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The less expensive Lightspeed POS pricing plans may not have the features you need, but all the bells and whistles will cost you more per month. You can also set up multiple sales locations/shops and take advantage of integrations with popular business software. Lightspeed Retail is well suited for established businesses looking to increase their inventory management, analytics, and sales and marketing abilities. However, the five popular POS systems below are well worth looking closely at as part of your decision-making process. There is no "best" POS system for retail stores because everything depends on your needs. Penalties for chargeback and non-sufficient funds (NSF) transactionsĥ best retail POS systems for small businesses.
RETAIL POS SYSTEM SOFTWARE
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In addition, look toward the future in terms of the options you'll likely need six months or a year later. Remember that POS system capabilities shouldn’t just apply to your current retail operations. Besides PCI compliance, look into check guarantee, fraud, and chargeback protection services. Be sure your vendor is Payment Card Industry Data Security Standard (PCI DSS) compliant. Data security: Financial data security and fraud protection is key.Integrations: Some options above will come built in, depending on your POS plan, but others will be add-on features via third-party plug-ins and applications, so check out all the available possibilities.Analytics: Sales, inventory, employee, and marketing reports will provide actionable insights for your business.Marketing: Automatically share sales and coupons on social media, and create customer records/accounts to track purchasing history to create targeted offers.Employee management: Set up employee PINs to log in and out of your POS system, track hours worked, and sales by employee.Inventory management: Track your inventory, set alerts for when stock is too low, and automatically order additional products at predetermined trigger points.Accepting an ACH payment will allow you to directly bill a customer's bank account as you might set up a utility or mortgage payment to be automatically paid each month. Multiple types of transactions: Besides processing credit card, cash, and check transactions, some POS vendors offer the option for recurring purchases via accumulated clearing house (ACH) payments.The answers to these questions are key because a good POS system offers capabilities far beyond processing sales and can support and contribute to a wide range of business operations: How many employees do you have who conduct transactions?.How many products do you have for sale?.What percentage of your sales come from returning customers?.
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How many physical and/or online points of sale do you have?.How many sales do you average per day and week?.What is the average amount of each sale?.Focus on POS systems for retail operations as opposed to software with a one-size-fits-all approach or that is tailored for the restaurant or service industries. Given the number of point of sale systems on the market, carefully research your options to find the best fit for your business. What to consider when choosing a retail POS system Here are our top picks for the best retail POS systems: To increase your cash flow and have access to actionable business analytics for your sales management efforts, you need a robust point of sale (POS) system. If you have only been accepting cash or checks at your small retail business, you may be holding yourself back, both in revenue and your ability to analyze sales data.