Feb 25 2023 12:00:42
general

POS - The next smart move to build your business

POS stands for a Point of Sale system and it is an integral part of any retail business. In practical terms, a POS system consists of - a terminal PC, cash drawer, weighing scale, receipt printer, barcode printing module, barcode scanner, debit/credit card reader, portable POS machines and more. It is a combination of hardware and software. And you may be familiar with the term ‘Cloud Computing’, which refers to the practice of using a network of remote servers hosted on the internet to store, manage, and process data, rather than a local server or a personal computer. This integrated service all together is capable of taking your business to the next level. Here is everything you need to know about a POS system and how to use it in a retail environment,

POS softwares:

Every POS system comprises software and hardware components that make running the daily operations of your business easier and faster. It’s important to understand what POS software options there are and what each has to offer.The POS software can be broadly categorized as On-premise (or Installed) and Cloud-based POS system (or Hosted POS solution). On-premise POS or sometimes called legacy POS is the POS type that all data is being stored on a local database, specifically in your computer’s hard drive. So you just can access it when you use your computer and open the drive. Internet independence, one-time investment, and its customization features are its highlights. But it has many limitations such as, it lacks mobile optimization, and it is a little bit expensive.

Cloud-based POS is the POS software type in which all data and information are being stored in an online server and can be accessed anywhere through the Internet. Remote access, real-time sync, data security, scalability, scalability, and cost efficiency are some of the advantages of cloud-based POS systems. These systems are more self-sufficient and less user-dependent. For example, if the internet goes down, sales will continue to be logged and simply update automatically when the system is back online. This makes it a preferable choice for many retailers.

POS Softwares -

1. Create professional invoice

2. Manage business inventory: Manage quantity of stock to determine when and how often to order products

3. Accounting made easy: Record all business transactions such as Sales, Purchases, Quotations and Returns.

4. Analyze business reports: Record and analyze sales data to make informed business decisions.

5. Customer management: Log purchases and keep in touch with customers through marketing tools

6. Employee management: Track employees' hours, sales, and performance.

POS hardwares:

POS hardware comes in many forms, but collectively, it’s the physical input devices that allow users to carry out the functions of the software. These are the common physical components required to run your POS smoothly:

1. Monitor/ Tablet:

A normal computer screen, a tablet, or even a mobile phone-size screen is used for this purpose. It displays the product database, employee clock-in, and displays the sales reports.

2. Weighing scale:

A broad spectrum of weighing scales are now available in the market. It can simply be a weighing scale, or can be with a sticker module in it, or even comes with a built-in billing module with it.

3. Barcode/Label printer:

Barcodes can be printed that can include the packing date, expiry date, weight/amount and price, and much more, that can be displayed on your product.

4. Barcode scanner:

Automates the checkout process. Scanning barcodes pulls product info and adds it to the checkout total. Barcode scanners can also integrate with inventory management systems to automatically adjust stock levels.

5. Receipt printer:

Receipt printers are an important part of a point of sale (POS) system. They are used in retail environments to print credit card slips and customer receipts. Email and text receipts may be gaining popularity, but paper receipts remain essential for providing customers with a quick snapshot of their purchase or returns.

6. Credit card reader:

Credit card readers are inevitable part of a POS system, because nowadays people prefer card payment over cash payment.

7. Cash drawer:

There are people who still choose to pay in cash. So the cash drawers can’t be avoided in POS.

Types of POS systems

1. On premise Terminal POS Systems

An on-premise POS can also be called a traditional POS, a legacy POS, or an on-site POS. This type of POS system includes the hardware and software together.

2. Cloud-Based Terminal POS System

A cloud-based terminal POS is similar to the on-site system, but these systems take advantage of internet access and cloud-based storage. Instead of your software being installed on a local server, the software for a cloud-based POS system is installed in the POS company’s remote data centers.

3. Mobile POS System

Mobile POS systems or mPOS for short is a subcategory of the cloud-based POS systems. They also operate in cloud-based software but are dedicated to run on mobile devices such as touchscreen tablets or smartphones. You can run this POS system on iPad, Android tablets, or smartphones. In these cases, the terms iPad POS, Android POS, or mobile POS (smartphone POS) may sound popular to you.

4. Self-Service Kiosks

Self-service kiosks are usually better for large stores that have the space for them and can benefit from the greater efficiency and cost-savings that come with customers checking themselves out.

5. All-in-one POS System

You can also call this POS type one-stop POS systems. This is made to operate synchronously to prevent system conflicts when one part of technology isn’t compatible properly with another. Purchasing an all-in-one POS system means you’re purchasing a full package from one provider for what you need to run a point of sale system.

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POS - The next smart move to build your business

POS softwares: