As a new business owner, you have a vast array of technology solution options you can implement to streamline your processes. However, once you’ve developed your business plan, secured a location, and set a date for your grand opening, one of the next things you’ll need to do is invest in a quality point of sale (POS) system to manage transactions – and your business overall. If point of sale technology is something new to you, our POS system guide for beginners is a great place to start your research. The first thing you need to know is that different systems vary widely, but there are basic features of each system that you’ll need to evaluate when you start to shop.
Basic Features of a POS System
You’ve probably seen the customer side of various point of sale systems multiple times when you’ve shopped in department stores, checked out at a grocery store, or paid for a meal at a restaurant. But from the other side of the screen, you’ll see that a POS system is a tool that helps retail staff: total sales, keep track of taxes, finalize transactions, and provide customers with receipts.
POS software gives you the ability to perform transactions. For instance, it includes an interface that allows you to select or scan the items that customers buy and include the information on their receipts. In addition, POS software stores data from all transactions and can share them with your back office to make end-of-day reporting and accounting easier.
Key Features to Look for in a POS System
Innovations in POS technology have given merchants a wide range of capabilities they need to run their businesses effectively and make their jobs easier. Automating workflows, automatically sharing data between systems, and replacing paper with digital processes will help you run your business more efficiently and profitably.
Beyond the basic features of a POS system, make sure the solution you choose has these key features.
Inventory Management
The system you choose will also give you other capabilities, such as managing your inventory. Some designs allow you to manage complex inventories by category or department. Accurate inventory data ensures you don’t over-order, which can lead to waste and losses. However, your system can alert you when stock is running low and allow you to create purchase orders easily.
Reporting
Also, once your business is running at full speed, you’ll need to manage every facet of your company, from inventory to promotions and product performance. A POS system with real-time reporting features will give you visibility into your business whenever you need it so you can keep a close watch on costs and keep your operations moving in the right direction. This feature will also give you a view of your business over a week, month, year, or more to track performance over time and adapt your strategy as needed.
Customer Management
A POS system with customer management features will allow you to keep track of customers’ contact information and buying histories. This information will help you make the most of marketing campaigns, keeping customers informed of current store events and promotions and targeting specific groups of customers, such as your loyal, VIP customers or shoppers who haven’t made a purchase in a while with offers that will bring them into the store.
Employee Management
Your POS system can also be your time clock. Employees can clock in and out on the system and share that data with your payroll system, saving you time and eliminating human error. Your POS software will also include access control features, so only authorized people can use it. In addition, you’ll be able to assign each employee a secure login which will help you protect transaction data – and your business – and provide you with a report of everyone who has used the system if you need to investigate unusual activity, troubleshoot problems, or conduct an audit.
Payments Integration
Most businesses will find that many clients prefer to make digital payments instead of using cash. Payments integration with your POS system enables quick, smooth checkout processes. It helps you keep lines short, and it will also allow you to automatically share payment data with your accounting system to save time and avoid rekeying errors.
To accept digital payments, you’ll need a merchant services account and a merchant services provider that handles payment processing and ensures funds are added to your account.
Understanding Merchant Services and Why You Should Choose ClearTEQ for Payments
Some small businesses choose a merchant services provider that’s different from their POS system provider. However, there are benefits to using an all-in-one solution. ClearTEQ provides everything you need – POS and payments – in one easy-to-use system. With ClearTEQ, you know your payments solution works seamlessly with your POS system, even after system changes or updates.
ClearTEQ also gives you a wide range of payment options. You can transact in your store at the counter, curbside, or remotely at community festival booths. You can also give your customers the convenience of paying the way they prefer. With ClearTEQ, you can accept credit and debit cards, EMV chip and PIN, contactless tap-and-go, and digital wallets like Apple Pay, Google Pay, and Samsung Pay. You even have the option to customize checkout experiences, such as accepting multiple payment methods for one transaction.
ClearTEQ’s merchant services are also highly secure, including features such as end-to-end encryption that reduces your Payment Card Industry (PCI) compliance scope and risks. Additionally, ClearTEQ is securely hosted with a PCI DSS Level 1 Service Provider, the highest level of security available.
ClearTEQ also offers you something that you may not find with other merchant services providers: transparency. ClearTEQ’s clients pay straightforward rates with no hidden fees – for payments, POS software, and technical support.
Why ClearTEQ Has the Best POS Systems for Beginners
The ClearTEQ POS system offers everything from advanced reporting to inventory control and customer marketing, designed with features that new business owners need.
- Simple to use, with a user-friendly interface.
- Intuitive till design that keeps training time to a minimum
- All-in-one system that includes advanced payment processing with secure merchant services
- Automated processes that streamline processes maximize efficiency and allow you to spend less time managing your store and more time connecting with your customers
Why People Select ClearTEQ’s POS Solutions
ClearTEQ has a successful track record of helping new businesses implement technology easily and quickly. The all-in-one, ClearTEQ POS and payments system, is easy to set up. All you need is an internet connection and a browser.
It’s also compatible with most retail barcode scanners and cash drawers, so if you’re opening a new location, you may be able to use some of your existing POS hardware. You can also use your own computer or tablet or purchase the ClearTEQ quick-start bundle to deploy your POS system right away – ClearTEQ supplies the web-compatible receipt printer and secure PIN pad and will help you implement other hardware you need.
In fact, ClearTEQ is always available with technical support, which is included in the price of your ClearTEQ POS system. In addition, you can reach ClearTEQ by phone, email, or live chat to help you address issues that arise, and emergency support is available 24/7. ClearTEQ also gives you access to training and an in-program POS system guide that will help you and your employees learn how to get the most benefits from your POS software.
Give Your Business the Best Chance at Success
Your customers will expect you to use technology that enhances their shopping experiences with speed, convenience, accuracy, and payment choice. And you’ll need to meet (or exceed) those expectations to compete for their business.
First, you need to find a solution with the basic features of a POS system, but you’ll be able to operate more efficiently and profitably with a more advanced solution, like ClearTEQ POS, that gives you more capabilities.
With ClearTEQ, you can manage inventory, customers, employees, and more, minimizing wasted time manually entering data, pulling reports, managing inventory, and keeping track of employees’ time.
Now that you know the basic features of a POS system and features that support efficient operations, you can give your store the best POS system. Look no further than ClearTEQ!
