Point of Sale systems make Cash Registers obsolete!

Just as retail businesses have evolved through its time and space, so have its many aspects; payments being a major chunk of that evolution. Long queues of shoppers waiting to pay the bill off are quickly being replaced by on-the-spot transactions using mobile POS solutions. With so much of developments and enhancements taking place in the retail payment arena, cash registers surely seem a thing of the past.

Cash management systems have always been an indispensable asset for a retail business. Technological developments have brought multifunctional, multifaceted payment modes in the laps on man. And in a similar fashion are point-of-sale systems, a far-cry from old fashioned cash registers where manual efficiency is decisive. In fact, as predecessors cash registers have now evolved into versatile, what is now know as, point of sale systems.

With increased business flexibility and more ROI on the retail business, 28% American retail business owners are making a switch to mobile POS systems, leave alone conventional POS systems. This, itself, explains the mammoth influx in shift to use of POS software in retailers. Here’s why you should immediately switch over to point of sale systems from the traditional cash registers.

Improvement in Accuracy : unlike the traditional cash registers, mobile or simple POS systems are much more precise and veritable in their functioning. This way you obviously cut down a lot on human errors, which are otherwise probable in manually handled cash registers.

Successful Inventory tracking : the already efficient POS systems make it way lot easier and manageable for the retail users to successfully track their inventory levels - entries and exits. Point of sale systems are comprehensive inventory management systems.

Itemized Bill Receipt : with point of sale devices being so multifunctional, customers get an accurate itemized bill receipt, which they can always refer to for verification purposes - including discounts, promotions and any other offer details. Nothing is duped; sales are perfectly recorded.

Previous Precise Records : POS systems make it extremely accessible for retailers to view previous transactions for any particular day. Doing the same with a cash register would obviously be a tedious and laborious job. You are further in a position to deduce business-critical analysis.

Fast-paced and instant : like mentioned above, mobile POS systems cut it short to on-the-spot bill transactions. That translates into faster services. POS systems are also well equipped to make card payments which the traditional cash registers aren’t in a position to do.

Go online with POS : you can’t imagine the same with your traditional cash registers. But POS software makes it possible for retailers to have online transactions and keep a track of the same as well. In fact, on the virtual platform, POS systems make possible order processing as well.

Repairing is cheap : maintenance is considerably cheap than compared to the maintenance of cash registers. Most POS systems are cloud-connected; in that case, your POS software service provider always ensures best upkeep of your centrally managed POS systems.

Does Your Business have one of these affordable POS solutions?

Having a POS system in line with your retail business is something irrefutable. A good point of sale system forms a backbone for highly effective and efficient business operations. But, nevertheless, a good deal of expertise, time and effort go in finding the right POS product, perfectly suitable in regards to your specific business needs.

Not every point of sale system available in the market is in-sync with your business needs. You may, perhaps, need to do a little background research before zeroing in on a particular point of sale software or a POS system. Most POS systems in the market are comparatively pricey and may not be suitable for every kind of retail store.

Below is a list of most affordable, yet most efficient, POS systems that can be rendered effectively through a variety of retail streams! These POS systems enlisted below are a perfect typesetting of advanced point of sale software, inventory management and customer relationship management: characteristic of small businesses.

    Retail STAR

Retail STAR is a comprehensive retail management suite from the longstanding point of sale house of Cam Commerce. It is an integrated typeface of general and specialty retail solutions encompassing a wide range of customer relationship management, e-commerce, accounting, merchandising and the quintessential inventory management; with dual features of both single-key and touch-screen inputs. The best part of Retail STAR is that one can avail it absolutely free for an annual subscription with Cam Commerce.

Smart Vendor

With a foothold of more than 20 years, Smart Vendor is one of the premium offerings from Multipost Retail Systems. Smart Vendor is easy and comprehensible for the staff members of your organization to use and deploy. It’s been designed in a way that any novice is simply a keystroke away from properly functioning it. And the product is a good fit against major business verticals like sports, house wares, hardware, music, books, jewelry, shoes, giftware, electronics, appliances, etc. it’s one-key at effect.

POS Guys

POS Guys stands out for its brilliant offering through a wide range of selection in software and hardware at the same time.  Many POS providers have the limitations of variants in POS software and hardware, but POS Guys is your cup of tea if you want to be your own artist and build a POS solution that suffices your most of the needs in the least of the prices. Invest in POS Guys if you think you’d want to have a program that is far fetching.

Habortouch

With minimal investment funds in hand you needn’t look any farther. Not more than for 25$ shipping charge and flexible credit payment options, Habortouch is your knight in shining armor to a pretty low budget. With one dedicated combination of POS software and hardware, Habortouch is a good deal as they provide complimentary mobile POS solutions as well with the overall package at ebbed prices. Habortouch is an integrated POS solution provider who caters to all business needs at reduced prices and is #1 choice for those with close to zero investment funds.

    AccuPOS

AccuPOS is only a matter of added advantage for those SMEs wanting a compatibility with QuickBooks and Sage software. It’s one of those few POS systems able enough to deliver line-item integration with the aforementioned accounting platforms. Besides, they have Android supported mPOS for instant mobile pay processing. This is one system perfect for those dealing in groceries and allied work. If tableside is what you need then AccuPOS is the Point of Sale system for you.

