A retail point-of-sale (POS) system is the combination of hardware and software that enables you to make sales, accept payments, and check out customers.

Every store needs a retail POS and it is up to you to choose the best one.

But it can be tough to find the right POS system for your business, especially if your business has just started online during the pandemic and you are considering selling in person for the first time.

Keep reading to learn if you do need a retail POS system in your retail store and learn more about POS systems so you can choose the right one for your business.

This can help make running your retail operations as straightforward and as seamless as possible.

Why do you need a retail POS system?

You definitely need one because of these benefits that you will enjoy for a more systematic and organized business.

Modern and innovative retail POS systems offer far more functionality than merely doing payment transactions.

They can perform other business functions and help promote strategic business decisions, which includes the following:

1. Helps in centralizing your inventory management

A centralized inventory is crucial.

A POS and inventory management software manages inventory with ease that is why you need one!

Whether you keep inventory in your physical stores or probably in a warehouse, making sure your stocks are correctly monitored as items are either received, sold, returned, and even exchanged can be daunting.

This is the reason why managing inventory is critical.

2. Aids in collecting and visualizing sales data in real time

Your POS and inventory management software should be able to show analytics accurately.

You need a retail POS to do that. An antiquated cash register cannot show this kind of information.

Instead of checking store sales on various platforms, you should be able to get a comprehensive view of your sales and have the ability to sift through by sales channel through the POS and inventory management software.

Having an integrated view of your sales makes it more convenient for you to know which products are salable and fast moving and which ones are not.

If you are still searching for the best retail POS (point-of-sale) system, try to review this checklist if the retail POS provides the following data:

Retail store sales and inventory data

Sales data over a period of time like day, week, month, year, or custom

Sales by employee showing average order value, items per order, gross and net sales

Sales by medium either online store and multiple store locations and branches

Sales by venue such as store locations and geographic areas where online sales are derived

Sales by product showing sales volume, profitability, stock quantity, and percent of sold inventory

quantity of orders showing unpaid, paid, unfulfilled, fulfilled

Easy POS sets your establishment the right way by helping you manage day-to-day transactions on the dot.

Click to Learn More.

Easy POS sets your establishment the right way by helping you manage day-to-day transactions on the dot.

Click to Learn More.

3. Promotes acceptance of various forms of payment

One of the retail POS systems functions is payment processing.

When customers purchase products, your retail POS system is what processes that transaction.

When integrated with the right and most suitable hardware, POS and inventory management software systems have the capacity to process the following payment methods:

Cash – placed in the cash register

Magstripe credit cards – the customer swipes their card in the credit card reader

Chip cards – Involves credit or debit cards with a near-field communication (NFC) chip to enable tap payments

Contactless payments includes chip cards and mobile wallet payments

Gift cards can include physical or digital and can be redeemed for in-store or online purchases

4. Enhances in-store sales

The right retail POS features can help you serve customers using multiple channels and make more sales as well as generate more sales leads.

It provides various shipping and delivery options such as online, pick up and home delivery

5. Paves the way in the opening of new stores

One of the biggest advantages of a retail POS system is that it helps and paves the way in opening more branches whether it is a permanent location, a pop-up shop, or a kiosk at an event.