From Basic to Advanced: Exploring POS Features

Essential POS features

Now that we've explained what a POS feature is, let’s talk about the features that you absolutely need to have in 2024 to run a successful business. These include:

Payment processing

Before POS systems became these elaborate and sophisticated tools, they had one main purpose, to take payments. This is still one of the most essential features you'll need from your tech today. Now, back in the early 2000s, all you really needed was a cash register and maybe a card reader accept payments. But that's all changed now.

According to Pew Research, the percentage of Americans who have gone cashless has jumped significantly in less than a decade. Now, 41% say that none of the purchases they made were with cash, up from 29% in 2018. Your POS system needs to keep up by offering multiple payment methods (we're talking credit cards, cash, digital wallets like Apple Pay and Google Wallet, or even Cash App Pay).

Inventory management

Another really important feature for your POS system to have is inventory management capabilities. Last year alone, the IHL estimated that inventory distortion (stockouts and overstocks) accounted for $1.2 trillion in loss. Every time a customer walks into your store and can’t find something they’re looking for, or every ingredient that goes to waste in your restaurant, is money down the drain. However, your POS system can help you monitor this, providing you with inventory counts and low stock alerts so that you're not disappointing customers or losing money.

Sales reporting and analytics

Ever wondered why some products fly off the shelves faster than others? Or what time of day your store gets the most browsers and window shoppers? Maybe you're curious about which promos are actually working? A POS system can be able to give you answers to all of these questions and more.

Sales reporting and analytics are a non-negotiable feature for any POS device worth its salt. These features transform raw sales data into actionable insights. You'll be able to spot those trends, identify your best-sellers, and better understand customer habits  - All of which helps you make those all-important business decisions.

Customer Relationship Management (CRM)

A CRM feature tracks customer data (things like their complete purchase history, preferences, and contact details) in a customer database within your POS software. Most POS systems have them and it’s the bare minimum you need at your retail business to do things like creating loyalty programs, offering tailored discounts, or simply understand your audience a little better. 

If you’re not using this data to build stronger relationships, you’re leaving money (and happy customers) on the table. The best POS system will take this a step further and offer integrated marketing tools that drive even more engagement. We’ll speak about those later, so stay tuned!

Security 

Last, but definitely not least, on our list of essential POS features is security. Because no matter how many fancy features your POS system has, none of it matters if your customers' data (or your own) isn’t safe. Data breaches are a growing concern, and businesses of all sizes (yes even your little boutiques and cafe) are at risk.

In fact, a 2024 report from IBM found that the average cost of a data breach is a staggering $4.88 million globally, which is a record new high. So, you've got to make sure you're working with providers that offer end-to-end encryption, tokenization for payment data, and are compliant with industry standards like PCI DSS.

Advanced features

Now we've covered the must-haves. If your POS system does not offer the above five features, you should probably consider shopping around for one that does. With that being said, most POS systems now offer so much more than your basic features. Here's a comprehensive list of everything else they can do:

Mobility 

Say you're running a food truck business that's always on the move. Or, working at a pop-up event showcasing your brilliant retail brand. You can’t exactly lug your big countertop terminal around from your checkout desk (well, you could, but that’d be really inconvenient).

Many POS vendors realized this and now offer a virtual terminal that business owners can take with them on site. These mobile POS systems often come in the form of a tablet or a smartphone app, paired with a compact card reader.These mobile POS systems let you to process payments, manage inventory, and even check sales data, without being tied to a fixed location.

Multi-store management

This year, AMEX found that 50% of small business owners have plans to expand or grow their businesses. Now, one of the most common ways to do that is by opening additional locations. So, for instance, if you own a small boutique, you could launch a few more retail stores, adding them to the mix.

As your business grows, managing everything across multiple locations can get tricky. Thankfully, a cloud-based POS system is able to offer tools that make it easier. Features like tracking inventory, sales and staff across all locations in one place help you stay organized and have a complete view of each site.

Employee management

Gallup found that this year, only 23% of employees are engaged at work. That leaves a massive 77% of employees who are either disengaged or actively disengaged. The cost of this is huge, with $8.9 trillion lost in global GDP. For your business personally, this could mean lower productivity, higher turnover, and a general lack of enthusiasm at your site.

If you feel that your team is part of the 77%, a POS system with employee management features may be able to help turn things around. It can help monitor employee performance, track hours, manage schedules, and even set performance goals. In turn, you'll be able to celebrate your team's wins, address any issues they're having head on, and make sure everyone's feeling engaged and recognized.

Ecommerce / Website Builder 

As of this year, there are 273.49 million online shoppers in the US alone. And, for those who still shop in store, nearly a quarter (23%) say they research a product online before buying it. When we look at the hospitality industry, the results are even more telling with 80% visiting the restaurant's website to get a feel for the place.

