Determine what type of point of sale hardware you’ll need

Does your business need a retail POS cash register? Would a Web-based point of sale system be more beneficial? What about other POS equipment like displays?

I recommend: Before investing in POS software programs small business owners should research affordable point of sale hardware solutions. Visit the Web sites of vendor’s like CDI and Dell Point of Sale Solutions to view their various POS equipment options. Also, check out the Business.com directory for suppliers of POS systems and POS displays. 

Control inventory using point of sale software

POS systems allow you to manage inventory right from your desktop by providing a method for recording sales and determining when an item needs to be restocked. Using point of sale systems can help you reduce the chances of overstocking items or running out of stock.

I recommend: Take a look at Executivpro.com, which offers a downloadable demo of an inventory management system for retail stores. Also, designed for the Microsoft Windows environment, Millennium Software offers the Atrex inventory control point of sale software package for most retail operations.

Track customer preferences with point of sale systems

Many industry-specific point of sale software programs feature easy-to-use customer tracking options that help generate automatic discounts for frequent shoppers and create targeted customer mailings based on buying preferences.

I recommend: RACO Industries offers Microsoft Point of Sale Software and allows you chat live with a product specialist.

Set prices and conduct transactions with point of sale systems

POS software enables retailers to set pricing not only by product but also by color and size within a product line when necessary. Point of sale systems also record cash register sales for credit card, debit and cash transactions.

I recommend: The CMS Professional Point of Sale module from 2020software.com is designed to record all sales transactions, including special sales promotions. Credit card readers are often included in many POS systems, but make sure you get a newer version capable of handling debit card transactions. For more help, check out Business.com’s listing of credit card terminals.

POS systems can improve loss prevention

Linking POS systems to loss prevention software can help you prevent merchandise loss as a result of employee theft or human error.

I recommend: Datavantage Corp. provides both point of sale and loss prevention software solutions as does Aspect Exception, which also offers free demos of each of its five products.

Increase profit margins using point of sale systems

Analyze detailed reports generated by POS systems to determine which merchandise offers the highest profit margins and which merchandise isn’t boosting your bottom line. Use this info to guide future purchasing decisions.

I recommend: Check out Apple's tips on boosting sales and profits with a POS system and review Mac-based retail point of sale systems.

Improve efficiency, accuracy and productivity with point of sale software

A POS system will allow you to reduce the time spent on paperwork and transactions, leaving you more time to spend on building your business. Point of sale systems can also greatly reduce the number of costly employee entry errors — for instance, when a worker rings up $2.95 instead of $29.95.

I recommend: The custom label designer included in POSitive Software's solution allows you to create barcode labels of almost any size for new stock and can also be used to create shipping and mailing labels. Other time saving features, like being able to reconcile cash registers using reports on sales and tender information, are part of Everest Software's offering.