Listen to Audio
Thanks to technology, companies now have modern tools to register their business transactions; point-of-sale aka POS software is undoubtedly the best example. Discover below the advantages they bring to companies!
POS is the acronym used to designate Point of Sale. This is the point of sale, that is, the place where the customer pays for his purchases. It can be a grocery store where you can register and pay for your purchases; it can be the place where you only pay for a coffee or a machine where the restaurant waiter registers your orders and where you pay them at the end of the meal.
A POS system is a program that allows controlling and managing the commercial and financial tasks of a business, such as inventory, creation and printing of receipts, card payment of credit or debit, among others. This technological mechanism is used in all types of companies, of all sizes, to optimize operations and facilitate work.
You will also find POS in other types of shops, such as bars and nightclubs.
For decades, POS systems have been used and implemented in the world, but these have changed significantly over time and have gradually transformed into more sophisticated and faster systems. Today’s Top POS System has more functionality, and is even integrated into a set of programs that unify all areas of the company in a single platform.
Those days are gone when everything was recorded by hand, including the receipt delivered to the customer. Then we have the cash registers and then the POS systems. In practice, it is also a cash register, based on computer technology, easy to use and with multiple advantages for the entrepreneur.
James Ritty patented the first cash register design. The first working, mechanical cash register was nicknamed the “Incorruptible Cashier”
Gene Mosher first developed order entry POS software. The First development of a color-graphical user interfaces and touch screen POS was with an Atari 520ST.
Point of Sale purchases make up 93% of the total retail business in the U.S
Total Retail POS Purchases
2012: $3.98 Trillion
2018: $4.2 Trillion
Point-of-sale systems are a technological solution that allows businesses to quickly capture the sale of goods, as well as generate and print purchase tickets for customers.
These types of systems are normally used by companies that generate a large number of direct-to-consumer transactions, such as grocery stores, restaurants and hotels, among others.
Advantages of the POS System
A POS system increases communication within your establishment by reducing the error in the customer’s request. If there are discrepancies, you can identify exactly where the error occurred.
Due to the automated sales system your business becomes more productive, allowing employees to provide closer follow-up to the customer.
Sales and Stock records
With a POS system you can accurately record sales and other transactions. The system also allows you to control stock levels and possible stock changes, as well as records of payment methods (debit / credit card, cash, etc.).
Improve your inventory control
That’s right: the advantages of having a POS are not limited to sales, but impact other areas such as inventories. A point of sale allows seeing in real time the quantity of available products and some allow to generate production orders automatically in case of having the necessary raw material.
Hardware investment and compatibility
The investment in hardware is high when implementing traditional POS software because it is not compatible with any device and only applies to equipment that has adaptation to the system.
POS Cloud software adapts to any device can be used in a computer, laptop, tablet or smartphone, as well as with any printer or barcode reader.
For traditional POS software it is possible that there are updates and that new functionality are generated, but these are difficult to apply to all of their current clients, which means that over time it is outdated to comply with the standards established by the market. .
The POS cloud software’s are constantly updated, without additional payments or facilities, to adapt to the needs of each client, which is in line with the business trend to adapt to the constant demands that are generated every day.
POS system in the cloud
Clouds POS systems are the most avant-garde, point-of-sale software in the market, these programs allow managing all the operations of a point of sale remotely from any electronic device in real time. You only need to access the platform from a search engine or through an app and you can review the related information.
With a POS system in the cloud you can generate invoices automatically with all the legal characteristics that they must have, to be subsequently filed in the cloud so that they can be viewed and you can verify your information at any time.
By having this information encapsulated in the cloud, it is possible to use it to generate the accounting reports and other processes related to the invoicing of a business. In some cases, the POS system is framed within administrative type software that integrates the different areas of the company and allows creating these documents quickly and updated.
With the POS system in the cloud, the person in charge of the point of sale can view the inventory and easily choose the products purchased by the customer to make the sales process and generate the purchase invoice.
Simultaneously, the POS system modifies and updates the status of the inventory and uploads it to the cloud so that all people who have access can consult it.
In addition, the POS system in the cloud performs automatic and periodic backups of all the commercial information of a point of sale, which is backed up and stored securely, is always available and will never be lost.
How to Choose a POS System
Point of sale systems is used in the different industries, for example, a grocery store, restaurants, beauty salons, casinos, boutiques, etc. Nowadays it is essential to have a Point of Sale Software to control sales, inventories and provide a quality customer service.
With a point-of-sale system, it is easier to obtain information than using spreadsheets or keeping the record in a notebook, there are a lot of Point of Sale Software systems in the market that offer you reports so you can make better sale decisions and especially adjust purchasing decisions based on seasonal buying trends.
Software providers offer point-of-sale systems no matter what business you have, handle any combination of payment, inventory control, customer management, e-commerce sales, marketing and distribution.
Having this type of systems helps you to automate any point of sale, improve the tracking of inventory and allow a more effective management of information to increase profits and reduce inefficiencies that are often difficult to perceive and are a great enemy of the business future.
The characteristics that every Point of Sale System must have are:
- Find a system with a graphical interface that is easy to use.
- To provide you with a sales histogram so that you can know the sales of the day, of the month or of a period that you choose.
- Analyze the performance of your business knowing the average ticket, know which day is the strongest and the peak time of your business.
- Easy access to information to check your sales from any device, through boards or graphs of the Point of Sale.
- You must know the following before making the decision to acquire a system: Software components, Hardware Components, Benefits and Capabilities.
There are some solutions in the market that provide a complete POS system, ie with equipment, software and support included:
The Vendus POS Complete System includes everything you need for your business: certified billing software, equipment (tablet, tablet support, printer and cash drawer), customer support and updates. Ideal for clothing stores, shoe stores, among other businesses.
Several POS systems integrated with printer, touch monitor, metal drawer, computer and software are available.
A modern and visionary restaurant must have an equal POS Terminal. TouchBistro is an agile and flexible solution for bars, food trucks, and full service restaurants.
NetSuite helps companies manage core business processes with a single, fully integrated system covering ERP/financials, CRM, ecommerce, inventory and more.
Lightspeed is a cloud-based point of sale (POS) solution that enables retailers to manage inventory and customers, process transactions and dig deep into their store’s analytics.
Allows customers to manage in-store and online inventory, have a single view of customers and analyze multi-channel sales data.
Do you use a POS system in your business? We’d love to hear from you in the comments below.