Choosing the Right POS System

Opening a retail business? If you’re already selling online, you know how important it is to have an overview of your business activities, from who and where your customers are located to what kinds of products are in stock, in order to make crucial decisions and generate more sales.

A point of sale system can be an essential addition to your retail — not only does it process transactions but it also allows you to handle other things, such as inventory management, returns, exchanges and most of all, tracking customer behavior. We’ve put together few simple tips to help you find the right POS system for your business.

There are so many options out there. Which one is the right choice for your business?

First of all, start with identifying what your business needs. Everyone operates a bit differently and your strategy is likely as specific as the products you sell. Once you understand what you need a POS to do, you can quickly determine which options are a good fit and which aren’t.

A solid POS should:

• have reasonable pricing
• be intuitive and easy to use
• provide top customer support
• able to be used anywhere and anytime
• automate processes
• reduce manual inputs
• integrate with other systems you utilize in your business

Buying a POS system is an investment that can significantly impact your business success and efficiency.

As with everything, make sure you do your homework and prepare well in advance. Go through the following POS overview, pick a system that is compatible with your business model, and schedule a demo call with the provider to walk you through every step of the system. If you like it, request a free trial so that you can test out their software yourself. Here’s our pick of top 5 POS system providers!

Lightspeed Retail

• designed to run on iOS devices
• all-in-one POS solution, accessible from anywhere at anytime
• helps handle day-to-day sales, customer management and inventory tasks
• integrates with the best retail hardware
• is ideal for both retailers and restaurant owners
• offers built-in online store, plus omnichannel retailing
• provides marketing features (SEO tools, blogging, social media, A/B testing etc.)
• comprehensive free customer support
• $76-$222 per month, based on annual payments

Shopify POS

• offered on iPads and iPhones
• allows management of both online and physical stores
• ideal for SMBs with its intuitive features and simple and straightforward software
• includes Swipe card reader, Socket Mobile barcode scanner, APG cash drawers, and Star Micronics receipt printer
• integrates with the best retail hardware
• 24/7 customer support
• $29-$299 per month

Pick a system that will allow you to focus on what’s really important — your customers.

Square Register

• an excellent free solution, flexible for any company size
• easy to use and implement
• allows businesses to take payments with iOS / Android devices, even on-the-go
• comes with a Square magstripe reader
• promotes fast transactions, generates sales reports
• manages inventory and stores digital receipts

Vend

• designed for iPad and multi-device compatible
• works offline and is configurable and scalable
• manages inventory, sales, and customer data
• allows businesses to generate reports
• includes a built-in online store
• 24/7 email and chat support; phone support with Advanced and Multi-Outlet plans
• $69-$199 per month, based on annual payments

Salesforce Commerce Cloud

• mobile-first POS plus digital commerce
• includes order management and operates via predictive intelligence
• streamlines operations from purchase to post-sale service
• improves commerce across channels (call center, web, store, mobile)
• has an active community that shares insights, information, innovations, and improvements
• tailored pricing based on client’s requirements and price considerations

This is just a flavor of the numerous providers available, and each has advantages and disadvantages to take into consideration. If none of our top picks matches your requirements, feel free to Google one of these other POS services: ShopKeep, QuickBooks POS, FastSpring, Skubana, TouchBistro, Toast POS, Bindo POS, Erply, Booker.

No matter how you decide in the end, monitor your results carefully to keep track of your ROI.

How to keep track of everything?

Using a smart analytics app in conjunction with your POS can be a valuable way to organize your data and streamline your transactions. For example, MonkeyData collects all the data gained from Lightspeed / Shopify offline sales and combines the most useful metrics (revenue, orders, AOV and ARPU etc.) so you can make improvements in specific areas of your business. It also displays the share of individual physical stores — if you run more than one — according to their contribution to overall revenue. MonkeyData also allows you to track the prosperity of your business from store to store, and is a useful way to see how prosperity correlates on both short and long term timelines.

You will definitely love the Best Selling Products and Top Staff Sellers graphs which each incorporate the human index as a potential increasing revenue indicator. By watching staff sellers stats, it’s easier to uncover issues with human resources, set motivational activities or give rewards. And last but not least, MonkeyData also tracks online numbers, so you have the option of monitoring your online and offline performance in one place!

Try MonkeyData for free and get a detailed overview of your retail.

Thanks to POS software and terminals you can sell basically anywhere — in physical stores, flea markets, outdoor events, you name it. As a result, buying a POS system is an investment that can significantly impact the success and efficiency of your retail business. Take a moment to do your own research, find the service that best fits your style, and join the thousands of other merchant and stores benefiting from POS! And don’t forget to measure your results to see the ROI!