While Point of Sale systems, like the Cloverflex, are indispensable to businesses in the current economic environment, not every system will last forever. Therefore, in dealing with your merchant account solutions, it is necessary to know when to upgrade your current hardware and software. Reporting, inventory management, integration, customer support and payment processing are the essential elements of any POS system, and not surprisingly, these are the five elements you should pay attention to when deciding on the need for an upgrade.
1. Reporting
As a business owner, you know that information is critical to making effective decisions. A Clover POS system should be able to provide that useful information in a variety of reports. For example, when deciding on the viability of certain products, it is helpful to know how they are selling compared to other items in similar categories. Also, to understand how employees are performing or who may need more training, it is useful to track individual sales. Primarily, a POS system should provide insights into your business that make operational decisions easier.
2. Inventory Management
Poor inventory management is a drain on small businesses, and it can even lead to closures because of the amount of money tied up in your stockroom. However, on the opposite end of the spectrum, businesses do not carry enough stock to satisfy orders, leaving customers waiting and frustrated. Therefore, an adequate POS system should help you manage your inventory. At a minimum, the device should allow the organization of products by vendor, category and department. Also, it should send alerts for low stock and flag poor-selling inventory.
3. Integration Features
How many programs do you jump between throughout your day, month, year? While older POS devices had limited integration features, newer models can allow for email marketing, customer loyalty programs and accounting. Does your current device integrate different operations? If not, then it may be time for an upgrade.
4. Customer Support
A problem with any growing business is the risk of increased error. The more employees, the more storefronts all equate to the increased chance of a mistake occurring. When problems arise, it is most likely the customer who feels the repercussions. Therefore, a POS system must incorporate practical customer support. When looking for an upgrade to your system, find a POS company that offers 24-hour customer support through phone or live chat options. Also, email support is necessary, as is having a database of self-help guides and articles for FAQs.
5. Payment Processing
Outdated payment processing is a risk to your customer and your business. With the plethora of payment options now available and the rapidly evolving technology, a company needs to have a payment processor that is equipped with all the essential security measures necessary for shopping today. Also, beyond protections, consumers expect companies to accept a variety of payment types, and if you can’t, then your customers may take their business elsewhere.
POS systems are vital and necessary to the successful operation of any size business in the current economic environment. However, as with any other tech, these devices are continually evolving, which means that the system you are currently using may not be equipped for the demands of current customers. Contact a local merchant account specialist to discuss POS options.
