If you ask a handful of people what a Point of Sale (POS) system is, you’re likely to get answers similar to these:
“It stands for point of sale system. Not that I know what that means.”
“Oh, it’s just a fancy cash register.”
“No clue. Never heard of one.”
“Yeah, I’d like one of those. But it’s too expensive for my business.” (Hint: No it’s not.)
Define Point of Sale System
Finding a simple definition for “point of sale system” can be difficult. Since we’ve been in the POS business for over 30 years, we’ve decided to come up with one of our own:
A point of sale system is a set of software and hardware tools that make running your company easier. The perfect POS system will make you smarter about your business, help you improve and grow your company, and ultimately save you a lot of time.
What’s in the Software?
Most point of sale software includes the following:
- an app to process sales
- an inventory system to purchase, track, and maintain your products
- tools to develop customer relationships
- an app to monitor your employees
- a set of reports that provide you with critical information about your company
- and possibly a set of accounting tools like General Ledger, Accounts Receivable, and Accounts Payable
And What Type of Hardware?
When it comes to hardware, a complete POS system will be compatible with:
- barcode scanners (Bluetooth scanners for mobile devices)
- cash drawers
- receipt printers
- credit card readers (Bluetooth readers for mobile devices)
- tablets/smartphones (for mobile sales)
Take the Sale with You
Today, the perfect POS systems take advantage of mobile devices like tablets and smartphones. Instead of processing sales solely from the counter, move out into the store to give the customer a more personalized experience. Mobile POS systems also enable you to process sales faster, which will eliminate the long lines that customers hate.
Into the Cloud We Go
The best POS software is cloud-based, allowing you to run your business from anywhere. Instead of worrying about servers, backups and other cumbersome technology, you can focus on the important aspects of your business–knowing what to sell, knowing what (and how much) to buy, and bringing more customers into your store. Cloud-based POS systems also cut down on startup costs, so it’s much easier to find an affordable POS system that works for you.
You Need Good Information
Having real-time and accurate information about your company is critical to running a successful business. Good POS systems provide reports that help you understand exactly what’s going on in your store. Recognize product trends so that you can make sales and marketing decisions accordingly. Know more about your customers and those who work for you. And know how to optimize your inventory. Finding the perfect POS for your company makes this easy.