What is a POS Point of Sale System?by Ryan David Technical Consultant
The Point of Sale System (POS) is the place where your customer submits payment for goods or services purchased by them. It's the core component of your business — the center where everything merges.
Manish Kumar, content strategy manager at POS provider Salesvu, explains:
A point-of-sale system is a combination of Software and hardware that allows traders to simplify critical business operations on a day-to-day basis.
This article examines the hardware and software components of POS systems. We will discuss the key capabilities and benefits they bring and highlight critical considerations in selecting a new POS system.
- Software and hardware components of POS systems
- Indispensable benefits and capabilities of POS systems
- Choosing the best POS system for your business
- POS system hardware and software components
When we look at the components of POS systems, it is essential to understand the available software options and what each requires.
Software Components of a POS( Point of Sale System)
There are two conventional methods of software deployment:
On the premises: a traditional software model. In advance, Purchase one or more licenses for the Software and install them on your computer system or servers. You are in charge of updating and maintaining the Software, which may require dedicated IT staff for larger organizations.
Cloud-based — It's Also known as Software as a Service (SaaS) POS solutions. You can access and support the system via the internet. Don't worry, if your internet goes down, most systems track sales and sync them once you're back online.
Flexibility is key. Make sure your POS provider works with the payment processor/gateway of your choice so that you can control costs.
SMEs must verify that their POS System is integrated with existing business applications to ensure that there are no technological disruptions.
Crucial Hardware Components for POS System
Regardless of the software deployment method chosen, the hardware is the same. Following hardware components are essential to support POS software:
Registration screen: Standard monitors showing the product database. Enables other features, such as employee registration and viewing sales reports. Tablets, especially iPads, are famous for replacing bulky monitors.
Barcode Scanner: Automates the purchase process. Scan barcodes extract product information and add it to the total box. Barcodes, when scanned, can also be integrated with inventory management systems to adjust stock levels automatically.
Credit Card Reader: Secure, EMV-compliant credit card readers are critical to retailers as the EMV payment standard was implemented in 2015. and non-compliant retailers face potentially huge losses due to fraud liability.
Receipt Printer: Email and text receipts are gaining popularity, but paper receipts are still crucial to provide customers with a quick snapshot of their purchase. You can print employee sales totals, hours, and other information.
Cash drawer: It may disappear in the coming years, but the cash remains the king. As long as it is, you need a safe place to store some money for transactions.
Retailers benefit significantly from the automation and organization offered by POS system hardware and Software. However, it is also essential to understand how these components work together to help you overcome certain painful spots.
Benefits and capabilities of POS systems
POS systems simplify critical business operations. Modern POS systems do more than offer flexibility when processing daily. Many of these vital processes would be too tedious and resource-intensive to complete without the support of a modern POS system. But correctly, what features should you look for?
Software features a POS should have
Even with all the benefits, our analysis found that 64% of single-store retailers are not using a POS system. These merchants are using a combination of manual methods like cash registers, in some cases, QuickBooks or Excel for accounting.
Implementing new technologies can be frightening and overwhelming. Since POS is a company's central nervous system, it might be intimidating to think about replacing it. That's why many retailers have not yet made the change
How to choose the best POS system for your business
Now that you know everything about the POS systems, what's your next step? If you are selecting a POS system for the first time, SalesVu encourages you to prepare meaningful questions that will force suppliers to give you final answers.
It is important to consider ease of use, flexibility in pricing, practical information provided by the system, data security, hardware durability, and quality of customer service.
SalesVu recommends asking:
- Does the functionality of the system adapt to the specific needs of your business?
- How much does the Software cost?
- Is this your only option to sign a contract?
- Are there hidden fees?
- Do you own any hardware?
SalesVu offers additional tips for selecting the best POS system for your store:
Make a list of must-have items and then talk to business owners operating in a similar space about their experiences.
Next Steps to Implement a POS System
Check out the most popular retail point of sale systems.
Complete a retail software questionnaire. The POS market is intimidating, especially for first-time buyers. This quick quiz will help you reduce your POS options.
Read comments from merchants like you. Once you have a list of possible POS systems, then real user reviews are important because they provide valuable information that you can not get anywhere else.
Created on Sep 16th 2019 04:04. Viewed 553 times.