Is Cloud POS Profitable to your business?

Cloud POS has come up as a great move from a client-server platform that most of us know. But it doesn’t turn down the merchants. According to a survey, over 6 in 10 merchants are ready to move to cloud POS systems. This system has a lot of benefits over traditional POS. 

About Cloud POS 

Cloud POS totally redefines the way we think of the POS process that is used by merchants to do card transactions. A traditional POS simply connects your POS terminal to the server. This way, you can catalog and capture transaction details, payment details, and other information for storage. 

The system depends on a vast network of routers, wires, and other devices to keep the pieces connected together. However, it may have some issues. For example, you need a lot of hardware components. In addition, a complex system is more vulnerable to errors, malfunctions, and even hacks. On the other side, cloud POS comes up with a lot of benefits – 

Cost-effective

Cloud POS is simply a software-as-a-service (SaaS). You don’t have to pay for license fees, hardware, and terminal fees. You can get regular updates and support from time to time for monthly subscriptions. 

Simple 

You don’t have to bear the maintenance of networks, in-store servers, and equipment. You just have to download the software and you can accept orders right away. You will simply get the updates from your SaaS provider.

Flexible 

A lot of small businesses consider native POS overpriced and limiting. On the other side, cloud POS is easily available with a limited budget. 

Security 

Instead of keeping all the payment details on a single server that can be lost easily, you can back up the information with cloud POS to a remote server. This way, it adds up security and protects your business and customers as well. 

Are there any drawbacks?

There is another side of the coin. You may find a lot of myths related to cloud POS. For example, there is a fear that the cloud is a ‘digital NO Man’s Land’ or unsecured. Irrespective of this belief, cloud POS is even more secure than native on-premises POS. Of course, there are worries of internet connectivity. But your data is still secured if you lose connectivity. You can simply backup whenever the connection is restored.  

Bottom Line 

In the end, cloud POS really overpowers the traditional POS when it comes to benefits. A lot of businesses will enjoy lower costs, improved processes, and better management of data and processing by switching to cloud POS. No matter how information is handled, you need to do everything you need to control risk to prevent fraud. All in all, opting for cloud POS can be one of the best choices for your business success. 

What small businesses should consider before acquiring a POS System?

A POS system is considered to be a great way to manage the process of checkout for retailers. A POS for small business is a lot better than that. It serves as a conduit to improve customer relationships. You need to choose the POS system which combines all the best features on a scale and budget which is vital for your organization. Here are some of the features and factors vital for any small business when looking for a POS system – 

  • Hardware, Software and other components 

It goes without saying that some of the POS systems can work with different hardware systems, while others need their own peripherals to work with. These include full-service terminals, connectivity to the device, and credit card reader. You have to keep in mind the type of hardware that is needed to run your desired POS along with whether you are buying or leasing hardware. In addition, look for different types of POS platforms that are out there. 

Cloud POS platforms are very attractive as they have inclusive and simple pricing and they can easily be accessed on the go. You can upgrade them with small downtime. The vendor is the owner of software and cloud POS is not ideal if you don’t have a proper internet connection. 

  • Pricing 

A lot of modern POS systems are best suited for small businesses as they have subscription-based plans. With such types of plans, you can budget for your expenses when you don’t have much cash.  You can ask about the coverage of each subscription fee and if they have something additional as la carte, such as hardware, service plans, updates, and customizable features. 

  • Inventory Management 

A lot of top quality POS systems have inventory management programs of some type. Some of the services are capable of managing a lot of units and providing advanced features for inventory management, while others simply manage basic tasks. You should understand your needs in detail while shopping for any technical solution. Estimate how many SKUs can be managed with your system and figure out what you need to improve operations. 

  • Customer Relationship Management 

It is important for your front-end staff to access and update the account details of your customers. Your POS system must have CRM functions to know and target the most loyal base of your customers. You need to choose a POS platform that has smart CRM tools. This way, team members can easily edit and view customer profiles while interacting with them without using another system. 

  • Customizable permissions and user profiles 

Different employees should have different access and rights to use unique features. So, you may look for a system that has options to set user profiles. Some of the advanced systems have options to integrate user profiles for groups of employees or individuals. 

5 Tips to Put the Spring Back Into Your POS

POS Tips

POS Tips

In sales merchandising, the term “point of sale” (POS) refers the place where the sales are made – a store or restaurant checkout area is a point of sale, for example. A lot more goes on at the POS than finalizing transactions, from last-minute sales of small items to rewards program signups, credit card applications, inventory control, and more. This range of functionality is offered for a reason, so be sure you’re taking advantage of everything your POS system has to offer.

1. Offering a customer reward program is often an effective way to increase point of sale numbers. Customer rewards programs may offer discounts, coupons, or even free gifts for customers on their birthdays. The best customer rewards programs also encourage repeat business, often through the use of points systems.

2. One of the best things your POS offers is the ability to log every item in your store and build a solid and accurate inventory system. Ensure that the inventory system offered with your POS is up-to-date and that, no matter how big or small your operation, you’re keeping track of merchandise. This will help with everything from ordering to loss prevention.

3. Both old and newer POS systems can lose some of their functionality, whether it’s a busted pay screen, a sticky keyboard, or a broken mouse. Every so often perform a routine checkup of all the pieces of equipment attached to the POS system, from the software itself to hardware such as scanners, and take steps to replace items as needed. Even minor boosts in a POS system’s functionality can provide much faster and more efficient POS operations.

4. Know what you need in a POS system, and implement exactly that – nothing more and nothing less. Restaurants might not need scanners or the advanced inventory systems that retail operations do and can probably do away with a lot of extraneous hardware. On the other hand, a store that wants to build a strong rewards program will need more than what some basic POS systems have to offer. It’s a good idea for any business to take stock of their needs every so often and rework their POS accordingly.

5. Security is a huge concern for both you and your customers, so always be sure that you are offering only the best security possible with your POS system. Remember that security systems need updating over time, whether it’s because of new methods of payment or vulnerabilities that arise in existing systems. Offering the highest level of security possible will protect your business in many ways.

There are POS systems available to fit virtually every business, and in many cases, POS systems can be customized to fit your needs if they may vary from the norm. Be sure to explore all your options. After all, the POS is the heart of your business and the source of your profits.

Tags: #POSTips #PointofSale