Point-of-Sale (POS) systems are critical to running a successful business. Not only do they help to process payments quickly, efficiently, securely, but improve customer experiences. In fact, 68% of businesses rely on POS systems to build strong customer relationships, capture new sales at the checkout counter, and close orders easily. Truly, modern POS systems can handle a lot more than payment transactions. They help you with inventory, invoicing, accounting, and reporting. However, with so many options in the market, knowing how to choose the right POS system is vital.

Fortunately, this guide covers everything you need to know about point of sales systems. 

What is a POS system and why does your business need one?

A point-of-sale system is where sales are completed. In older times, such systems were cash registers. These days, POS systems are mobile, cloud-based, and possess several comprehensive business functions. This makes it easy to accept payments on the go. In addition, POS systems now accept multiple forms of payment. As per reports, credit card transactions grew to 40.8 billion in 2017. With the emergence of digital wallets, mobile payments have risen to $503 billion in transactions by 2020. 

To enlighten you more on the benefits of POS systems and how they became the top FinTech trends 2021:

·      Consumers and businesses will make $841 billion non-cash transactions globally in 2023. 

·      Every one out of four customers prefers cashless payments.

·      The most popular mobile wallets among younger consumers are Google Pay and Apple Pay. 

A point-of-sale system empowers customers to go cashless and allows businesses to accept whatever form of payment a customer prefers. It removes any payment-related friction and makes the buying experience easier and more convenient for the customers. in the long run, it betters customer relationships, results in higher sales, and boosts ROIs. 

POS Systems add credibility to your business operations: Having a POS system that accepts different types of payments establishes credibility with customers from the time they walk into your store. It results in higher transactions and ensures transparent services. 

POS Systems make you competitive: Implementing the latest in the market helps you stay competitive in your industry even if the finance landscape changes continuously. Today’s POS systems can even accept EMV chip cards, which is significant since 85% of credit cards issued in the US are now chip-enabled and there are less than 63% of merchants accepts this payment model. 

POS systems simplify sales tracking and analysis: Modern-day POS systems are no longer limited to being transaction portals. They can analyze sales, provide insights, understand consumer behavior, capture customer data, and help with inventory management to boosting employee productivity. 

Finding the right POS system for your business

Now that you know what point of sale systems matter, you’re ready to choose a solution that suffices your needs. You need to answer three questions before you invest in any POS system. 

·      The current state of your business

·      The bottlenecks and issues you face

·      What tasks can a POS system simplify

It will help you with a POS system that fulfills all your business requirements with ease.