How Legacy POS Systems Can Hurt Financial ServicesPOS systems monitor the majority of incoming and outgoing funds within a business. Meaning, accuracy and reliability are of the utmost importance. By trusting legacy POS systems, businesses leave their organizations susceptible to transaction errors, poor customer service, and much more. The top 4 most costly shortcomings of inadequate POS systems include:
1. Inaccurate Inventory Counts
In order to maintain accurate stock counts throughout the day, the point of sale system needs to work with the inventory management software to track all incoming and outgoing movement of items throughout the day. Legacy systems simply do not have this ability to automatically update inventory counts after each sale and return, therefore, leaving management to complete this task manually.
2. Lack of Employee Accountability
Modern POS systems can also monitor employee productivity and analyze the number of sales per staff member. Without this ability, it becomes difficult to acknowledge hardworking staff and retrain those who are falling short. Legacy systems also lack the ability to note which employees handled cash at what time. This is especially concerning when dealing with employee theft or human errors.
3. Poor Cash Flow Management
A POS system should note more than just the amount of the sale and the average credit card processing fees . For full cash flow visibility, it should combine all costs from purchase orders, sales, returns, and exchanges. Since legacy systems cannot offer these advanced features, management would not have access to these insights. Of course, owners may try to calculate and update this information manually, but it is simply not possible for a person to process this large volume of data in real-time.
4. Failure to Collect and Utilize Customer Data
The job of a POS system does not begin and end with credit card processing. With every sale and every customer profile, the point of sale software should be collecting and analyzing shopper data. Failure to do so would be wasting valuable business intelligence that could help to scale the business and increase customer satisfaction.
Why Choose Plum POS?Plum POS has been specially designed to provide a wealth of benefits for business owners. This is far more than a point of sale tool; the features provided within Plum can help businesses to become more data-driven to reduce operating costs and provides enough flexibility to grow with the organization. Furthermore, Plum POS can offer Financial Services the following benefits.
Customized Business Reporting
Plum collects crucial point of sale data and produces real-time analytics that can be accessed through the cloud. This business intelligence can be used to view sales performance, predict customer foot traffic, reduce operating costs, and more.
Plum POS can integrate with any application, from forecasting tools, staff scheduling applications, inventory management software, and more. This seamless integration allows for automatic data sharing across all of the business’ solutions for the most up-to-date and accurate information. When organizations are ready to grow their business, Plum can expand with them to accommodate more customers with tools such as our table-side ordering, digital signage, handheld point of sale, and ordering kiosk.
24/7 Customer Support
Plum can be easily set up in a matter of seconds and users can contact the customer support line at any time to resolve any questions, report issues, and troubleshoot errors. Furthermore, Plum can conduct in-depth tests based on these requests to continuously improve the reliability and efficiency of the product.
Online Ordering Options
Plum POS can conduct credit card processing both physically in-store and online. Businesses can simultaneously manage in-store, online, and pick-up orders with ease. The POS system will automatically update item quantities with every sale so stockouts can become a thing of the past. Plum POS is the solution of choice for many business leaders across various industries. With these advanced, data-driven features businesses can be well on their way to drastically reducing costs and improving the efficiency of their daily tasks.