12 POS System Features that are Must for the Retail BusinessesNovember 4, 2020
Running and managing the retail shop is not an easy task. With thousands of big and small transactions in a single day, it takes a lot to handle the billing, inventory, reporting, and related process. On top of it, there is no scope for errors.
The invention of POS billing software for businesses was nothing but a pure blessing for retail shop owners. This single software is capable to leverage the productivity, efficiency, accuracy, and fine-tune the retail business at every level.
But, all of this is possible if you have the best POS system for retail shops. Feature-lacking or below-average POS software will do no good for your retail business. Hence, one must make a mistake to go for an incompetent POS system.
In this post, we will try to know the POS system a little more and what features make it a better choice. So, let’s get started.
What is a POS system?
POS or Point of Sale system is a term used for the entire hardware and software tools that a business uses for billing & invoicing purpose. With the help of the POS system, many redundant yet crucial billing related tasks can be automated that saves time and efforts that billing management demands.
In general, the POS system consists of the below parts:
- A display unit- Required to display the entries
- Keyboard/touchscreen device- To input the data
- Barcode scanner- For scanning the barcode of sold goods
- A Printer- Required for receipt printing
- A POS software interface
- Card reader – To receive payments
The success and viability of the POS system on how feature-rich and competent is the POS software interface. The advanced would be the POS billing software for business; the flawless would be the billing and invoicing operations.
In the next part of the article, we’ll try to know some of the crucial features of supermarket billing software that every retail shop owner should look forward to.
Features of Best POS System for Retail Shop
In a retail shop, POS software will do more than just assisting in billing. It bears the responsibility of various tasks like inventory and customer management as well. Here is what ideal POS software should have at the feature front.
1. Invoicing & Billing
This is a very basic yet essential feature of a POS system for retail shops. This feature is here to automate the billing process at almost every stage. With the help of this feature, retail shop owners can create automated receipts, add/delete the details, including the signatures, and do various other invoicing jobs easily.
This feature makes supermarket billing software to generate insightful and detailed sales & billing reports. Reports on total sale made, items sold, remaining stocks, net profit, gross margin, and other related operations can be easily generated with its assistance.
Reporting should be part of your POS software if you don’t want to spend hours after hours to get all the reports. This feature is necessary to know the performance of your store’s performance.
3. POS Mobile App
Having a POS mobile app endows you with a kind of mobility that was never witnessed before. With the help of the app, you can print receipts from anywhere and run a business over a single click.
4. Inventory Management
Of course, you will have a huge inventory to manage if you run a retail shop. With the help of pos inventory system, keeping track of the stock would be easier than ever.
With the help of this feature, scanning and counting the in-store products, inventory tracking, and the stock update would be automated, quick, and error-free.
5. Quick Payment
There is no point in having POS software that is slow in payment processing or doesn’t accept payment via multiple means. The powerful payment integration will allow a PSO system to accept payments from PayPal, Visa, Master Card, and other means easily.
6. Time Tracking
Time tracking helps a business to keep tabs on operations. With the help of this feature, a business can find out when the payments were done and processed.
7. Barcode & Printer Integration
This feature is essential to complete payment processing. With the help of barcode & printer integration, a POS system can capture the product details automatically and print the receipts.
8. User Profile & Access Control
Unless you’re the sole person handling the retail shop operations, you should have an access control facility. With the help of this feature, a business can control the data access. You can create multiple user profiles and define access protocols.
This feature is essential to have a detailed and quick overview of what and how your store is doing. At the dashboard, everything will have an at-a-glance view of your store’s operations.
10. Expense Tracking
Keeping track of cash flow and expenses is important. With the help of expense tracking features, a retail business can track expenses, create expense limits, and record expenses done at various fronts.
11. Promotion & Discounts
Of course, there would be discounts and promotions going to a retail shop. This feature is here to do effective promotion and discount management. It helps a business to update the discounted prices in the system, create bundle deals, and auto-apply the discount codes.
12. Return & Refunds
Using this feature, a retail business can process the refund & returns without any hassle. Return after product sales and inventory would be initiated and updated will be processed. It can also process the exchange and credit return.
Retail business management was never easy. But, thanks to the POS system, things are now easy-to-manage. The use of right POS billing software for business, e.g. a retail shop, can make a huge difference in overall business performance.
Needless to say, savings on time and money fronts are also commendable. However, one must always make a concise choice and grab nothing but the best. Try to know the features that are essentials for retail store management and make sure all of them are there in your choice option. After that, everything will be easier and hassle-free.