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Stay in the know with all of our latest

rental news, blogs and upcoming events  

Sunday, 7 July 2024

rental POS software

For many rental businesses in Australia, relying on a traditional, on-premise point-of-sale (POS) system has helped streamline their operations, by enabling quicker, accurate, and efficient transactions between customers and their business. 

The Australian POS market is relatively lucrative, drawing in a profitable US$515.7 million in 2023, and is projected to grow at a compound annual growth rate (CAGR) of 12.48% until 2028. In today’s fast-paced environment, however, this approach may no longer be reliable enough to keep up with an increasingly digitally driven landscape.

The traditional POS system is bulky in size, and can only be based on-premise and run on closed networks. This means managers or employees must physically navigate the machines to review sales data or make changes. Its upfront costs are also relatively high. The typical POS system can set the average rental business back roughly AU$1,500 in upfront fees, with renewal costs being AU$1,800 annually. Upfront costs can exceed AU$6,500 for large businesses. 

Other challenges that come with owning a traditional POS system include keeping up with the constantly changing industry security regulations, facing frequent downtimes, as well as costly repairs and replacements of hardware. 

Fortunately, a new wave of rental POS software is revolutionising the industry, helping to serve customers on the go while also capitalising on spontaneous demand. 

Let’s explore the various ways this innovative platform can help rental businesses serve their customers on the go. 

1. Mobile processing 

    Rental POS software with mobile capabilities can process transactions from any location using a tablet or a smartphone. It offers flexibility and convenience which is crucial for the successful delivery of exceptional customer experience. 

    Mobile processing enables rental businesses to complete all transactions at the customer’s location. This saves the customer’s time and effort, as they no longer have to show up to the physical counter or the store. This feature makes transactions via the smart POS software less time-consuming and complicated. This facilitates an easier rental process, where the customer can pick out and rent the necessary items immediately and begin their experience without waiting too long. 

    Mobile processing also assists rental businesses in saving money on administrative expenses required for storing equipment and paperwork related to a rental counter or office space. They can instead use the saved money to offer competitive pricing for the rented items or reinvest into improving the overall rental experience. 

    2. Quicker check-ins and check-outs

      Long waiting lines to rent or return equipment can be a major deterrent for customers. Mobile processing eliminates this frustration. Staff can process transactions on the spot—whether it’s checking in a customer at a launch point or finalising a tool rental on a construction site. This translates to a more pleasant and efficient experience for customers, maximising their rental time and boosting satisfaction. 

      This mobile approach also empowers both staff and customers with the convenience of on-location processing, which fits seamlessly into their busy schedules. Staff no longer have to be on standby at a fixed location, giving them the flexibility to serve their customers wherever they are. This newfound freedom fosters a more dynamic and efficient rental experience. 

      3. Real-time inventory management 

        Gone are the days of frantic inventory searches and potential customer disappointment. With real-time inventory management built into the mobile processing system, staff can instantly confirm equipment availability at any location. 

        This eliminates the risk of overbooking and ensures a smooth rental process. Imagine a scenario where a technician arrives at a job site only to discover the reserved equipment is unavailable. With a few taps on a mobile device, rental business staff can confirm the exact availability of any equipment, whether they are at the store, assisting a customer on-site, or even delivering equipment directly to a job location. 

        This eliminates the risk of overbooking—a scenario guaranteed to leave customers frustrated and potentially derail their project.

        4. Data-driven decision making 

          Mobile processing isn’t just about streamlining transactions; it unlocks a wealth of valuable data. Through comprehensive reporting, the software provides insights into customer behaviour, rental trends, and equipment utilisation. This empowers businesses to make data-driven decisions that optimise operations and maximise profitability. 

          Imagine analysing rental patterns to identify popular equipment, peak seasons, and customer demographics. This knowledge drives marketing activities and inventory planning and acquisition so the right equipment is on hand. In addition, the software enables the users to get analytical data on equipment usage.

          With this information, they can identify which equipment is underutilised or hired frequently. All this information can be used to improve future purchase decisions, equipment maintenance, and even the pricing model. 

          Mobile processing enables rental businesses to monitor rental patterns for better staff scheduling. This data helps businesses assign enough staff during busy periods or peak rental times, to minimise idle times and accommodate a high number of customers. 

          Invest in a smart rental POS software to serve customers on-the-go

          The traditional POS system has served many rental businesses in Australia well, but the evolving market and shifting customer expectations demand a more flexible and innovative approach. 

          Rental POS software with mobile processing capabilities offers a solution that addresses the limitations of traditional POS systems, enabling convenient, efficient, and data-driven operations to serve customers on the go and position businesses for long-term success in the dynamic Australian rental market.


          FAQs 

          Is smart rental POS software difficult to implement? 

          A modern rental POS system is designed to be user-friendly and easy to implement. Most providers offer training and support to ensure a smooth transition.

          What factors should I consider when choosing a rental POS system? 

          Consider the size and needs of your business, the features offered by different software providers, integrations with existing software, and budget constraints. Research different options and choose a system that best suits your specific requirements. 

          Is a smart rental POS system secure? 

          Reputable rental POS system providers prioritise data security. They implement industry-standard security measures to protect your customer information and financial data.

          Get in touch

          To discover how MCS-rm hire software can empower your business, call us on +61 (2) 9477 1355 or use our enquiry form.

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