What Is a Point of Sale System? A Guide to POS Features

What Is a Point of Sale System? A Guide to POS Features

A Point of Sale System is a lifeline of all your business operations. It facilitates a better control and help you run and grow your business. It is an alternative to old and manual approach of cash registers, which comprises of multiple complex operations. The point of sale is more than just the place where the money comes in. It has a complex system that integrates numerous interconnected systems and third-party elements that will make it easier to run and grow your business. Learn about Install Shopify POS

At the core of these systems are standard-issue computers running specialized POS system that is software and hardware components.

Software Components

POS system has two common software options available for deployment methods:On-premise - A traditional software model. It is installed and runs on computers on the premises of your POS system which can be updated and maintained by its user.

Cloud-based - Also known as Software-as-a-Service (SaaS) POS solutions. It refers to applications, services or resources made available to users on demand via the Internet from a cloud computing provider's servers.

Hardware Components

Unlike the Software deployment methods, Hardware components has no options. Its features is fixed and plays the most crucial part in supporting your POS system. The following are the 5 features of Hardware components:

Register Screen - Standard monitor that displays the product database. Enables other functions, such as employee clock-in and viewing sales reports

Barcode Scanner - Automates the checkout process. Scanning barcodes pulls product info and adds it to the checkout total. Barcodes also function as part of the inventory management systems that automatically adjust stock levels. Get your free card reader POS

Credit Card Reader - A device used to read the magnetic stripes of credit cards. It is imperative to secure EMV-enabled terminals to avoid potentially huge losses on account of fraud liability.

Receipt Printer - A device that prints credit card slips and customer receipts as well as employee’ sales totals, hours and other information. Even with the advent of email and text receipts, paper receipts are still important for providing customers with a quick snapshot of their purchase.

Cash Drawer - A drawer that has separate compartments for coins and bills of different denominations to store cash for transactions.

Retailers benefit greatly from the automation and organization POS hardware and software systems provide in terms of sales reporting, customer management, inventory management, and employee management that will help to run and grow your business with ease. As mentioned, replacing those antiquated cash registers with the technological advancement of POS system has a lot advantages, here’s how:

Sales Reporting

POS system provides easy access on sales reporting by providing information on how your stores are performing, what products are making you the most money, and discover who your top sales people are.

Customer Management

POS system is also dedicated to help you know more about your customer base. With the customer's purchase history, visible right at the cash register, it will be able to track the retail trends of your customers and will help you know the most preferred methods of payment for them.

Inventory Management

The biggest advantage of having POS Inventory system is the ability to get an immediate, up-to-the-minute, accurate assessment of your inventory. Each time you check out a customer, the goods you ring up are immediately subtracted from your inventory list, which is maintained on the system's hard drive.

Employee Management

POS will help bring new employees up to speed and save the time you'll invest training them. You also don’t need to worry about having a theft employee as POS system takes care of those problems that result when management isn't present.