Selecting the right Point of Sale (POS) provider is a pivotal decision for any business owner. The right POS system can streamline transactions, optimize inventory management, and provide robust reporting tools, all of which contribute to maximizing revenue. Moreover, it ensures compliance with regulatory standards, safeguarding businesses from potential penalties or license revocation. Above all, an effective POS system enhances both in-store and online customer experiences, thereby driving sales and fostering customer loyalty. Armed with feature-rich, user-friendly software, businesses gain actionable insights while boosting operational efficiency. In essence, an ideal POS partner becomes an invaluable asset for sustaining growth and profitability.
CEO at Bravo Store Systems
To assist specialty retailers like gun stores, pawnshops, consignment shops, and jewelry stores in making informed decisions, we consulted with Bravo Store Systems CEO, Tally Mack. Below, we delve into key considerations in the software selection process.
Why is it so important for businesses to know how to properly evaluate point of sale providers?
The bottom line is software is a key financial investment that should produce impactful and measurable returns. However, too often decision makers fall into the trap of making a purchase decision with limited information or without thorough evaluation of all choices.
There’s a lot to consider when evaluating software providers, and multiple factors contribute to the decision-making process. Which is why Bravo always encourages decision makers to ask a lot of questions while they’re evaluating our software. And as a user of several software products ourselves for our own internal operations, we’re experts in evaluating software providers and products and we want to pass that knowledge and experience on to business owners so they can find success with whichever point of sale provider they choose.
Where do businesses typically go wrong when evaluating software providers?
Tally Mack points out several common mistakes that businesses should steer clear of during the evaluation process:
- Price Shouldn’t Be the Sole Determinant: It’s a common misconception that a cheaper solution will always be more cost-effective. Tally emphasizes the importance of focusing on overall value rather than fixating on price alone. Consider what unique advantages a particular software offers that others may not.
- Don’t Rely Solely on Demos: Selecting a point of sale system is akin to entering a long-term partnership. It’s imperative to understand the company and the individuals driving the software’s development. A demo might showcase features, but it doesn’t reveal the ethos and reliability of the provider.
- Involve Stakeholders Early: Waiting until the end of the evaluation process to involve decision-makers and stakeholders can lead to inefficiencies. Early involvement ensures alignment on decision criteria, facilitating a swift yet well-thought-out choice.
What steps should businesses take during the evaluation process?
Tally Mack recommends a comprehensive, multi-faceted approach to evaluation:
- Prioritize Industry Expertise: Research the provider’s compliance knowledge and industry focus. Opt for a system that understands the nuances of your business model, customer base, and industry.
- Thoroughly Understand Product Capabilities: Dive deep into the product’s capabilities to grasp its full potential. This ensures that you’re harnessing all available tools to benefit your business.
- Define Your Decision Criteria: Clearly identify your deal-breakers and essential features. This will speed up evaluating whether a specific system is the right fit for your business and its unique needs.
- Verify Claims with References: Don’t solely rely on what a salesperson tells you. Reach out to customers or references provided by the provider to validate their claims.
- Balance Short-term Needs with Long-term Vision: Ensure the chosen point of sale system is scalable and capable of growing with your business.
- Evaluate Implementation and Support Services: Beyond the contract signing, delve into onboarding, conversion, training, and ongoing support. A successful implementation hinges on robust support services.
- Consider Employee Satisfaction: A happy workforce often translates to satisfied customers. Check platforms like Glassdoor for insights into employee satisfaction within the provider’s organization.
- Align Stakeholders on Priorities: It’s crucial to have stakeholders agree on must-haves versus nice-to-haves. Bravo Store Systems aids in facilitating this alignment.
Why is researching the provider important vs. just the product?
Tally Mack underscores the critical importance of getting to know the people behind the product:
- Setting the Tone for Customer Experience: The people, values, and leadership within a company set the tone for customer interactions. If the company exhibits low employee satisfaction, lacks established leadership, or struggles to articulate their values, it raises questions about their ability to provide an excellent customer experience.
- Building Trust and Advocacy: Trust is paramount. A proven track record of trust and integrity with customers is foundational for ensuring that your needs will be met, and your interests advocated for.
- Stability and Vision for Growth: The provider’s stability and long-term vision are critical. They should demonstrate a commitment to ongoing software and service improvement, aligning with your business’s growth trajectory.
Parting Words from Tally Mack
The selection of the right point of sale software profoundly influences various aspects of a business, including its financial health, compliance adherence, data security, and customer experience. However, it’s important to remember that no software provider can give you everything. There’s likely going to be some compromises no matter who you choose. The key to choosing the right provider for you is knowing who will help you meet your goals, overcome your biggest challenges, and provide the most value for the money.
As software experts ourselves at Bravo Store Systems, we’ve compiled a list of 56 questions to ask as you’re considering who to enter a partnership with, and a few red flags to keep an eye out for. We can use our exhaustive list of questions as a guide when you’re conducting research online, talking to salespeople on demos or are in the negotiation process.
Download Bravo’s 56 Questions to Ask a Software Provider Guide to help with your considerations and evaluation process. With the right technology partner, your business can confidently scale and succeed over the long run.
Learn more about Bravo Store Systems and their Point of Sale for small business specialty retailers.
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