You need to admit, long gone are the times when the earnings in a store were made by the person behind the counter by composing the merchandise sold and the price in a laptop. The demand for accurate accounting, the thorough overview of the provider’s business, the goods sold and the amounts of money obtained. With a POS system has many advantages, as it allows for a more accurate and precise way of conducting business, of selling services and products. There are various kinds of systems available and it’s your choice what sort of POS system you purchase for your organization. There are more advanced versions, that could be connected in a network and that may be based in a computer based system, that are acceptable for larger businesses, but there are also simpler POS terminals, offering only basic functions.
In case you’ve obtained a POS system, why not spend a bit more money in a more secure cash drawer. If you don’t need to run from place to place to purchase the different gear on your system, you can purchase all of the modules (the terminals and the POS cash drawers) from the same provider. This method has many advantages: they’ll be installed in a single operation, you’ll have the guarantee for the whole system in one provider and you can be certain that all of the modules are compatible. Another thing – remember to choose a pos system which has touch screens like Star Micronics versions since they will make things much easier for the two of you and your workers.
There are various kinds of POS cash drawers and it depends largely on your allocated budget as to what sort of POS cash drawer you buy. Since you expect it to last for several years, be certain to buy from a manufacturer that guarantees you they’ve performed reliability tests. A cash drawer should be quite resistant so that it can last for many open/close cycles ( one used in a big supermarket should withstand many thousands of open-close cycles). Very best cash drawers are constructed from steel or other metallic alloys.
Purchasing a heavy duty one will guarantee you both a high degree of security (a top quality steel drawer is more difficult to break into) and a degree of durability (since the majority of the portable parts will be more lasting ). The prices for POS cash drawers in the marketplace ranges anywhere from approximately $50 to more complex items which may cost up to several hundred dollars.
There are various other aspects you need to remember when you’re searching for a POS cash drawer. It ought to have more than enough bill and coin slots and trays and the access to them should be simple (this is essential since the operator should be quite quickly when using it ). You can purchase smaller or bigger cash drawers and you need to pick the model that suits your existing POS terminal, even if you’re purchasing the terminal and the cash drawer individually.
To help you know what a great RMS can do for your company, here is TRG’s guide to the primary advantages.
1. Increased profits
Clearly, there’s little point investing in dedicated retail applications if you are not going to see a return on your investment, and great RMS applications has numerous profit-boosting capabilities.
o Fewer pricing errors
Leaving your employees to price items may result in pricingmistakes which cost you money. RMS permits you to set and control the price of each item in your shop, minimising such mistakes. Additionally, it will calculate the actual cost of any discounts you decide to create, e.g. how a lot more items you will need to sell if you cut the price by 5 percent.
o Control price points
Every thing has a”magical” price point which maximises profits, but finding out exactly what price point is can take hours of study. RMS can analyse your sales records and inform you the perfect price for each product, i.e. the highest you can go while still promoting as much as possible. Why sell at $2.49 when you can sell as many at $2.99?
O Reduce dead stock and maximise turnover
Do you really know what sells and what does not? You could have a vague idea but RMS can tell you exactly which items are flying off the shelves and that are piling up in your stockroom, helping you to phase out unpopular lines and concentrate on those that sell quickly, thus improving your cashflow.
Individual log-ons together with daily gain margin, stock management and voided/cancelled/deleted sales reports imply any thefts canbe seen immediately. And by allowing your employees know about the full capabilities of your POS software, they will be less inclined to attempt to steal from you.
o Critical information
If a line abruptly stops promoting (or suddenly begins!) It may take you a while to notice. However, your RMS software will let you know immediately so you can adjust pricing to increase profit or minimise loss.
o Electronic cheque verification
Bad cheques continue to be a large problem for retailers. But connecting your POS system to an internet digital cheque verification service can help you minimise the harm done by bad cheques. Cheque verification services are demonstrated to allow retailers increase their collection rate on bad cheques to up to 80%!
O Better rates from providers
By monitoring any disparity between sales volume and profit margin, RMS will help identify which provider deals you ought to be renegotiating! Showing a supplier just how much of his product you are selling is a vital tool in assisting you to get better deals.
2. Improve your marketing
It’s less expensive to get business from existing clients than to go out and search for new ones, but do you do everything you can to get your customers to return to your shop over and over? Great RMS applications can help you with this.
O Sales letters to clients
Following a sale with a thank-you letter, information about related products or particular offers/personal discounts is an excellent way to get repeat companies. Detailed purchase records together with professional, trendy letter creation can help you stay in contact with your clients and have them coming back for more.
o Automated mailings
Regular mailings (by post or email ) enable you to run drip/nurture advertising, a proven technique in retail. Utilizing customer segmentation you can be sure that you target the right customers with the appropriate products and offers.
Monitoring different kinds of marketing campaign and consequent sales can let you know exactly what’s working and what is not, helping you to establish what sorts of effort work for which products.
o CRM compatibility
If you currently have a CRM (Customer Relationship Management) system, your RMS applications can interface to it and let you store detailed sales information for each and every customer. CRM + POS = essential market information more effective advertising.
3. Manage your inventory
Speedy stock turnover = greater cashflow, and RMS software can help you identify what is moving, and what is not.
O Top sellers + dead stock
Being aware of what’s selling is critical to any retail business, and RMS can let you know what your top sellers are. Does this help you keep on top of pricing, but in addition, it ensures that you never run out of hot lines by automatically sending purchase orders to your suppliers when stocks begin running low.
Equally, having plenty of dead inventory can tie up your money and take up precious stockroom space. RMS identifies slow or non-selling lines, assisting you to take remedial action.
o Seasonal sellers
Some products sell particularly well at certain times of year. RMS can provide you with detailed monthly or weekly sales breakdowns, identifying patterns and empowering one to time merchandise orders and promotions.
4. Reduce accounting work
Bookkeeping is a time-consuming procedure and takes up precious time you could be committing to selling. RMS software cuts down the quantity of accounting work you need to perform by automating most of your procedures.
o Process automation
RMS can automate tasks such as calculating monthly sales tax, printing monthly statements, entering sales transactions into Accounts receivable, posting receipts to journals, and posting transactions into general ledger program.
O Track creditors and debtors
By keeping close tabs on who owes you money and that you owe money to (and if it is due), RMS can help you improve your cash flow control and ensures your customers pay you on time, which you keep your providershappy by meeting their deadlines.
o Maintain a clear audit trail
Everyone dreads end of year accounting and reconciliation, but RMS can eliminate this specific headache by maintaining a clear audit trail through the fiscal year.
A good RMS system provides bar code checking, touch screens and instant credit card authorisation, meaning that your clients have minimal waiting time in your checkouts and you also get to sell more products.
o Individual credit/discounts
With complete customer information available at the touch of a button, personal discounts or charge could be applied immediately, meaning fewer misunderstandings or problems at the checkout.
o Fast order delivery
Some larger items have to be delivered to the customer’s house. Digital POS can send details of this order to your warehouse before the client has left the shop, enabling rapid shipping and a happy client!
o Paper-free refunds
Mishandling a complaint or ask for a refund is the easiest way to drop a client, but how many concessions do you refuse because the client has dropped their receipt? As your RMS software stores a record of all purchases, it is possible to call up digital receipts and be certain anyone who’s eligible for refund gets you, receipt or no reception.
o Professional paperwork
RMS software generates clean, crisp, readable receipts, invoices and delivery finds which make you appear professional and prevent any misunderstandings with your clients.