This means that if you don’t have a website yet, you’re making it harder for potential customers to find you and get excited about your business. A POS system with a built-in website builder makes it easy to set up a professional online presence and even online store. You can show off your menu, share updates, take orders, collect customer feedback, and keep everything synced.

Marketing 

Remember earlier when we talked about CRM? We mentioned we'd get into how some POS systems take it a step further with built-in marketing tools. Well, here we are!

POS systems with third-party app integrations let you go beyond basic customer profiles. By connecting your POS with apps you already use (like Mailchimp, Near St, or social media platforms), you can create marketing campaigns across multiple channels that automatically sync with your sales and POS data.

Customer loyalty 

Keeping customers coming back is key to growing your business, and a good POS system with built-in loyalty features can help you do just that.

With customer loyalty programs, your POS can automatically track purchases, reward repeat customers, and even send personalized offers based on their buying habits. Think points for every purchase, special discounts for loyal customers, personalized digital receipts with offers, or birthday treats to make them feel extra special.

Payroll and accounting 

Payroll and accounting, ugh, right? But it doesn't have to be. With a POS system that syncs directly with your accounting software, you can have your offline and online sales, expenses, and tips tracked automatically. Platforms like Quickbooks, Sage, and other leading accounting apps should be able to integrate seamlessly into your POS device.

Scalability options

As your business grows, your POS system should grow with you. Cloud-based POS systems do this with ease, whether you’re adding new locations, expanding your product range, or hiring more staff, it'll adapt to your ever-growing needs.

Automatic software updates

The last thing you want to do after a busy day on the shop floor or in your restaurant is wait around for a couple of hours while your POS system updates. With automatic software updates, your system does all the work in the background, so you don’t have to worry about it.

Industry-specific POS systems

In addition to all the brilliant features listed above, there are POS systems built specifically for different industries. Whether you’re running a restaurant, boutique, a salon, garden center, or anything in between, there’s a system designed to meet your unique needs.

POS features for retail 

Here's the top retail POS features you should look out for:

Catalog management 

A solid POS system covers everything from handling product categories, items, sizes, and variants to setting up master-child products and managing brands. Bulk importing products is also a big time-saver, especially when dealing with large inventories.

Scheduling and appointment management

Whether you’re booking appointments or managing employee shifts, a great POS system makes scheduling easy. Look out for features like automated shift reminders, easy drag-and-drop scheduling, and the ability to sync with staff calendars. Some systems even let customers book appointments online, so you can avoid double bookings and reduce no-shows.

Online ordering 

With more people shopping online, having online ordering integrated into your POS system is crucial. It helps you stay competitive and meet customer expectations.

Delivery 

Managing deliveries from your store or restaurant? Your POS system should streamline this process, making it easy to track orders and keep customers updated.

These features are essential for making your retail business more efficient and customer-friendly.

POS features for hospitality 

Now onto hospitality. This ones for all the cafe, restaurant, bar, and hotel owners out there.

Menu management 

A good POS system lets you keep your menu fresh and up-to-date. You can change prices, add new items, or remove dishes as needed, all in real time.

Reservations and bookings 

Manage reservations, set up time slots, and make sure you never double-book again. It's all streamlined to help you fill those tables efficiently.

Table planning 

Whether you’re seating customers, assigning servers, or setting up sections, your POS keeps everything organized.

Kitchen Display System

A KDS helps the kitchen stay on top of orders in real time. Track menu items, monitor cooking times, and fire courses in sync, everything is laid out clearly for your kitchen staff.

Online ordering 

Curbside pickup, takeout, and delivery are all easier with an integrated online ordering system. Plus, having an online ordering widget on your website or integrating with third-party platforms ensures smooth ordering experiences for your customers.

Delivery 

Offer efficient delivery options by integrating your POS system with your delivery service of choice. You can track orders, ensure they’re dispatched correctly, and monitor delivery times helping you increase sales.

Choosing the Right POS System

So that’s it from us! You should now have a pretty good idea of what features are on offer and how the best POS systems don’t just offer the essentials, but go the extra mile to support your business. From advanced inventory tools to data that gives you all the deets on customer purchase history, to automated marketing campaigns, there really are so many features that can make your operations smoother, your customers happier, and your business more efficient.

So how do you choose the right system? Well, we recommend taking a really good look at what your business needs. Think about your size, what you sell, and any pain points where it could help (like keeping track of stock levels or improving customer relationships).

At Epos Now, we offer industry-specific,cloud based POS systems designed to help businesses like yours thrive. Whatever your needs, we’ve got the tools to help you streamline operations, boost customer satisfaction, and grow your business with ease. Give us a call to learn more about our POS system cost and the brilliant deals we can offer. Or, check out our POS installation guide to learn how to set up.