When you make a purchase at a restaurant, retail store, or other shop, you’re making a POS. POS stands for point-of-sale, which is the transaction that happens between a merchant and a customer when a service or product is purchased.
To process and complete a sale transaction, merchants generally use a POS system or point-of-sale system. A POS system is a machine or system made of a combination of POS hardware and POS software where your customers make payments for products or services at your store.
Today’s modern POS systems (POS terminals) go way beyond your typical cash register or credit card processing by having mobile POS features, contactless payment choices, ecommerce integration capabilities, and more.
Don’t let slow processing or out-of-stock items ruin your customers experiences. Having a POS (point-of-sale) system that delivers goods quickly and keeps your shelves stocked will keep customers happy and spending money at your store. In this article we’ll discuss the types of POS systems and the top five features you should look out for.
Types of POS systems
From simple processors to complex cloud systems, there are a variety of POS systems that are available and can be used according to the needs of the business. They are usually categorized into 3 main types:
Mobile POS
A mobile POS device uses a mobile tablet, smartphone, or other computer as a terminal, which you can attach a credit card reader to. Not only is it very portable, but also allows you to attach other machines like receipt printers and barcode scanners.
Mobile point-of-sale systems work best for smaller businesses and are used to process payments, usually credit and debit cards. mPOS systems have a variety of capabilities, like inventory management, reward programs, transaction monitoring, reporting, and more.
MPOS allows a merchant to do inventory management, reporting/analytics, email payment receipts, control customer relationship management and manage loyalty programs.
Terminal POS
A terminal POS system is a system with software and hardware that’s integrated with barcode scanners, credit/debit card readers, receipt printers and cash drawers. This is the most popular type of POS because of its comprehensive capabilities and speed, especially since it’s specifically designed for processing.
Terminal POS works best for retail stores, restaurants, grocery stores, boutiques, salons, and other stores.
Cloud POS
Another POS that can be used with existing hardware like a tablet and printer is a cloud POS, which is an online or web-based POS.A cloud POS functions similarly to a terminal POS, however, instead of running on your server it runs on data centers that are maintained by the POS vendor.
Cloud POS systems are less expensive, simpler, and more flexible, which is why they work for all types of businesses, especially startups.
Top Features
1. Mobile ability with Apps or Hardware
Mobile apps and hardware can really help with increasing the efficiency of your business. Mobile checkout through smartphones and tablets can be done using Apple and Android apps and with mobile hardware systems servers can take orders tableside.
With a mobile POS, employees can avoid waiting in line at a stationary POS. Retail employees can ring up customers wherever they are on the store floor, and waiters can accept orders and payments at the table. The mobile POS device also allows customers to input a tip, sign, and request all receipt formats.
2. Inventory Management
The type of inventory management your business needs will be a big determining factor for the type of POS system you should purchase, no matter whether you’re in the restaurant industry or retail, you need to track product quantities.
A cloud-based POS can track every drink that’s been poured and report on the best- selling orders. Being able to see your stocked inventory in real-time can help avoid waste, over-pouring, and theft.
It’s important to keep an eye out for this feature because the amount of functionality varies significantly with each POS system. You’ll want to make sure the inventory management abilities are advanced and can integrate with your business software.
3. Customer Management
The more data you have the easier it will be to market to your customers. Not only can POS systems collect information like email address, phone number, and mailing address, but they can also track the purchase history and buying trends. The more advanced POS systems collect all the data you need to create ad hoc targeted offers to encourage your customers to continuously shop at your store.
Another important part of customer management is managing the loyalty program. Many POS systems offer tracking of loyalty incentives as an optional add-on, and others integrate with third-party loyalty programs. As the popularity and sales of gift cards increase every year, your POS system should also have the capability to manage those as well.
4. User Friendly Interface
With promotions and specials constantly happening, you’ll want a system that’s not just easy to use but also updates your specials automatically so that your employees never have to remember when prices change. Having a system that’s easy to learn can reduce training time and avoid frustration with your employees.
5. Employee Management and Permissions
Last but not least, the fifth feature we think you should keep an eye out for is the capability to effectively manage employees time and permissions. Most modern POS systems have time-tracking abilities that let you set shifts and allow employees to clock their hours.
You can also set user access permissions to allow or deny access for parts of your POS system to employees. One good example is barring employees from providing voids without a manager’s approval, and receive alerts when transactions are discounted.
As you have learned, the POS systems in today’s market go way beyond just processing sales. A system with the features we’ve mentioned can help increase efficiency and provide important insights to help you improve your productivity. These are the reasons for you to switch to an updated POS system today. See how Rebel Payments can help you achieve that with top-of-class POS systems and complimentary marketing services to help you grow your business.
