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Last Updated: 11. July 2017

Can’t Decide on a Point-of-Sale System?

Retail POS Systems or Electronic Cash Registers?

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Although it might not seem like a big difference at first sight, the usage of both products depends on the particular field your company operates in. Typically, small and medium businesses choose to use electronic cash registers, mainly to minimize the financial risk. Retail ePOS systems can be quite expensive, and small business owners often don’t want to invest in all the necessary hardware and software, which a complete ePOS system requires.

However, it is essential to mention its advantages, in order for you to make an informed decision. A suitable POS system can help one manage inventory, minimize erroneous invoices and automate daily closing reports, thus simplifying operations and increasing efficiency.

Upgrade Your Current System or Start from Scratch?

As mentioned above, a POS system with all the adequate hardware and software is an investment, which requires careful consideration. So, it’s important to consider upgrading your current POS system, in order to minimize costs.

If your business is mainly operating manually at the moment, it’s crucial that you allocate time for adjustment so your staff can receive proper training with the new system and POS software.

Trends Within The Payment Methods Industry

With e-commerce constantly increasing and electronic wallets on the rise, the mobile-pay method is becoming very popular. Most smartphones and banks are integrating these services in order to create consumer engagement and ensure loyalty. Convenience, e-commerce integration and speed are becoming basic requirements for any mobile banking app.

Progressively, this is changing the way we operate our businesses; shifting from complicated cash-registers to more user-friendly, cloud-based systems which can be easily operated from tablets or smartphones, with a so-called mPOS system. That being said, the payment industry is facing a technological revolution in the upcoming year, and although the technology is still in its early stages, internet based POS systems can now be accessed from any internet browser.

The main difference between these and the traditional based POS terminals, is that all sales and inventory data is stored remotely, opposed to locally on a certain device. Thus, integration between several retail shops and constantly updated inventory information is easily achieved.

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