Every retailer and restaurant operator understands the importance of exercising due diligence when choosing a POS system. However, the same care should be taken in selecting a POS system provider. After all, you’ve undoubtedly invested a significant sum of money in your POS technology, and you want to maintain the equipment for a long time to maximize that investment. But unless you find the right POS system provider, there’s no guarantee that this will be the case. To get the job done right, consider the following five criteria.
1. Industry experience and focus. Different types of retailers have different POS technology needs; for example, an apparel merchant won’t require the same features in a POS system as one that sells groceries. The same is true of hospitality players; for instance, a feature that’s a “must-have” for a fast-casual pizza restaurant will qualify as a “don’t need” for an upscale establishment that serves French fare. A POS system provider that has experience in your particular retail vertical will be best able to determine your business needs and select the technology that best suits you.
2. References and credentials/qualifications. You’d never hire an employee or contractor without first checking references, so why skip this step while you’re looking for that all-important POS system? Better to find clients that will provide you with feedback about the POS systems you’re considering, and to ask these clients about their experiences with the vendor that offers each one. Pose detailed questions; for example, did the vendor apply its industry expertise to specifying a POS system that would suit the client’s needs and address its business problems? Did service personnel appear knowledgeable? How rapidly did the client receive responses to questions and requests for help? What problem(s) did they have with installing and operating the POS system, and how were these resolved?
As for credentials, ask representatives of each POS system provider to cite the company’s overall customer retention rate. Inquire whether any third-party recognition, such as certifications, awards, or association memberships, distinguishes it from its competitors.
3. Financial stability/years in business. Your short-list of POS systems provider candidates should include only those companies that are well-established and financially sound (e.g., don’t have a lot of debt) ; otherwise, you run the risk of being saddled with a POS system that isn’t easily supported because the company from which you acquired it no longer exists. A reputable company also reinvests dollars into R&D for new product features and functionality, as well as ensures that its solution remains scalable to meet customers’ needs months and even a few years down the road.
4. Installation and training services. The breadth and caliber of installation and training services available from your POS system provider will impact the success of your business as strongly as your choice of vendor partner itself. You’ll need reliable installation (i.e., deployment is completed on schedule, with all system components and functions tested to ensure proper functionality) and thorough training (i.e., hands-on, with assurance that management is comfortable with the system before the training period ends).
5. Ongoing support services. Dependable, consistent support is also critical to success, as even the best POS systems can present problems on occasion. Be prepared: Inquire about whether the POS system provider offers support by telephone, online, on-site, or a combination thereof, as well as about standard response times and if extra charges will apply to certain types of support. Regardless of the answers, responsible support staff should be available and accessible seven days a week.
With so many POS system provider options out there, you may be tempted to sign a contract with the first vendor you encounter. Don’t take a chance! Instead, evaluate all prospects against the above five criteria, and find what is truly the right POS system provider for your operation.