Effective Inventory Management using the right POS software

The positive superiorities leveraged by a point of sale system onto a business is nothing not known about. Retail or manufacture - both industries are vastly influenced by the use of POS software, in myriad ways. And business owners in these two sectors are well aware with the bottom-line impact that effective inventory management practices leave behind. So, on the whole, a broader picture suggests a succinct collaboration of efficient inventory management and point of sale systems to keep discrepancies in businesses as much at bay.

Precise inventory management would imply keeping a track record of the inventory numbers, product orders, their sales and deliveries, etc. this sure would help the business owners in managing product overstocks and outages, at the same time. The bare minimum to tracking inventory levels would come down to either maintaining a hardcover book or a virtual spreadsheet. Both of which can be absolutely applied to the businesses free of any costs. But that would only become cumbersome and faulty. Of course, then there are those run-of-the-mill, specific inventory management software available in the market. But there’s a better option also available - effective inventory management integrated into POS systems.

Before proceeding any further into the union of point of sale systems and inventory management, let us skim through a little background on managing the inventory. An old theory, born in Japan, quite easily educes the basics of right inventory management, which is Just-in-Time: meaning you supply as per demand. There should be no scope for excess/ surplus inventory items to be stored in the backend. Well this certainly is an ideal situation, but in reality that is far from possibility. Simply because you can never predict the demand and variations in demand beforehand, in most cases. Too much of stocks in the backend would mean loss of liquid assets, while zero extra assets would mean a dry business!

Coming back to POS systems and software, the integration of inventory management with POS systems though has made effectual the application of Just-in-Time today. Simply because, POS systems are so multi-faceted that forecasting demand and supply statistics has become quite easy. The entire underlying fundamental concept of inventory management is to avoid having any tied-up capital at any point in a business.

Since, POS systems are a consolidated hub to gauge, check, expect and track sales and other sales-related information, they become one-stop destination to elicit any information regarding sales. For example, for obvious reasons of electronic (impeccable) tracking of sales, one can very easily judge

- The market and customer trends in buying,

- Which articles sell most in which season?

- Which items have a peak period of liking with the buyers?

- Unique customer behavior,

- Product feedback and “want” in the market,

- Overall sales history as well as pertinent to a specific product,

- Products that aren’t selling well in the market.

- Or choosing the choosing the clearance items.

These are just a few of the outcomes to name on the fingertips. There can be many more elicits and, likewise, elucidations to be worked out.

Secondly, POS software will help you give a deeper view into the success or failure of your discounts and promotions deployed. You could devise a new marketing approach in-sync with the results fetched from the research. At the least, from one spot you can very well handle the inventory levels of disparate stores under you.

All of this gives you an extended hindsight into aptly managing your inventory items. The key to effective inventory management is through the use of right POS systems.

Using a POS System for Cash Management

Retail business owners need some form of cash management system to carry out their daily cash or debit/credit transactions. The two most commonly used cash management systems are the electronic cash registers and the modern computerized point of sale system (POS). Both these systems have their own advantages, and many retail merchants have either of these two cash management systems in their retail stores.

Cash registers are suitable for small businesses where more advanced features are not required. Cash registers help in storing money in a safe and secure manner. One of the main reasons why many new retail owners go for an electronic cash register is because these are affordable. These usually come in the price range of $300 to $1000; therefore, many cash-strapped retailers find it easy to install an electronic cash register in their stores.

POS systems, on the other hand, are a relatively modern phenomenon in the retail cash management industry. Although it is more expensive than electronic cash registers, the advanced features that it provides makes up for the initial investment. In the recent past, POS systems were usually used in big retail stores; however, due to the stiff competition in the market, many affordable POS systems have arrived, making it possible for small and medium business owners to install it in their stores. There is a huge variation in the prices of POS systems as the price is determined by a lot of factors such as the type of software used, and the number of hardware devices connected to the POS system. As a result of this, a POS system can cost you as little as $1,500 and as high as $20,000. Choosing a POS system for your retail business should involve careful research and planning on your part about the needs of your business.

Benefits of Using a POS System

·        One of the biggest advantages of using a POS system is that it provides you detailed information about your business. You can get complete information about the daily, weekly, and monthly sales, including information on which products are selling off the shelves, and which are struggling to take off. This can help you in making informed purchasing decisions.

·        Business owners are spending more and more time on knowing the changing preferences of their customers. Today, the business is all about keeping your loyal customers and scouring for new ones. To do all this, you need a reservoir, or a database, through which you can get information on the buying patterns of your customers. This is where POS software can be really effective. As it stores all the information related to your sales, you can get crucial information on peak selling hours, or how discounts have worked for you in the past. In a nutshell, if you want your cash management system to do more for you than just secure money, you should definitely go for a POS system.

·        A modern POS system will help you in knowing exactly which inventories need restocking. As a business owner, you don’t want your customers to walk off from your store without making a purchase just because you couldn’t restock the items in time. POS system gives you a headstart on the various aspects of your business.

This was some information on a POS system and its associated benefits. As we mentioned in the beginning of the article, you should do ample research before buying a POS system. Analyzing your needs and comparing the POS systems available in the market should be done before you invest money in it.