. All of our Retail POS Systems have a variety of methods to help you keep your inventory stock levels accurate. Some systems have features that the others don’t so if Physical Stock Counts are of key importance in your business we should fully discuss your needs and compare the benefits of our various packages to get just the right features to meet your needs.
Tracking Customer Sales
Customer Sales Data is arguably the most important data you can collect at the Point Of Sale. Retail POS Systems are perfect for not only collecting customer sales information, but using it to spot trends, identify VIP customers, send marketing messages in the form of, SMS Text Messaging, E-Mail, or USPS mail.
Its easier to sell something to your existing customers! Use the data you have collected in your Retail Point Of Sale Software to your advantage! Market to your customers!
Our POS Systems for Retail business all have extensive security permissions to allow or disallow employees access to sensitive data. User Names and Passwords as well as various security groups and levels all assure you that your data is kept confidential.
Inventory, Sales and Management Reports
When selecting a Retail POS System for your business, remember to look at the reports available to you. Some systems have reports that can be viewed online, others have built in custom report writer capabilities, while others only offer the canned reports. Most reports can be queried, or filtered. Let us help you identify the most important reports for your business.
Integrated Credit Card Processing
All of our Retail POS Systems offer “integrated” credit card processing. Key features to ask about are:
- Are you “locked” into one processor
- Is the software processor agnostic
- Does the system support EMV (chip card technology)
- Is the Retail POS System “in-scope” or “out-of-scope”
- Does the software support tokenization (a secure way of storing credit cards for customer re-orders)