What is a POS System?
As everybody knows that POS denotes the “Point of Sale”. A Pos system is utilized to manage sales at brick and mortar as well as eCommerce stores.
Those days are gone when retailers used a traditional cash register to process sales, after which the data used to get transferred to bank accounts and further stock list. Today, systems for sale processing are made easier with the point of sale systems which simplify each operation of billing, promotions, returns, and much more.
You must be looking for the best POS system to promote your business’s sales processes and operations. The Point of sale system can be then integrated with your other software like eCommerce platforms, accounting software, ERP, and warehouse systems, etc.
Types of a POS System:
POS systems are available depending upon the requirement of the organization from simple to complex cloud systems regarding the size of the enterprise (small, medium, and large). They are classified generally into the following three types:
- Mobile POS:
A mobile POS system or mPOS utilizes a smart device like a mobile phone or tablet as a terminal with which a credit card reader is attached. This kind of POS is highly portable and also allows the attachment of other peripheral devices such as barcode scanners and receipt printers of all kinds (Desktop, Android, iOS).
These kinds of systems are most suited for small businesses and entrepreneurs with their features of high affordability and convenience.
- Terminal POS:
It is a software/hardware-based system that allows the add-on peripheral devices like barcode scanners, credit card readers, receipt printers, cash drawers, and much more. This kind of system carries wide capabilities like inventory management, analytical reporting, and customer loyalty programs along with promotions and add-ons, etc.
These are suitable for retail stores with cash wraps. Due to an advanced level of functionality and affordable pricing, they are mostly used in businesses like restaurants, grocery stores, boutiques, salons, gyms and, electronic appliances stores, etc.
- Cloud POS:
The Cloud POS is an online or web-based POS which utilized the internet connectivity for its storage on the internet cloud. Cloud POS is the latest technology and many businesses are availing it due to its great advantages. This system has all the functionality of a terminal POS along with the cost-effectiveness to a greater degree. Instead of relying on the physical storage, data is stored on the cloud and this feature further allows the global accessibility. Now you can access and manage your business by sitting in any other country. You can always reach your business even if you are traveling or not in the office premises. These types of systems are extremely beneficial for startups as their functionality can easily boot the revenue of your business tremendously.
What are the Components of a POS System?
POS system comprises the following components such as hardware and software.
The hardware of a POS system contains a physical setup like an electronic cash register attached to a system or computer along with the necessary peripheral devices like a bar code scanner. In other cases, you can expect the smart device (phone or tablet) to be attached to the barcode scanner and printer, etc on a cloud-based POS system.
The additional peripheral devices as printers, credit card readers, and barcode scanners, etc. are also included in the setup of a good POS system.
All the information is stored in a database for the POS system. The Best POS System provides an extensive range of features including billing processing, reporting analytics, inventory tracking, mobile connectivity, internet connectivity, employee management, and customer promotions, and loyalty programs. The integration of POS software with other software allows a wide functionality of the system.
In some cases, the POS is integrated into third-party software if the financial reporting features are not included in the POS system. For example, email marketing software and eCommerce platforms for selling your product online.
Key Features to Find in the Best POS System:
There are five key features that you must consider while choosing the best POS software for your business:
- Order processing and Billing operations:
A good POS system must have the basic functionality of order processing and accurate billing through a bar code scanner. It must carry the capability to generate the order receipts and invoices along with the comprehensive detail of the salesman, date and time, and customer details with additional remarks.
- Sales Processing and Reporting:
For merchants to understand their business success, POS must be able to generate the sales report on a daily, weekly, and even monthly basis. The complete insights on sales reporting have to be available for the meticulous analysis of those reports.
- Inventory and Stock Management:
The inventory management module of a POS system must be able to provide complete visibility and accountability of your store at all times. The batch and serial functioning can help you trace the products easily and maintain their record in the inventory as well as the POS system.
- Customer Relationships:
For a Best POS System to operate, customers and their needs are given the highest priority. The customer data is allowed to be added to the POS system with all the necessary details. Also, the customer loyalty program is maintained and kept active through this system of point of sale. Many incentives are given to the customers to encourage them as they keep buying products from your business stores.
- Salesman Management:
Since you are working on a point of sale system, you must be allowed to manage all your salesmen, supervisors, and admin of the system. All the three categories of employees of Point of sale possess different administration rights. Managing all of them well is an important feature of any POS system.
To obtain one of the best points of sale software for your business of any size you must consider the features SMACC POS offers you with complete guidance and full support. Not only the above-mentioned features are available for customers but also additional features like size and color sub-item support and dimensional measurement features. SMACC POS ensures that you enjoy every bit of your business with complete proficiency and expertise.