What Is A Franchise?
Do you need a POS system for your franchise? A franchise is a business running under the name/logo of a known brand, at a different place, with different management. For this reason, there is a possibility of miscommunication and mismanagement. Issues with the management of accounts, confusing sales reports, etc. are some of the common issues that arise in franchises.
To synchronize the whole business, a perfect POS (point of sale) system setup is necessary. Let’s investigate the POS system you need for a franchise.
What Features Do POS Systems At Franchises Require?
A list of features helps the franchise run smoothly and profitably, such as:
- Real-time stock management
- Tracking and comparing inventory of all the stores at the same time
- Stay updated with the vendors of each store; well connected
- Ability to conduct a live video from anywhere
- Centralized server, where the franchise records all the sales and purchase information
- Ability to accept payment offline
- Fast internet connection
- Online accounts to accept payment from digital wallet and bitcoin
- Shopify integration, so the franchise can sell online too
How to Buy The Right POS System For Your Franchise
Managing a string of branches is difficult when it comes to choosing the right technology, especially the POS systems. Opting for the right kind of hardware and software to manage business functions is crucial, as it has a long-term impact on the franchise performance and profitability ratios.
There are a number of things to consider before buying a POS system for your franchise. Some of the most important ones include:
Check If the POS System Is Cloud-Based
A cloud system will bring an amalgamated data hub into your franchise. Moreover, it will allow third-party integration and provide accurate data analysis that can add up to your technology advancement strategy.
The EMV Pay at the door is the ultimate key to achieve the highest number of deliveries in your revenue model. Moreover, EMV has a Chip-card, which is now a standard for most of the credit card companies. Having this feature will make the payment methods easier for the customers, increasing sales and profit margins.
Are Reporting Facilities Strong?
Multiple outlets working at the same time, means several sales each minute. Therefore, you have to check that the POS system that you are planning to purchase for your franchise has a real-time reporting and updating features. Do not miss any important transaction, otherwise it’s going to be difficult for the franchiser to asses business performance accurately.
Protection against Data Theft and Manipulation
A POS system that has constant security checks is ideal for a franchise. The reason being, the centralized server receives all the information from all the franchises combined. Therefore, if there is an invasion on the server, the entire business’ data is at risk, resulting in huge financial losses. So, make sure your POS system has default security checks installed.
Can It Provide Insight Into User Behavior?
If the POS system can analyze behavioral cycle, you could boost your sales tremendously. Once you know your customers and their preferences, you can avoid stocking up products that you know will not sell.
Some factors that the POS systems should analyze are:
- Most purchased product or service
- List of all items that have been present in the stock for too long, and are not making any profits
- How much amount have you spent on employee training and store maintenance? Are you making sufficient returns out of it?
- Do new customers return again? And if not then what are their reviews?
If you are a franchiser looking for the best POS system that can add to the efficiency of your business, then look no more as Smart POS has come to your rescue.
Feel free to get in touch and receive the best hardware, software, service & support for a franchise POS system.
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