What is POS Software?
POS stands for Point of Sale and is generally referred to the brick and mortar retailer shop where merchandise is displayed and sold. However, ePOS systems are electronic devices used by business owners to register incomes and cash flows when customers pay for products or services.
What makes the POS system working efficiently is the POS software. Nowadays, POS software is integrated in payment terminals by the great majority of shopkeepers and caterers in order to facilitate the organisation of sales operations.
At this purpose, we will discuss all the advantages of POS software related to:
- Sales information
- Product information
- Store organisation
POS software replaces the old fashioned cash registers and their basic IT systems. Modern POS software contains lean and easy-to-use programs that work through a network linked to several checkout terminals. The POS software can run on several types of hardware, such as computers, tablets, cash registers and even smartphones, that are turned into mPOS systems.
For further information and professional advice about POS software, you are very welcome to fill out the free quote form on the right side of the page. Our suppliers will provide a list of hand-picked suggestions that match your specific needs.
Latest versions of POS software are becoming increasingly popular as they allow centralized management of both front counter and back office operations of the business, such as inventory, financial transactions, items turnover and employees' operations tracking.
Some sophisticated POS software can retain information to implement customer relationship strategies.
How Does POS Software Work?
The main thing to run a Point of Sale system is the hardware. The main software runs on a remote server that is wirelessly connected to the POS system. Multiple devices can be linked to the same server and from different locations. Multi-user and multi-location features make the configuration of POS software on several devices possible.
POS software systems are an all-in-one way to manage the business as they usually come with integrated accounting modules and inventory control systems. This is possible, since all sales operations made with the different add-on devices you have, including cash drawers, bar-code scanners, credit card readers and receipt printers, are tracked and stored in data backups.
Given the rising trend towards POS software, cloud-based Point of Sale systems are becoming more and more popular. These POS software versions are considered very convenient as they can be accessed directly from the Internet, so that information is stored on the cloud and can be accessed from any location.
It is important to mention that some POS software work also in offline mode. Therefore, even if the Internet or Wifi connection is not available, POS systems keep functioning normally.
Moreover, iPad POS is becoming state-of-the-art POS technology, especially for small businesses and restaurants that need high levels of customization and flexibility of the payment and inventory management system.
Whether POS software is cloud-based or externally installed, it is fundamental to bear in mind that good quality hardware is essential for the program to work successfully. POS system can at times be heavy and slow to run by out-of-date components, so selecting the right hardware is crucial as the business will depend on it.
In this end, there are different kinds of the other POS components that can be recommended for different situations and purposes. For example, there are several barcode scanners to choose from. CCD scanners are designed to recognize flat barcodes, while laser scanners are more expensive but can read also barcodes wrapped around irregular shapes.
The range of invoice printers is wide, but a bluetooth or wireless printer is highly recommended. Especially if your business needs to print receipts at a fast pace, investing some extra money in a quicker yet silent printing technology would be advisable. At this purpose, a thermal receipt printer wirelessly connected to the POS system would be the most fitting solution.
Benefits of POS Software
Until not too long ago, cash registers were the only instrument for companies to manage their business. Today it could be greatly beneficial to replace the cash register by installing an up-to-date POS software, especially if your business is growing.
Not only, the new generation of employees are digital natives and, undoubtedly, work more easily with computerised systems. Furthermore, it is good to know that since the introduction of POS software, customer service has been more and more fast and efficient and payment transactions highly protected.
Therefore, there are several advantages of POS software to benefit from:
1. Sales information
This is one of the most important features of POS software, as it allows to monitor products turnover and to adjust purchasing levels accordingly. Graphs, reports and analysis provide sales history and check seasonal trends, which are extremely helpful to implement marketing strategies.
POS software also simplifies the accounting process, because now you don’t have to go through hundreds of receipts. On the contrary, it is a quick way to fetch information and look up past transactions just by creating reports through the system.
The software tracks incomes and outcomes including add-on amounts, percentages of cost, margin percentage, tax deductions and discounts leading to improve and accurate pricing tactics.
3. Product information
POS software allows to automate orders and invoices of account receivable records. Therefore, it is crucial to manage inventory and stock remainings.
4. Store organisation
The way merchandise is displayed within the store determines customers’ attractions to products and largely influences their purchasing intention.
POS software track and maintain information on transactions and customer behaviour that can support decisions on product in-store promotions.
Read more: Retail Store POS Software
POS software provides control over cash receipts to prevent theft and trace problems.
The latest trends in point of sale software technology see an improvement in CRM management and systems that are refining the automatization of integrating online with offline transactions.
Lastly, the latest POS software allows small and medium enterprises to access big data about their transactions right at their fingertips to make accurate business decisions.
Tailored POS Software
Every business is unique and customised POS software packages are available to meet the needs of enterprises having different size and operating in different fields.
As a matter of fact, POS software is a good program for every kind of business: retail stores, restaurants, fashion businesses, farmer markets, and also for trade shows, which can largely benefit from the simplified solutions brought by these systems. Furthermore, POS software is very convenient for e-commerce businesses.
Restaurant POS software is specifically designed to manage and track orders with an improved efficiency as employees can enter requests quickly and get fast information on orders and cash out to keep their customers happy.
These systems also store customers' details to support effective marketing strategies and also present delivery management tools to track items and make sure they arrive on time in the right place. Restaurant POS systems have many other features such as fast checkout and payment facilities.
What Is the Price of POS Software?
The biggest investment in POS systems lies in the hardware and the related devices to install.
However, in the UK POS software can be found on the internet starting from £25 for basic versions up to £100 for more complex packages.
Prices can be higher for software with additional features, but free trial versions can also be a valuable option to understand what type of POS software can truly improve your business.
Read more: UK Point of Sale Systems
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