The Modern-Day POS System

Point of sale (POS) systems have advanced far beyond their initial use as simple cash registers of the past. These days, POS systems can take the form of iPads or mobile phones while taking advantage the most modern technology (like cloud tech) and can even aid in the automation of restaurants. The potential for the modern-day POS is seemingly limitless, but for a lot of people who haven’t switched to a newer POS system, the benefits may not be so clear. In this article, we will take a look at some of the amazing features that POS systems in 2020 can offer your business and how these features can help with business management, staff productivity and customer retention. 

1. Accounting Done Right – Big Data for SMEs

Sometimes, it’s the most fundamental things that can really trip a business up. Legacy POS systems had no way to accurately keep track of commerce and accounting digitally, so employees and business owners were forced to work with two (or more) accounting systems. Manually entering in daily accounts on a POS system inevitably creates the potential for human error and imbalanced accounts. Looking back at the end of the month to try and match your physical and digital accounts can be a true nightmare. Worse still, importing data from one place to another would likely result in a large waste of time and increase the complexity of business operations. 

 

The POS system of 2020 should be able to bypass this problem easily enough. Not only do many POS systems include the ability to integrate with accounting software like Xero, but they also automatically keep abreast of physical sales so that your staff don't have to manually do anything. As an additional benefit, POS systems in 2020 should be able to provide you with a real-time view of your sales and profits. Using this data, you can easily track your item sales and more so that you always know how your business is doing. Cloud-based POS systems will also allow you to view your accounts across multiple businesses right from your phone. Indeed, if you run an international enterprise, you can even benefit from currency conversion, so all your businesses’ performance can be tracked in a single currency. You will also have access to all your international analytics and data by logging into your account on any of your smart devices. Doing business on the go is the future, after all.

2. Make Your POS Mobile

The mobility of POS systems in 2020 work twofold. You could opt to use an iPad POS, which packs a robust feature-set into a portable tablet. Alternatively, you can use a mobile POS (mPOS), where the major features of your POS are available directly on mobile devices, providing an unparalleled level of convenience to staff. Why is a mobile POS so useful, though? What are its benefits? 

 

Wait staff can spend less time trying to remember orders and can directly take them at tableside with their POS system of choice. The modern POS has an easily-categorized menu layout and will even offer the option to hide sold-out items so that there is never any confusion between staff and customers. Deals and sales can be upsold and customer service can be top notch, in the process. In addition, when wait staff punch in an order on their modern POS, the order can either be held for a manager to approve, or can be set to fire directly to a relevant kitchen station. This negates the need for wait staff to write down orders manually, walk to a stationary POS, input the order and risk getting it wrong in the process. With the POS of 2020, you improve customer service, reduce the potential for staff errors and can increase table turnover as each order can be fired instantly. Accepting payments directly at tableside can also improve service for customers. Mobile POS systems often just need a card reader attached to them and can even easily accept payments from mobile wallets and other forms of contactless payment. 

3. Know Your Customers with CRM

The best POS systems of 2020 are equipped to provide your business with the tools it needs to understand customers and buying habits much better. In the past, POS systems offered up hardly any data on customer buying habits. In many cases, such data was completely absent. Unfortunately, this means that there are still many businesses who operate with older systems that make it impossible to understand customers, which are the lifeline of any business. CRM data lets you see what items sell the best, and which ones need to be cut from the menu. Over time, CRM data can also show sales trends for different times of the year so that you can tailor special menu items and deals to take advantage of your knowledge of these trends. For example, milkshakes might sell like hotcakes in the summer, but might die off in popularity in the winter. With this knowledge, you know when to push the product and when to buy fewer ingredients for it because of lesser demand.

 

In addition, your modern POS can even aid in the creation of loyalty programs so that your customers see added value and feel personal investment with your business. Creating a tiered loyalty program lets customers feel like they are valued by your business rather than just another cog in a corporate machine. Loyalty systems can also provide customers with greater incentive to visit your establishment and to spend more. Using points and offering free gifts are another amazing way to upsell products and to generate hype behind your business. 

4. Run Your Entire Business Under One System

The POS of 2020 often does not operate alone. Given the capabilities of modern technology, today’s POS may actually be part of a larger ecosystem of services and products. For example, an iPad POS could be paired with self-service kiosks, mobile POS systems, kitchen display systems, eMenus, eSignage systems and much more. The benefit of a system that offers such flexibility is that your POS serves as the brain that can allow your business to do so much more. Want to add automation to your business? Link your POS with a Self-service Kiosk module. Want to improve organization in the kitchen? Add a Kitchen Display Module. These non-mandatory additions allow the modern business to pick and choose their own solutions to the problems that matter most to them. If a business is on a tight budget, a modern POS system does plenty on its own. But if a business wishes to add more depth, they always have the option to do so. 

 

The other benefit of having so many options is that they all operate under the same system. They share the same data and function smoothly as a cohesive whole. Learning to use multiple systems and forcing them to cooperate together is tedious. If your POS serves as the hub from which all other modules work, your business can operate far more efficiently and with far fewer steps in-between. Simplifying your business while doing more is one of the key tenants of a modern POS in 2020. 

5. Always Online, Always Improving

This is more of a shift in how POS companies can change their product over time so that it never becomes redundant. In 2020, many POS systems are actually downloaded via an app, which has some very surprising benefits. First, by signing into your account, you can access your POS system and all your data from any compatible device. This means that if your hardware breaks, it’s easy to keep running and always stay open. Even a lack of WiFi isn’t enough to prevent a modern 2020 POS system from working as sales data can be uploaded once an internet connection is reestablished. The ability to operate your business, even under unexpected circumstances, is one of the standards that all modern 2020 POS systems should be offering. 

 

In addition to this, since your 2020 POS system is likely to be app-based, this means it can receive updates quickly and easily. If you feel a feature is lacking or if you find a bug, you can simply report it to your POS provider and in the next update, your issue could be directly resolved. Adding in new features over time can also prevent your POS from becoming obsolete, meaning you receive a dynamic product that can change and adapt with the times.