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6/18/2018

5 Qualities to Look For in a POS System

Franchise Financing

Point-of-sale (POS) technology is a central interaction point between a business and its customers. A place where retail transactions are made, POS can include anything from the cash drawer to barcode scanners, transaction software and more. Every business that sells products, whether a family-run shoe store or a QSR franchisee, relies on its POS system to facilitate purchases and streamline operations.  

With today’s technology, POS systems can accomplish far more than simple cash management. That means choosing a POS system for your business can be complicated. Small business owners and franchisees seeking new POS technology should consider the following attributes before selecting a system:

Data accessibility – Data is the cornerstone of today’s business world. With increased access to data, business owners and franchisees can learn more about customers and better serve their needs. The data must of course be secure, but should also be accessible so that information can be utilized in a timely manner. POS systems enable businesses to access, log, and track real-time data, which can also be used to compare sales performance and metrics.

Data management – Not only do businesses need real-time data to accurately assess performance, but that data must be clean to offer useful results. When comparing POS systems for your business, look for one that integrates well with your other web-based systems to effectively streamline operations. This centralized management will save time and money when deploying updates, and ensure that your data is clean and dependable. For franchisees, a mobile POS system can also be useful for monitoring and reporting on multiple locations.

Functionality and flexibility – A well-integrated POS system can help improve flow and functionality by coordinating operations between the various hardware and software your business uses. Think about choosing a POS system that is configurable to support multiple processes, such as wireless payment and ordering options, customer rewards programs, and product returns. Aim for a system that is intuitive to use and easy to lean for both front- and back-end procedures.

Inventory management – Comprehensive inventory management is a desirable feature in a POS system, particularly for retailers and franchisees with multiple locations. Business owners should look for a system with software that enables them to manage and track, as well as replenish, inventory across their stores. The advanced inventory data a modern POS system can hold will also help businesses provide better customer service by enabling them to track top-performing products and recall previous transactions for individual customers.

Payment options – While searching for a POS system for your business, you’ll want to consider the cost of ownership and financing options available to you. CIT Direct Capital offers small business owners and franchisees who are looking to invest in POS technology quick and easy financing with an online application that can be completed in as little as three minutes. Don’t forget about the soft costs that go along with the installation of a new system. Working capital can help you cover those costs without depleting your cash flow.

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