Questions to Consider When Choosing a POS System for Your Business

In today’s consumer world, it’s not a surprise that most customers don’t carry cash. That’s why a functional and efficient Point of Sale (POS) system can be incredibly valuable for small businesses. Not only is it important to have a system that functions well and is easy to use for employees and customers, but ultimately, most businesses don’t have a lot of time to do extra work in accounting and inventory behind the scenes. That’s where a POS system can come in handy. Consider asking yourself these questions when choosing a POS system for your business.

Need On-the-Go-Capabilities?

Every business works differently. So, it’s important to consider how yours functions. Whether it’s a restaurant making deliveries or a repairman working on site, small businesses often need on-the-go payment capabilities for customers. A POS system allows businesses to accept payments in a secure fashion.

Traditionally, those businesses would gather a customer’s card number and call in to the office to run the payment over the phone. Unfortunately, this isn’t efficient or secure. If someone overhears that card number or is mirroring the phone and sees a text sent, that could be trouble. Someone on the other end of the call could also write down the number, leaving the business responsible for the data breach. Choosing a POS system for secure payments in person gives a business and its customers peace of mind when making and accepting payments.

Considering a Customer Loyalty Program?

Two things often go hand in hand — customer gifts and loyalty. Many POS systems bring these together. A customer gift could be an electronic or in-person card, offering discounts or other incentives to shop at your business. A loyalty program is for repeat customers who shop frequently at your business. For example, “Spend X amount of money and get X amount off”. The loyalty programs can also offer notifications for special sales or events through phone apps. A POS system can do that heavy lifting by pushing those notifications directly to the apps or through a text or email, taking the load off employees.

What Are You Willing to Pay for Your POS?

Knowing how much you’re willing to pay for your POS system is important for a few reasons. There was a period when hardware solutions were given away at little cost to gain customers. Today, the market has changed, inflation has gone up, and the cost of hardware solutions has increased, too. Before you invest in the most expensive POS system, ask yourself, “What does my business really need? Do I need the Mercedes or the Chevrolet? Do I need all the bells and whistles? Will this POS system grow with my business to meet its future needs?”

Your bank may ask you, “What does your business look like? What are your plans for the future?” Choosing a solution that will best suit you and your needs is important.

Connecting Your POS to an E-Commerce Site?

More people are shopping online today, buying what they need without even leaving home. Small businesses may want to consider an e-commerce site that connects to a POS system. This allows inventory to reflect appropriately in your pricing on the e-commerce site. It also helps manage the business, drive additional business, and allows customers to see the accurate inventory and product availability.

For example, if you own a food service or flower shop, through your POS system, you can set online orders for only a specific window of time during the day. It gives the business options and tools to run efficiently. If you don’t have a POS system tied directly to your e-commerce site, then you or your employees have to manage everything individually, which can be time consuming.

Need Tech Support?

If you’re a new POS system customer, ask yourself, do you need virtual or in-person support? Can I call a real person? Or do I need to email them? Is tech support available when my business needs them? For many retailers, that might be a typical 9 to 5 schedule. But restaurants and bars often operate at odd hours and may need 24-hour support. You may also be wondering, where is the support coming from? Is it local? Is it coming from the company who knows the product? Or are they hiring outside help? A small business nightmare would be to purchase a POS system and never hear from the company again.

PlainsCapital Bank is a direct contact for its POS customers through the entire process. It’s a relationship. The bank does have technical experts that help build the POS system. Any technical questions are directed toward those technicians. If you can’t get the help you need through the technicians, the Bank is also directly available.

Are Card Processing Fees a Factor?

Card processing fees are a huge factor because most small businesses want to find ways to cut costs. Merchant services are a business cost. Some POS systems on the market are proprietary to their payment processing platform. This can limit your options if they decide to increase their fees.

When looking at cost, ask if you have options for who you can process payments through. If not, you’re at the mercy of paying any fees you’re required to pay.

What Works Best for Your Employees?

Some POS systems will have access to training videos for new employees to learn the system. This can make an employer’s life much easier. If you have 50 people in line at your coffee shop during peak hours, it’s about speed and functionality. Some small businesses have a POS system that they don’t fully understand. It’s a paperweight, and it’s not helping the business as it should. Think about all the conversations, decision making, money, and installation that went into getting the POS system up and running. If your employees don’t know how to use it, it’s useless.

Will Your POS System Grow with Your Business?

Some business owners are happy with the size of their business, but most want to grow. They’re entrepreneurs. They believe in their product and want more people to have it. At the end of the day, what a customer needs today may not be what they need 12 months from now. If you don’t have a POS system that can grow with your needs, you’ll have to reinvest in a new system, reprogram it, and retrain your team. Choose now for your future.

To learn more about the right POS system for your business, visit the PlainsCapital Bank Merchant Services page to get educated. There you can connect with the Bank’s Merchant Services team to help you get started.