What is a POS System?
A POS System is one indispensable component that most entrepreneurial ventures cannot do without in this era of electronically driven operations. As soon as business owners stumble upon this term, their thoughts might linger around the utility of this tech element for seamless business functioning.
The essence of installing a POS machine goes beyond managing your everyday client payments. It is evident from the burgeoning demand for Point of Sale systems. As of 2020, based on research, the Point of Sale software market size stands over $9.2 billion. An overview of the POS system and its fundamental aspects can help you realize how you can transform your business with POS. Let’s commence! Learn more about the signs to upgrade your POS System.
What are the basic components in a POS system?
Primarily, a POS system comprises two primary components- the hardware component and the software component. The hardware portion can vary as per the need of the business and can include barcode scanners, credit card readers, printers, tablets, and desktop monitors.
The software component covers nothing but the main application software that uses the data input from the hardware tools to process the transactions.
Moreover, the Point of Sale software part of the POS system has two sub-variants. Cloud-based POS and on-premise POS are commonly available for business concerns. A business with multiple stores across different places or cities will find cloud POS software more practical. Someone having a local grocery store can benefit more from on-premise POS software.
What does a POS system denote?
A POS system refers to a systemic setup that allows the completion of necessary transactions between a business venture and its customers. In general, Point of Sale software offers a digitalized networking platform comprising a computerized device connected with required hardware systems and various POS terminals that effectively accomplish your sale deals. The upgraded functionalities of POS systems find utility for virtual as well as conventional on-site stores. Learn more about “Contactless Payments“
What is the point of getting a Point of Sale system for your business?
1. Lowers redundancy and amplifies productivity
A POS system helps in automating the myriad activities that a single sale transaction entails. Your business team can accelerate transaction processing and enhance overall efficiency using a POS system’s advanced software and hardware elements.
2. Supports improved business strategizing and decision-making process
With the implementation of the right Point of Sale system, business management personnel can better monitor sale procedures, oversee inventory movement, sale patterns, and derive timely sales reports. Such prompt data availability acts as a catalyst for refined decision-making and implementation of successful business strategies.
3. Aids in boosting client relationships and their satisfaction levels
With the best POS system in the market, you gain simplified access to necessary customer info during their initial purchases from your venture. Using this data, you can create a lasting relationship with every customer by sharing offers and promotional details from time to time. All in all, you can witness an augmentation in your patronage and their satisfaction from your product offerings.
4. Empowers the execution of better security measures against frauds in your business
As per National Research Federation’s 2020 survey, more than 56 percent of US retailers have employed retail POS systems and the analytics they offer to tackle fraudulent practices in their business. In traditional on-store purchase and sales models, the occurrence of theft and fraudulent activities tends to be higher. The implementation of different POS machines helps safeguards the business assets more proficiently.
What are popular Point of Sale systems?
1. Restaurant POS
Be it a cozy café or an extravagant steak house; all such food ventures can make use of the restaurant POS to streamline their operations. A restaurant POS is built with the required features such as customer customizations, food menu designing, pricing, self-service ordering, and food ingredients monitoring. Such systems cater to varied processing needs that go into completing your every food order with utmost precision.
2. Mobile POS
One of the highly prevalent variants of POS systems, a mobile POS, is easily accessible through non-static devices like smartphones. Statista reports suggest that the number of users of mobile POS payments in 2021 exceeds 1490 million. Businesses can operate such POS systems through even their regular cash registers but can switch to other mobile tools as the need arises. All the sale transaction processing is conveniently possible on the go with a mobile POS.
3. Retail POS
If you own a brick-and-mortar shop, a retail POS can be your savior when it comes to sales processing. Packed with advantages such as sales forecasting, customer management, and inventory tracking, it allows retailers to function more effortlessly.
4. Tablet or iPad POS system
iPad POS is another category of Point of Sale software that has garnered increased attention from businesses across the globe. A tablet or iPad POS works dually. You can use it through a fixed station or while you are on the move. It is capable of functioning independently and can even supplement the primary POS system of your organization. iPad POS is quite popular in emerging business ventures in the United States.
5. Desktop POS
One of the widely used Point of Sale systems, a desktop POS, is what you might commonly find at check-out counters when you visit a general store near you. They act as a robust and dependable form of POS for most businesses. Usually, entrepreneurs prefer a mix of desktop POS and mobile POS to handle their overall transaction processing needs.
How to find the best POS system for your business?
If you feel confused about what to look for while picking the right POS system for your business, we have a handy checklist for you.
- Look for a POS system that lucidly integrates with your current techno-stack
- A Point of Sales system with customizable delivery, purchase, and payment options is more desirable.
- The ideal POS system shall have powerful analytical and reporting abilities.
- Must have the capacity to deploy real-time updates about inventory spanning all your business locations.
- It should be cost-effective and have decent security features.
- The POS must enable superior access to consumer order histories and profiles and manage exchanges and returns adequately.
Pave the way towards business transformation with a Point of Sale System
Manage your customer payments using the most reliable method with a POS systems. With its endless functionalities, POS has already revamped the essential transaction processing procedure of business entities in the past decade. As new upgrades get amalgamated in the POS systems, its relevance in various business ventures keeps multiplying. Embrace the perks of a POS system and take your entity to the next level.
Implement the best POS system for your company seamlessly!
With our top-notch assistance, you can get hold of the updated Point-of-Sale software and equipment. No matter what your business is, we aim to ensure that you can carry out all payment processing in a hassle-free manner!
Get the right POS System to fit your needs
Beyond Bancard understands that all merchants have different needs. Our goal is to ensure you are able to process all payments without any issue.