What is POS?
A POS system is an electronic device mainly used by retailers, caterers and professionals to register income transactions. It represents the last stage of the purchasing process, when a customer pays for a product or a service.
Electronic Point of Sale systems are the modern version of cash registers. Nowadays, ePOS systems do not consist only of a cash drawer. In fact, Point of Sale equipment comes with many integrated tools that guarantee smooth business processes.
What is POS Hardware
The hardware of an ePOS system is composed of many complex components that ensure the proper functioning of the system:
- Cashier computer
- Keyboard and mouse
- Touch screen display
- Customer monitor
- Barcode scanner
- Cash drawer
- Card terminal
- Receipt printer
POS software is another fundamental element that guarantees the overall operations of the POS system. The software generates several advantages in terms of speed, security and efficiency.
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How to Choose a POS System?
A Point of Sale system provides you with the to opportunity to save time and money. It is important to bear this in mind when making a conscious purchasing decision. Some key POS system features that should be considered when looking to buy a new machine are:
- Software safety
- Ease of use
- Secure payments
- Fast transactions
- Inventory control
- Customer database
- Reports and analysis
- Staff management
1. Software safety
The first ePOS system feature to consider is the level of safety that the system provides to your Point of Sale. Therefore, an important rule is to stay away from free POS software. The disadvantages of free software are:
- Unprotected payments
- Assistance is not included
- No included warranty
- Malware or viruses can strike the system
- Limited control of your business
These obstacles mean your free POS software will likely cost you more in maintenance fees. Instead, opting for a viable ePOS system, together with fully functional POS software will be extremely advantageous for your business.
2. Ease of use
It is important to have a user-friendly POS system that is practical for you and your employees. To be sure that you are purchasing a simple and easy-to-use system, we suggest you engage in trials and demos with a variety of suppliers.
Finding the right solution for your business is not a time-consuming task. The many advantages of a good POS system will facilitate the management of both the front and back office of your enterprise.
3. Payment security
POS security prevents the theft of card details and customer information by third parties. The aim is to make POS systems less vulnerable to theft and to create safe conditions for every transaction.
Unfortunately, POS malware is a common occurrence and out-of-date Point of Sale systems are more likely to fall prey to credit card theft. It is essential to always update your operating system with valuable POS software. This will lead to the protection of the whole system and will limit the vulnerability of your workplace.
4. Fast transactions
Having safe POS software also improves the overall POS performance. Payments are secure and quickly carried out. There is no need for multiple check-out lines when it is possible to have only a few very quick card processing units.
Thanks to efficient Point of Sale systems, customers face drastically decreased waiting times. With contactless technology, payment speeds have even doubled. This has resulted in a remarkable rise of customers satisfaction.
5. Inventory control
All types of businesses can monitor their stock levels with a POS system. This feature is usually related to the software that has been implemented, but it goes without saying that it facilitates and speeds up the process of sales and inventory tracking.
All the data concerning the quantity and turnover of products is collected on the Point of Sale system and displayed on the monitor of the device. Receiving automatically generated information about product stock is extremely helpful because it allows the organisation of inventory according to the customer demand.
6. Customer database
Fidelity cards and loyalty programs are a clever way to determine customer trends. Details about consumers and their usual purchases are gathered within the POS system where a customer database can be created.
Discounts, tailored promotions and point accumulation increase customer satisfaction and help with the analysis of clients’ tendencies and preferences. This also leads to more product turnover, by making you aware of the “must-haves” during specific periods of the year.
7. Reports and analysis
POS systems provide detailed reports and analysis about daily, monthly and yearly business performance. Information about all types of cash flows are collected within the system and lead to the creation of graphs and charts.
Tax rates and income levels are automatically updated on a real time basis when financial transactions occur. Therefore, no internet is required. Nevertheless, innovative POS software guarantees temporary data backup in case of lost connection.
8. Staff management
Internal operations can be monitored through the POS software. More specifically, if the employee accounts are included in the system, it is possible to create statements consisting of their daily activities and transactions.
Having a fingerprint scanner as part of your hardware allows you to check when every member enters and exits the workplace. With fingerprint information, clocking-in employee salary amounts becomes an easy task, as it is automatically calculated thanks to your Point of Sale system.
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