The cannabis market is rapidly growing day by day. In order to meet the high consumer demand, dispensaries seem to be emerging left and right. If you’re in the business, you have to run your cannabis dispensary’s day-to-day operations successfully to stay competitive. An efficient point-of-sale (POS) system, specifically designed to meet the particular requirements of the recreational cannabis industry, is what you need.
A cannabis dispensary’s key POS requirements differ from that of a regular retail establishment. One of the most critical elements in making your dispensary more competitive and better managed is the selection of the right POS system. This not only includes software but the proper hardware as well. This POS should have all the latest technology to help you transform your cannabis dispensary into a competitive, profitable business.
Essential POS Hardware For Dispensaries:
- Receipt Printer
- Barcode Scanner
- Label Printer
- Cash Drawer
- POS Scale
Computer: A computer system with the minimum requirements to run the POS software of your choice is first needed. You must make sure the POS software runs on whichever computer operating system (OS) you want to use. Make sure you have a high-grade processor and enough RAM, plus a good internet connection. Many retailers are using tablets these days to run their POS software.
Receipt Printer: Although digital receipts are an option, most consumers want stores to be able to print them a receipt of purchase if requested, especially for credit card transactions. Unlike digital receipts, printed receipts don’t require any contact details from the customer, such as email address or phone number.
Finding a receipt printer of high quality and versatility to be able to take you into the next era of point-of-sale is absolutely vital. Not every printer is created equally. You want a receipt printer that can connect to different computer operating systems, in case you ever update. Being able to print from the cloud is also another must-have feature. You also want quick and easy installation so you can get to more important things.
Barcode Scanner: Barcode scanners are designed to recognize, record, and read any information contained in a product barcode or QR code. Dispensary employees can use scanning technology for POS, inventory, and marketing purposes. You’ll want an easy-to-connect and use scanner that reads accurately and quickly.
Label Printer: Labels are essential in the cannabis industry. Many states in the U.S. require QR codes on retail cannabis products that easily show the customer important information about the origins and properties of what they’re purchasing. Having your own label printer, like the TSP743II, can save a lot of money, instead of buying custom-made labels from a third party. With your own label printer, you can easily print your own, updating them exactly when you need to, and controlling the size and shape yourself.
Cash Register/Cash Drawer: Cannabis has not yet been authorized on a federal level. As a result, federally authorized banks generally refuse to hold cannabis dispensary owners’ earnings over the risk of losing their license to operate legally. Therefore, most dispensary transactions are made in the form of cash. A durable cash drawer with adequate storage that effortlessly connects to your POS receipt printer is a must.
Scale: A legal-for-trade scale is the final requirement for a cannabis dispensary POS. Not all scales will serve as a proper dispensary scale, however. The scale must be an NTEP-certified scale (or Measurement Canada certified in Canada). A scale that directly connects to the POS system is basically expected these days, as it streamlines the POS, saving time and money. A direct connection between the weight and price of your cannabis for sale lessens the chance of human mistakes and enhances the customer experience.
Importance of POS Software
Before we continue, now would be a good time to mention the importance of your POS software. Your dispensary’s point-of-sale software can have a significant effect on staff productivity and client satisfaction. Pick software and services that work for you to earn the most out of every sale.
Obviously, the POS software should be user-friendly and assist you in handling the dispensary’s cash flow, keeping a record of your sales. Your budtenders should have easy access to your POS system. Cannabis laws differ from one state to the next. Because of this, certain POS software designed for the cannabis industry will make sure that each sale complies with your state’s standards. This makes life easier for your budtenders and prevents potential legal problems.
How POS Hardware Can Keep Your Dispensary Competitive
A modern POS system will assist a retail cannabis dispensary’s ultimate goals of keeping customers satisfied and maximizing profit. Here are six ways your POS system can help your dispensary stay competitive:
Simpler Dispensary Arrangement
Most point-of-sale systems are much simpler these days, and many can even be used on the go. This enables a dispensary to get rid of a traditional checkout counter. It is convenient to have budtenders equipped with tablets or other devices to meet consumers across the dispensary to finish payments. Any handheld device can be turned into a mobile checkout alongside a portable printer. This means the dispensary can be redesigned to have more room and a better flow that isn’t centered on a single cash register.
Compliance With Regulations
The cannabis sector is shackled by many rules, regulations, and tax concerns. On top of this, these regulations are constantly changing. Failure to live up to these regulatory requirements could result in severe penalties. As mentioned before, POS software is out there that can help with regulatory compliance. This software is made specifically for the cannabis industry. Thanks to a central database and built-in analytics, you can get real-time data reports for ensuring compliance.
Having the proper information on product labels and customer receipts is also handled with the right receipt and label printers. You can’t afford to miss any required data, and having printers that can be updated with little hassle can make your job easier.
Aid Budtenders & Staff
A great POS system can help your employees better serve your customers. From wait times to simple inventory data, a POS system can enhance the experience of your customers and keep them coming back. With the right setup, details regarding the types of cannabis available allow budtenders to better respond to consumer inquiries. It simplifies the job of dispensary employees in many ways.
Improving Customer Experience
Having the right receipt printer, like Star’s TSP143III, allows you to design and print promotional material right onto your receipts. This can help boost any promos you may want to schedule.
You can also use QR codes for loyalty programs, scanning them from your customers’ phones with the proper scanner, and seeing all of their previous purchases. As a result, you can provide a more personalized experience to them. When budtenders have access to a customer’s previous purchases, they can make informed recommendations for future purchases. This could potentially lead to more long-term relationships.
The majority of cannabis retailers recognize the importance of effective inventory management. Nevertheless, this procedure can take considerable time. Alongside good POS software, POS scanners and scales can help provide key inventory management. Scales are absolutely necessary for any dispensary, but one that connects to your POS system makes transactions easier, faster, and much more accurate. These tools allow a dispensary to quickly determine the top and worst-selling products.
Ensuring that popular items are always available will keep customers coming back, and you can be assured that space in your dispensary is never wasted.
Filling customer demand, staying compliant, having the right inventory stocked, having a sleek and clean store–these are all things that keep your dispensary full of repeat customers, increasing sales. Increasing your sales keeps revenue rolling in, putting your dispensary two steps ahead of your competitors.
Cannabis is a fast-paced and profitable market, and many players are moving in on the space. Having a modern POS system is essential, especially with hardware that not only helps you grow but can grow with you. Customers have a lot of expectations these days and having a POS system that helps you meet those demands can be the thin line that separates you from the rest.