Here’s What You Need To Know About The 4 Types of POS Systems

Before the digital era, cash registers were the in-thing and were largely synonymous with the retail POS systems today.

However, most businesses have encountered drawbacks in the system, thus making them realize that there is a great need for faster and more accurate POS. 

This is the main reason why shifting to fully digitalized POS and inventory management software is the best thing that ever happened to retail businesses here and around the world. 

An ideal retail POS not just serves as a payment mechanism but can also integrate sales, accounting, inventory management, customer relationship management and even HR management. 

This is actually the kind of retail POS that you should consider for your business since you can definitely hit many proverbial birds with just one stone.

For sure, the minimal investment – monetary, time and training, that you will initially spend will pay off handsomely in the long term. 

For those who are not yet familiar with the retail point-of-sale system (POS), a POS and inventory management software is a system that facilitates your customer’s payments for the goods or services they purchased from you.

It primarily also has sales and inventory management functions that make the business tick.

Now, which one can best suit your needs?

With the wide array of retail POS available, choosing the best one that can fit your business’ growing needs could be challenging.

To help you make a fully informed decision when it comes to getting the most suitable retail POS system for your business, here is a helpful guide to let you determine the best one. 

But first, you have to know how retail POS systems work.

And second, you need to identify your needs.

Third, try to discover the different types of POS systems that are commercially available today.

Fourth and last,  find out how to select the ideal POS system for your business.

How Does a Retail POS System  Work?

It is best to understand how a retail POS system is supposed to operate.

Although there are different types of retail POS systems, most digital retail POS systems basically have the same key components.

Retail POS systems comprise the basic retail POS software, then it has the  hardware components that consist of the bar code scanners and credit card readers.

It revolves around the whole system of devices that are internet based namely desktop computers, laptops, tablets, or even mobile phones. 

Aside from the components, it is noteworthy to consider that a retail POS must also be capable of delivering the following basic functions:

• Invoicing and Issuing of receipts for all sales transactions and orders

• Payment processing for various payment forms starting from simple cash to credit cards, debit cards, and e-wallets

• Inventory management for all items encoded in the POS, making sure that management can monitor or have an accurate count of the products they have available in their actual stock or in the warehouse 

• Providing quick and accurate financial reporting to give the business owner an idea of the business’s financial health

• Assisting in customer relationship management to help determine customer behavior and discover trends in customer engagement 

There are also retail POS systems that have the distinct functionality of payroll management, receipt management, and multi-store management.

POS inventory and management software system’s functionalities depend on certain factors like what type of system you have come across and how easily it can integrate with the rest of the components in the ecosystem.

That’s why it’s imperative to explore the different choices available so you can decipher which one to choose.

What are the Different Types of POS Systems?

Considering the features and benefits that a retail POS has to offer, not all POS and inventory management systems are created equal.

Some types are well suited to match a particular business while there are other systems that cater to general requirements of the business. 

Here are the different types of POS systems:

1. Terminal/Desktop POS

This is the most common type of retail POS.

A terminal POS system is usually used in businesses that have a cash register or a check out counter where all the transactions are processed. 

This system is usually hardware- and software-based which usually requires internet access to function seamlessly.

Some are cloud-based, all the more requiring a reliable internet connectivity.

This type of retail POS is the best match for businesses that are fast paced with high volume of customers.

Such businesses include restaurants, grocery stores, fashion boutiques, retail outlets, antique stores, spas, electronic stores, bookstores, salons, and many more.

2. Mobile POS

The mobile POS system  is much smaller in scale. It is generally  a smartphone app that’s bundled with a credit card reader attachment. 

Other attachments that are optional, such as barcode scanners and receipt printers, are also available for added functionality.

This particular retail POS type is perfect for businesses that do not handle so much inventory but just needs mobility requirements. 

The mobile retail POS type is great for small-scale businesses like those from fair/event vendors, freelance or contract workers, contracted professional services, and other similar organizations. 

3. Tablet POS

The tablet POS is a step higher than the mobile.

The only difference is the type of gadget used, the tablet.

This retail POS type is also perfect for a business that requires mobility.

It usually comes with a more dependable inventory tracking, bookkeeping, and employee tracking capabilities.

Tablet POS systems include those of mobile vendors, quick-service restaurants and bistros, wine clubs, coffee shops, gift shops, professional services, art galleries, small theaters, and more. 

4. Self-Service Kiosk POS

Self-service kiosk retail POS systems are more specialized ones that enable the customer to do the transaction by themselves without the need for a cashier for checkout.

This type allows business owners to make their operations much more efficient while also saving cost on manpower. 

Examples of self-service kiosk retail POS systems are normally used by businesses that usually sell tickets of any kind, parking facilities, human resource departments, transportation companies, hospitals or clinics that facilitate patient check-ins,  and more.

The success of your business is dependent on the right type of retail POS you choose from hereon.

Business is very competitive and companies that fail to choose the most suitable retail POS system one may encounter efficiency problems along the way. 

You wouldn’t want to see your competitors outdo your growth, right?

Here is a reliable retail POS that can help you out in future-proofing your business.

EasyPOS has all the beneficial aspects in making your business operate smoothly with the following features:

• EasyPOS is BIR accredited

• Complete sales and inventory system with item components for backflushing inventory.

• Two user Interface: Barcode (for grocery) and Touch screen (for restaurants)

• Unlimited discounting, Multiple price levels, Unlimited pay types, e.g., Cash, Credit Cards, Gift Certificates, etc.

• Customizable restaurant setups, from menu items to table groupings.

• Multiple users with ordering capability for pharmacy and restaurants.

Book for a free demo now! https://human-incubator.com/easy-pos/