A study published on Business Insider in 2013 shows that over 76% of sampled business
owners consider processing of payment as the most taxing part of their operations. The
study also noted that 42% of these entrepreneurs had problems with their payment
processing systems with some still clinging to the outdated cash register.
Leveraging Point of Sale
This being the 21st century and more importantly the computer age it is time to start
leveraging an effective point of sale (POS) system to get the best out of your operations. At
the most basic level this is a combination of hardware and software used in processing
payment transactions at your business.
With evolving technology a POS terminal does not just help in payment but offers a
versatile range of services including:
1. Inventory management including stock replenishment, purchasing reports and
2. Creating sales reports
3. Creating and maintaining customer databases
4. Employee timesheets
5. Sales promotions
6. Custom barcodes
In essence, POS systems help you sync your business operations from inventory to sales
and customer data. This in turn leads to enhanced efficiency and ultimately fewer mistakes
leading to higher productivity. More importantly, you are able to enhance a customer’s
shopping experience which builds loyalty.
An efficient point of sale (POS) system also helps reduce wastage. For instance, the National
Retail Federation (NRF) reports that U.S retailers lose over $224 billion due to excessive
inventory and over $45 billion due to insufficient inventory.
Getting the Best Payment Processing Rates
While POS systems have indeed revolutionized payment transactions the U.S Small
Business Administration (SBA) says over 56% of its members struggle with high credit
card payment processing. If you want cheaper credit card machine rates you need to
undertake in-depth research but more importantly link up with a financial advisor to help
you identify the best.
At http://pymntadvisors.com you will get invaluable advice on the best card processing
company to work with. Having worked with thousands of businesses in the country
PYMNT offers an easy portal for you to get the lowest rates for card processing.
This in turn increases your savings which is what every entrepreneur is aiming at in the
first place. Through a simple process where you submit your statement and identify your
business type these credit card experts are able to connect you instantly with a compatible
yet affordable card payment processing company.
Choosing the Ideal POS System
There are thousands of POS systems out there but to get the best you need to consider:
1. Ease of use: Pick one that your staff can easily adapt to.
2. Functionality: Inventory is the keyword here because without this feature then
there is no need of the POS system. Look for a system that can send alerts on
inventory levels among other critical functions.
3. Scalability: The best systems start small and grow with your business.
4. Customer care: The vendor must be available to offer technical support whenever
Other factors to consider include minimum hardware requirements, coupons, sales
promotions, user friendly and intuitive dash board and affordability.
Now that you appreciate the need for a functional POS system it is time to connect with the
experts and enjoy cheaper credit card machine rates. At PYMNT we work with all these
systems and whichever you buy we will no doubt get the best processing rates. Your
bottom-line will dazzle you a few months down the line.