Running a small business is by no means an easy feat. You have to think about every single aspect of your business’ progression, from product development to actually making sales and taking money. Let’s take a moment to focus on the latter part of this process.
What Is a POS?
If you have a brick and mortar store, you will definitely need a POS. POS stands for “point of sale”. It is essentially the part of your store where customers will payments. It’s where they’ll exchange their cash for whatever it may be that you are selling. As you can see, it’s essential when it comes to making an actual profit.
Your Options
You have a few different options when it comes to your point of sale. So, it’s good to be aware of what’s out there in order to make the best decision possible for your business.
A Fixed POS
Your first option is the most popular option and it’s known as a fixed POS. Pretty much any small business or large business (storefront) you enter is likely to have one of these. It will generally take the form of a cash register. There will be a fixture that separates you or your employees from the customers being served on the other side. There will be a till where you can scan products and total sums. This will also be where you store cash that is paid. While you don’t have to take card payments, it really is a good idea to. Customers like choice when it comes to payment methods and the majority of people don’t really carry cash on them anymore. You don’t want them to be ready to make a purchase then need to go find an ATM. They may not come back. They could become distracted or change their mind en route, meaning you lose out on what was a definite sale. Make sure that you have a card reader ready.
Portable Payments
If your business participates in exhibitions or trade shows on a regular basis, you might want to invest in a PayAnywhere app. This allows you to take card payments wherever you may be, as long as you have some sort of smartphone and an internet connection.
I have to admit, I learned this one the hard way. When I first started my business I participated in a lot of events. I had a great set up, lots of people would come over and talk to me. A few were even ready to make purchases. They didn’t have cash and I didn’t have a way to take their payments. I lost the sale and slowed down the growth if my business.
Tablet POS
If you do take to portable payments, you could try to incorporate it into your store’s sales process. You could invest in a tablet and use this as your POS. This will allow you to take the check out process to customers in your store rather than them having to make their way over to the fixed POS. This can save them time and boost their levels of customer satisfaction. WIth the individualized service, coming to the customer, they’ll leave the store feel valued and appreciated.
As you can see, POS is an extremely important part of your business’ process and without the right POS, you won’t be able to take payments from your customers as efficiently as you should be able to. Keep these options in mind and figure out which will be best for your small business needs!
Carolyn R. Owens has over 25 years of proven experience and serves as a Career Strategist, Executive and Leadership Coach. She is the President of Infinity Coaching, Inc. where she can help you up-level your skills, so you can up-level your income, career, business or life. Infinity Coaching, Inc. provides one-on-one and group coaching, organizational training, personality assessments, and a signature program, the Infinity Coaching Inner Circle. Carolyn is certified to give both The Energy Leadership Index Assessment and Myers Briggs Type Indicator Assessment. You can find out more he about both assessments and other products and services at https://infinitycoaching.net.
