Modern POS systems are effective tools for both eCommerce sites and brick and mortar stores. Whether you’re a large retailer or just starting out, having a solid POS system for your website can help you streamline operations and unify your payment processing and inventory management processes. With POS software, you can manage several aspects of your business from a single program. Keep reading to learn more about POS for eCommerce businesses.
What’s a POS System?
A POS, or point of sale system, is a payment processing option for eCommerce and brick and mortar stores. With a brick and mortar store, the POS system usually comes with hardware like a cash register or credit card reader to assist in payment processing.
For eCommerce stores, a POS system can act as a great management tool for payment processing, marketing, and even inventory. Most modern POS software has inventory management built-in; making it a worthy investment for any size business.
POS Streamlines Payments
With a POS system processing online payments, everything is much quicker and more streamlined. Every payment, no matter what method is used, processes through the POS software and is saved to the cloud. You’ll be able to review past sales and take a look at sales numbers on a week to week or month to month basis.
This is incredibly helpful when you’re looking at how and when your site has grown. You’ll be able to identify best-selling items, poorly-performing items, and which customers are spending the most on your site.
With a more streamlined payment process, customers won’t disengage from your site or abandon their cart as often. This is a serious issue for eCommerce stores and is often due to slow loading times or the inability to accept certain payment methods.
POS systems take the hassle out of online payments and store everything in one place. Your analytics data, sales numbers, inventory counts, and more are saved in the POS software for easy access later on.
You Can Accept Several Payment Methods
With modern POS solutions, you can accept several payment methods, and some systems even let you enter new methods into the software so you can accept them later on. This is incredibly helpful if you have customers with specific payment method needs that would have otherwise disengaged from your site.
Accepting a wide variety of payment methods is a great way to expand your customer base. There are literally dozens of ways to pay for goods and services, and you don’t want to get caught falling below the standard when it comes to payment processing; or else you could lose access to certain customers and restrict your own growth.
POS Systems Grow With Your Site
Whether you’re moving 100 units per month or 100,000, a POS system will be able to serve you at either end of the spectrum. Most POS systems are designed to work with both small and large businesses, and their versatility is something to take into consideration when choosing to purchase one for your site.
You want a payment processing system that will grow with your business as it expands, so you can avoid further costs down the road for an upgrade or switch to a different system. As your site grows, your POS system will continue to seamlessly process your payments and provide real-time inventory management.
The only thing that may change about your POS is the price as you grow. This is usually a minor shift, however, and only to cover the extra volume of sales the software will have to handle. This is still less expensive than having to switch to a completely new system halfway through your website’s growth cycle!
Inventory Management & Payment Processing In One
Perhaps the best feature of a modern POS system is its unique ability to track and manage inventory in real-time; making inventory numbers that much more accurate and reducing stress across all fronts. Let’s be honest; a faulty inventory count is about the worst thing that can happen when the day is going well. You’ll have to go back in, find the error, and do a re-count to ensure accuracy.
With a POS system, manual counts are a thing of the past. As customers make a purchase or return, inventory is updated, and some POS software can even integrate with your ordering programs, so you’ll never be low on stock again. You’ll also be notified when stock is running low if you choose to stick to manual orders instead.
Versatile, affordable, and convenient, the modern POS system is a must-have for businesses of all kinds. Whether you’re just starting your first website or launching your third, having a POS system to help manage every aspect of your eCommerce store is indispensable and will help you become more organized, customer-friendly, and efficient. Try a POS system with your eCommerce store today, and see why so many online businesses are making the switch.