Consider upgrading, installing, or changing your payment processing equipment. There are new features and things to know that can help make a good investment in your business. Here are our (updated) top 5 things to know about retail POS systems.
Online Ordering and Integration
Online ordering can be set up easily. Secure, PCI Compliant, online ordering can be completed quickly and easily as a part of an initial POS System installation or added later. Using your retail POS System as the single source for payment processing – for both in-store and online purchases – is the right way to: save money, save time, maintain PCI Compliance, and make it easier for your customer to remain loyal. Other features include one login, digital, printed, or email receipts, and the option to purchase tracking for faster returns or exchanges.
Remember: If you have two separate merchant accounts (one for in-store sales and one for the online system) you are non-compliant with regard to PCI standards and risk audit, fees, and paying more than you need to pay.
In a recent case study, we found many retail businesses have more than two processing methods. Eliminating unnecessary and redundant systems improves security, reduces risk, and saves hundreds of dollars in fees.
Inventory Management Time Savings
The newest POS systems have inventory management features that make it easy to re-order, evaluate carrying costs, and compare in-stock vs. out-of-stock items. This saves countless hours in manual inventory each month and makes quarterly and annual assessments faster for bookkeeping. Owners and staff have more confidence in the product being available when customers want it which also helps to maintain loyalty.
Ongoing Training and Support
POS System suppliers are not always willing to provide ongoing support and some barely provide enough initial training. All of the systems we recommend are not just helpful to start, they continue to offer support as part of your POS System.
Training should not cost more than the equipment. We know this is stressful and is one of the primary reasons we hear businesses hesitate to make a change.
TransAct always provides support and ongoing training even for new staff who join after the initial installation and set up period. This includes setting up unique user names for access controls and maintaining security for the business. Forever.
Save Money with a New POS
With the advent of cloud-based technology and tablet systems, the cost to install a robust POS System for your retail store (or other business for that matter) fits into budgets from hundreds to just a few thousand dollars depending on the number of units needed. We help to calculate the savings that often justify the investment in less than one year.
Low Fees Shorten ROI
In 2020 and 2021, many retailers who never offered phone sales before added phone ordering because they thought they couldn’t set up online processing quickly enough. This resulted in a higher processing percentage (from 0.5% to 1.0% more) with both Visa and MasterCard who were looking to raise the rates for remote and phone orders. (Remember “MOTO” – Mail Order Telephone Order? Well, that costs more and adds unnecessary expenses and security risk, also increasing the chance of a Chargeback.)
Choosing the Right Retail POS System
The bottom line. If you are running at least an average of $25,000 in monthly sales, the cost for the new POS at $3,000 can be paid back in about one year.
It is even faster if you have higher monthly sales volumes. Yes! A fully integrated, inventory management and online capable retail POS System can be acquired for about that much; less if you can reuse tablets or other hardware.
If you are considering a new POS system, but are worried about the expense, time to install, and training, let’s talk about your options.
Contact us today to schedule a convenient time to talk.