Frequently Asked Questions About POS Systems
The entire hardware and software system which is used for billing processes in stores is known as POS or the Point of Sale system. The functions of its software are to display the orders, the weight of the product, and many other details that are required for billing, while its hardware units include a scanner for scanning the barcodes on the products, a printer to print receipts, and a cash register to store all the cash.
The terms POS software, Point of Sale system, and Point of Sale terminal are often used interchangeably. However, these three are different concepts and we aim to provide answers to some of the most frequently asked questions about POS systems to help you clear all your doubts.
What is a POS system?
A POS system is used to make payment after a customer has brought goods or availed the services offered by a seller. The Point of Sale systems helps the seller to carry out a business transaction between the company and its client. It has a computerized network that consists of various checkout terminals that are connected to one computer. These terminals are accompanied by various hardware instruments such as barcode scanners, a printer to print receipts, and terminals that are used for card payments. Based on the needs of a business, there are various Point of Sale systems available that store owners can purchase to cater to their specific needs.
What is an integrated Point of Sale system?
With an integrated Point of Sale system, a business owner can not only manage their transactions but also their inventory. There is a central database that enables managers to store data related to customers, stocks, and everything else that is essential for the smooth running of their business. The database used by these Point of Sale systems is generally updated by the ERP or the Enterprise Resource Planning system. An integrated Point of Sale system can help replace the method of handling retail sales by stand-alone systems. One of the main drawbacks of these stand-alone systems and the reason why they should be replaced is that these systems must be updated frequently on the main bookkeeping and in the financial system. As suggested by some POS system reviews, with the help of an integrated POS system, you can completely bring together all important aspects of a business under one common roof.
How do POS systems work?
POS systems contain a plethora of software and hardware that are put together to enable the financial aspects of a business to function smoothly. Therefore, to use a POS system efficiently, one must understand how it works.
The software component of a POS system is used for registering, processing, and keeping a record of transactions done in the store. There are various POS software systems and the software a store owner uses is important to determine how the data will be stored. In modern POS systems, there are both, frontend and backend interfaces that are used to analyze and manage various tasks that could range from transactions to payroll. The frontend interface of the system is used by the staff who operate the system. This interface usually comprises a touchscreen monitor or a tablet. Moreover, the backend of the system can be accessed using a browser or an application window. These can be accessed on the system that has the frontend interface installed or even on a separate computer or mobile.
The hardware component of a POS system consists of the following:
- A device where all the transaction details are registered
- A cash drawer
- A barcode scanner
- A card machine for payments
- A printer for printing receipts
- Network devices
How much does a POS system cost?
Not every POS system costs the same. Many Point of Sale system reviews may list some of the important features that will be needed to be considered when you choose to buy a particular type of POS system. Some of these features include the following:
- The scale of the business
- The quality of the features offered
- The type of industry
- The scalability of the business
- Ease of adding additional features to the system
Most sellers base the cost on the scale of the business, the features required, and the industry which the buyer deals in. If the buyer wants to run a single location with just one register, the cost of the software may be anywhere between $50 and $100 per month. However, if the operations are at a larger scale, the cost can go up to around $100 and $300 for every location per month.
Does the POS system need the Internet?
Mostly all modern POS systems require an Internet connection. Therefore, to set up and use a POS system, the business owner must have a modem and router to get connected to the Internet. Typically, all cloud-based POS systems are wireless. However, certain systems may include some wires.
Is a POS system a database?
A POS system consists of a software component that is used for registering and storing every detail of every transaction done at the store where it is installed. Moreover, integrated POS systems also help in maintaining inventory records and other sales-related data. These records and data can be used for analyses and better management of the sales team and business as a whole.
Is a POS system safe?
Although utmost safety is ensured in all modern systems, some POS system reviews suggest they may still be at the risk of being attacked by online hackers. These attacks can be a big threat to payment details stored in the systems. You can ensure to get an antivirus or anti-malware system installed in your POS system to ensure the protection of your data.
Which are the best Point of Sale systems?
There are several Point of Sale systems that have gained popularity in the market. Some of the popular brands are-
ShopKeep
ShopKeep is an easy-to-use software for small business owners. With its user-friendly backend, accounting, mailing, and marketing features, it makes for a good primary setup for small business owners.
- Customer management
- Inventory management
- Pocket app for owners
Lightspeed
Lightspeed was specifically built for retail stores and restaurants and the POS solutions help in making data-driven decisions and enabling them to create the right experience for their customers. With this POS system, businesses can build, manage, and grow their operations without any complex processes. This allows them to create an enhanced level of customer experience.
- Theme-based store designs
- Customized inventory management
- Multi-store functionality
TouchBistro
A smart POS and payment system, TouchBistro helps in streamlining your business operations with its table order, menu, and staff management tools. It is an excellent POS provider that allows you to personalize features based on your restaurant’s needs. Also, it is compatible with various third-party apps and software for seamless operations.
- Tableside ordering
- Flexible payment solutions
- Staff management and scheduling
Are POS systems worth it?
There are various aspects to understand if a POS system is worth your investment. These factors, which are also part of various Point of Sale system reviews, include the following:
- The value of a POS system for your business
- The number of stores you will be running
- How much manpower does it save
- The return-on-investment received
If, after considering everything, you are positive about the investment, it will be worth every penny.
