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25 things to look for in a new POS solution
Buying a digital Point-of-Sale solution (POS) is an important decision for your business.
Start by creating a list of the features that the POS solution should support for you and your business. These can include features such as ease of use, gift card management, inventory control, sales reporting, employee management, customer database, and integrations.
Once you’ve thought it all through, the list may become longer than you initially expected. Then, categorize the items on your list as ‘requirements’ and ‘advantages.’ Requirements are the things that the digital POS system must solve for you, while advantages are the things that would be nice to have but are not mandatory.
Finally, evaluate everything based on the total cost in terms of time and money.
Here is a checklist of 25 things you should consider before making your decision
Not all points are necessarily equally important to you, so some may be ‘requirements,’ and others may be ‘advantages’
User-friendliness
Choose a system that is intuitive, easy to understand, and requires minimal training for your staff.
Speed
Check if the POS solution provides a quick check-out process.
Gift cards
Do you need to be able to issue and redeem gift cards easily?
Loyalty
Do you need to send SMS or email to your customers, e.g., for new products, new collections, or new services?
Campaigns
Do you need to manage promotional campaigns, e.g., buy three for the price of two?
Price lists
Do you need to manage a differentiated price list, such as lower prices for members, bulk agreements, or major customers?
Accessibility
Should the POS solution also work outside the store, e.g., on the street, for event sales, or at trade shows?
Cloud or local
Decide whether you want a cloud-based system (accessible from anywhere) or a locally installed system.
Offline functionality
Consider whether the system should continue to process customer sales if the internet connection is lost.
Payment processing
Ensure that the digital POS system supports various payment methods and combinations, such as credit/debit cards, mobile payments, cash, prepayment, and credit payments.
Hardware requirements
Check if the POS system requires specific hardware like payment terminals, barcode scanners, cash registers, tablets, receipt printers, or if it supports the hardware you already have.
Reporting
Check the POS solution's reporting capabilities. Can it provide insights into sales trends, customer behavior, best-selling items, most profitable items, both historically and in real-time?
Inventory management
Do you need to track where your most popular products are and easily reorder products with low stock?
Transaction history
As a store owner, you may often need to look up past transactions. Can this be done with a single click?
User management
Look for systems that allow you to assign different access levels to employees based on their roles.
Integration
Check if the digital POS system can integrate with other software you use, such as accounting, e-commerce, or loyalty programs.
Automation
A reduction in human errors can be achieved when a POS solution can help automate tasks, such as automatic cash register closure, product look-up with data from the accounting system, or inventory checks.
Security
Look for features like encrypted transactions and data security to protect customer information.
Contract duration
Consider how long you want to commit to a subscription.
Setup
Check with the provider how easy it is to get started..
Costs
Consider setup costs, transaction costs, monthly subscriptions, and watch out for other hidden costs.
Customer support
Investigate the quality of customer support, including response times and available channels (phone, email, chat).
Maintenance
Understand how updates and maintenance are handled to keep the system up to date and functional.
Demo and trial version
When possible, request a demo or trial period to test the system's features and usability before committing.
Compliance with tax regulations
Ensure that the POS solution supports the new tax requirements set by the tax authority. These will come into effect in 2024, and a digital sales registration system should provide the tax authority access to the company's sales history.