For aspiring entrepreneurs and existing retailers, orchestrating solutions in a way that meets the need and fits the bill is extremely important. From selecting the storefront to designing the interface, everything takes a tremendous amount of effort. Selecting the right POS or to be precise, setting up a point of sales happens to be one of these.
POS Billing software is no longer a fancy term but the need of the hour. In fact, it is regarded as one of the most important things. To be specific, a POS billing software is the point-of-sales software that processes information, facilitating a transaction as and when sales are done.
Consider, for example, if you want to update the inventory, the pos billing software will be of help. Similar is the case when generating an invoice, or keeping tabs of the stock, and/or maintaining it. Nearly every retailer today has or plans to integrate online billing software within their line of operations. It is expected that the global market of POS software would cross the mark of 108.46 billion by the end of 2025.
Having said that, you might want to restructure your retail store and integrate a POS. Now there are many software available and each claim themselves to be the best POS system for a retail store, not all offer the same level of services. It’s important that you are aware of the must-have features, and consider them before picking one for your retail store.
Let’s move ahead and find out what these are?
Must-have features for a retail store POS software
Apparently, one of the most important features to be part of the POS Billing software for business is offline compatibility. Imagine a situation when you have many customers lined up and just at that moment, your device loses internet connectivity.
Given such a situation, you either ask your customers to wait or abandon the shopping. Either be the case, it isn’t good for business.
Hence, the need for a solution that is capable of working in an offline mode. This way you can continue generating bills and when the connectivity restores, the data is synchronized keeping the flow steady.
As a cloud-native software, it is imperative that the chosen POS billing software is mobile-specific and allows seamless access through the same. It isn’t a good idea to restrict the point of sale to a computer or a particular device. Having a mobile app for the software helps you stay connected with all of the information no matter where you are or what time of day it is.
It might so happen that you are on your way back home, and want to refer to the stock status. Going back to the store isn’t the best solution here. With the mobile app of the online billing software, you get hold of the information as and when needed.
Multiple Payment Options
Often it so happens that retailers overlook the need for multiple payment options. However, given the fact that people today seek ease of making payments, it is better to offer than one or more choices for making payments. From credit cards to debit cards, cash, and/or mobile payment, and efficient POS software must incorporate all.
There are a few POS software that allows you to share a payment link with that of the customers in case they plan to pay through third-party payment apps. Even though this isn’t a must, if the chosen POS software has this feature, it only adds to the overall efficiency of the same
Imagine that you are a bookstore and the POS Billing Software is meant for the restaurant business. Would this benefit you in any way? Apparently not!
As a matter of fact, it isn’t a good idea to build niche-specific POS software. What’s best here is to have the single software with all common features and the ability to gel well with the business without disrupting their operations. Make sure that the point of sale software is one that is custom-fit for the business and works smoothly with the same.
Irrespective of the industry you are from, you will always have an inventory to keep track of, manage, and monitor.
For example, if you are in the food industry, you must keep an eye on the food quantities before displaying them on the menu card. Or if you are in the retail sector, you must regulate the stock so that you don’t end up showing more than what you have.
Hence, the need for an inventory management solution within the POS.
Even though the majority of the POS systems offer inventory management features, not all are equally efficient. Meaning that some are more robust as compared to the others. In case your business is huge and you are looking for an advanced inventory management system, it is best to test the software before paying for the same.
Security at the top
In addition to all of the above, you need to assure that the POS is secured and reliable. Since you are to save all your enterprise and customer data on the system, you cannot compromise on the security aspect. Check with the software provider and talk to them about the security protocols that are embedded within the system.
Also, check with the standards and compare different software to pick one that is highly protected with minimal possibilities of being hacked.
Having said all of the above, check whether the POS allows you to integrate other necessary applications within it. In the end, remember that choice of online billing software depends on your store requirements.
There’s no one-size-fits-all POS solution and what works for one may/may not be the best for someone else. It is known that a POS system tends to improve store profitability while reducing the cost of management and adding intelligence within your store. However, you must select the right tool for the same.