Understanding Point of Sale System (POS) For Your Business in 2020

Understanding Point of Sale System (POS) For Your Business in 2020

When you go for groceries, have you seen the cashier scanning the barcodes from each and everything which you have bought? Similarly, when you go for dinner at any restaurant or hotel in St Louis, the cashier there scans your credit card. There, the calculations are not done only for customers. Rather, the records are being built too for the business’ own system. 

This whole procedure in which the scanning is done, bills are made and sales are recorded is called POS (Point of Sale) system. Almost all businesses have shifted to POS. In case you have not shifted to it yet or you are planning to set up a new business in 2020, then the POS is the best option to become tension free in the matters of recording sales transactions.

What Is A Point of Sale System?

Point of Sale System is the advanced technology which typically helps the retail and restaurant businesses. It comprises of the duo of software and hardware needed for billing. It increases the efficiency, does the flawless recording of your sales and then consequently, becomes a reason for the effective decisions you can take for the growth of your business.

Computerized Network

It is basically a computerized system that operates on the attached hardware and software. The hardware and software make the failsafe billing and bookkeeping possible. Each and every transaction is recorded in the system of the business so not even a minor detail goes unnoticed. 

Point of Sale System- Software 

There are two types of software that operate the point of sales system.

  1. On-premise software
  2. Cloud Software

Both have their features and business should opt for the one which works best for it. Even though the cloud software is preferred but still we will discuss the working of both of them.

On-Premise Software 

The license has to be physically purchased for its running. The purchased software is then installed on the computer system. The software has to be maintained every now and then on the buyer’s behalf so that it can stay updated. In order to keep it maintained, an IT team is required sometimes. The on-premises software also requires a hardware purchase because it is directly installed on the system.

Cloud Software 

The cloud software is present on the internet and the buyer can access it online. It can be accessed through any device or system; it does not need special installation for an exclusive system. In this software system, the updates are downloaded automatically on the system and you would not need a whole team for its maintenance and updates. It has a lower cost than on-premises software because it does not require you to buy special hardware and hire a lot of people to keep it on track.

 Point of Sale System- Hardware 

In order to keep the point of sale system perfectly running, you would require some hardware components which will aid the complete control over the sales transaction of your business. 

Monitor/ Tablet/ Display Screen 

This is an obvious component that displays the records of all the databases, employees’ schedules and the sales related records. The screens are often displayed at the customer’s side too at the time of billing to ensure the flawlessness in billing and customer satisfaction. The customer views the prices simultaneously and knows the purchases he/she has made.

Credit Card Reader/Scanner 

The trend of paying from credit card has overtaken the paying from to a great extent. People like to carry a credit card instead of bulky cash. You need to have a credit card reader in your point of sale system which will make the credit card payment and record of that payment possible without any glitch. This is a necessary component of the POS. 

Barcode scanner

This is one of the most efficient parts of Point of Sales System because it aids the everyday work really easy and smart. You just need to scan the product and it will add up in the customer’s sum total, your sales record and the record of your inventory. The Barcode Scanner is hence the most important part of the Point of Sales System.

Printer for Receipt 

This is also an inevitable part of the Point of Sales System. Whatever the bill is, the Receipt Printer prints it on the chit of paper with complete detail which is given to the customer instantly. Even though the SMS and email receipting have also become necessary but still the paper receipting is still appreciated by customers because it is very handy and immediate. 

Cash Container/Drawer 

Even though cash has been getting replaced by the credit cards but still cash is not gone totally and is still a dominant method of sale and purchase. So, in order to store cash for sale transactions, you need to have a cash container or drawer right beside the sales corner. So, a secure drawer for containing cash is also a part and parcel of the point of sale system.

Benefits of Point of Sales System 

  1. In order to have foolproof control over your business sales transaction, the POS is the best option because it is designed to record and manage everything right according to your requirements. The human errors are eradicated.
  2. The business owners in St Louis MO claim that Point of Sales System has helped them make a better vital decision related to business growth. This is evident that when you have perfect records of your sales and its ups and downs, you can use your analytical abilities in a better manner and make decisions that will kickstart the advantageous journey of your business. 
  3. Point of Sales system is very time efficient because it cuts short the time spent on petty calculations. Each and every calculation is done on the software and you do not need to worry about anything getting missed out of the list. You only need to scan and you are good to go!

We recommend that you go for the option of POS in your business and take benefit from this technology in order to grow your business.