POS Solution

As we look at the components of POS systems, it’s first important to understand the software options available and what each requires.

1.Software Components

  • On-premise: A traditional software model. Purchase one or more licenses upfront for the software and install it on your computer system or servers. You’re in charge of updating and maintaining the software, which may require dedicated IT personnel for larger organizations.

  • Cloud-based: Also known as Software-as-a-Service (SaaS) POS solutions. You access and support the system via the internet. Don’t worry—if your internet goes down, most systems track sales and sync them once you’re back online.

2. Hardware Components

  • Register screen: Standard monitor that displays the product database. Enables other functions, such as employee clock-in and viewing sales reports. Tablets—especially iPads—are popular for replacing bulkier monitors.

  • Barcode scanner: Automates the checkout process. Scanning barcodes pulls product info and adds it to the checkout total. Barcodes, when scanned, may also integrate with inventory management systems to automatically adjust stock levels.

  • Credit card reader: Secure and EMV-compliant credit card readers are extremely important for retailers since the EMV payment standard went live in October 2015, and non-compliant retailers face potentially huge losses on account of fraud liability.

  • Receipt printer: Email and text receipts are gaining popularity, but paper receipts are still important for providing customers with a quick snapshot of their purchase. You can print employee sales totals, hours and other information.

3. Benefits and Must-Have Capabilities of POS Systems

  • “Modern POS systems do more than just offer flexibility when processing daily transactions,” says Grullon. “They improve a merchant’s chances of success by providing them with tools to streamline business processes.”

  • Many of these vital processes would be overly tedious and resource exhaustive to complete without the support of a modern POS system. But exactly what features should you be looking for?

  • A recent analysis of Software Advice’s free consultations with POS software buyers identified several must-have capabilities buyers seek in new POS systems. These include:

4. Choosing the Best POS System for Your Business

  • “It’s important to consider ease of use, flexibility in pricing, what actionable insights the system provides, data security, hardware durability and quality of customer service.”

  • Does the functionality of the system suit your specific business needs?

  • How much does the software really cost?

  • Is your only option to sign a contract?

5.  Next Steps

  • Sales Reporting

  • Customer Management

  • Inventory Management

  • Employee Management