The importance of the Point Of Sales (POS) payment system in a business transaction cannot be downplayed in every growing economy. The evolution of POS has surged expeditiously over the past 20 years, benefiting all the sectors of the economy, consolidating cloud service, mobile and a multitude of other features designed to improve business and life generally.
According to a report published by the Nigeria Inter-Bank Settlement System (NIBSS) for the month of June 2021, POS transactions in Nigeria has surged in value to N3.01 trillion in the first half of 2021, with a total volume of 462.11 million transactions in the same period.
Hopefully, these 5 important reasons why every business needs a POS system for transactions will help you make the right investment for your business.
The use of POS makes Your business more effective in operations processes as a result of using a POS system for payment and more cost-focused. Also, it can help your employees achieve individual sales targets and objectives by focusing on how to attend to other customers rather than spending time filling out forms for payment for goods or services and counting money for confirmation.
The use of POS will reduce the time-consuming effort of standing in a long queue at the checkout; By being intuitive, today’s cloud-based POS systems reduce risk by preventing frustration and minimizing the loss of time and productivity, all for the benefit of the customer.
The functionality of businesses can greatly improve with the use of POS by selecting a system that is cloud-based, which allows you to run the business and retrieve reports and useful data from any location and on any device.
Unlike the traditional cash registers, employees can easily use the POS system designed for the sector that the business is based in.
The POS system will easily pull reports for everyday transactions to enable the business owner to audit receipts every day or weekly or monthly and this will help disclose patterns of loss in the business. This report will make it easy to notice patterns and will make it noticeable when you do inventory checks what exactly is missing.
Additionally, It also reduces human error while calculating stocks and detects employee theft, which is the original reason that inventor James Ritty invented the very first POS system back in the late 19th century. Any decent small business POS has the data needed to understand the source of losses and determine where weaknesses are, and where action needs to be taken.
POS system opens a business to the world of customers data and all the benefits that it brings. A POS system will also offer analytics features that provide specific information, such as low stock count; best selling items; worse selling items; off-peak hours; and peak hours.
With the accurate data collected, business owners can create successful strategies and make informed business decisions. You will be then able to introduce price reductions and special offers on goods according to that data.
Good customer service is the best way to ensure a great experience for every customer who patronises your store.
The data collected from the POS system can help determine smart staffing decisions and ensure that there are plenty of people working in busy departments when your store is busiest. You can also choose the right employees to work in certain areas of the store to guarantee the best possible customer service for your customers.
You can also use this data to see which employees are good for business and which ones aren’t. In many ways, a good POS system acts as a second set of eyes that allows you to keep an eye on everyone’s performance even when you are not in the store.