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Jun 01, 2021
2 min read
Last update: May 16, 2024

Is a Point of Sale (POS) Right for My Small Business?

Whether you have a retail store, a restaurant, a service-based company, or an on-the-go business, a Point of Sale (POS) system can help you keep operations running smoothly. Not sure if a POS is right for your business? Read on to find out.

What is a POS?

A Point of Sale (POS) system is a way for businesses to accept payments and process transactions. POS systems consist of hardware like a physical terminal or barcode reader, and on-site or cloud-based software. Many newer POS devices have additional features that go beyond simple payment processing to help businesses track and store information.

Does My Business Need a POS System?

It depends. For many B2C (business to consumer) companies, a POS is a huge timesaver. If your B2C business has a large number of products, the ability to customize orders, multiple employees who handle transactions, or a large volume of sales, investing in a POS is a no-brainer. But, if your company is B2B (business to business) with few clients and you can easily keep track of sales, a POS system may not be necessary.

What Are the Advantages of a POS?

Most POS systems come with additional features to help you streamline your operations. You should look for a system that suits your business’s specific needs and has features that are important to your company. Here are some of the major advantages of common POS features:

  • Better Employee Management

A POS allows you to see the sales made by every employee, the hours they worked, and what the peak times are in the store or restaurant.

  • Faster Transactions

With a POS system, transactions are processed faster, and customers can be served quicker.

  • Advanced Reporting

You’ll gain clear insight into sales trends, order statuses, and profit margins which can help you make better and informed business decisions.

  • Easy Inventory Management

Inventory can be managed in real time helping you keep better track of what’s in stock, reorder items that are running low, and discover which items are your best-selling products.

  • CRM

A POS system gives you the ability to gather customer data, email receipts, send special offers or promotions, and manage loyalty programs.

What Features Should I Look for in a POS System?

When deciding on a POS, look for a system that:

  • Has mobile capabilities
  • Can grow with your business
  • Is customizable
  • Doesn’t have hidden fees
  • Has COVID-friendly features like contactless payments
  • Is known for excellent customer service
  • Offers the possibility for integrations with other apps or systems.

Need Help Growing Your Business?

Don’t let lack of funding slow down the growth of your business. At SBG Funding, getting access to the cash you need to set up a point of sale system, improve cash flow, or expand your business couldn’t be simpler. Apply today to see how we can help.

For additional resources for small business owners, click here.

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