Typically, it is just a counter with a small cash register wherein customers give the cash payment to the cashier for goods they bought or services they have availed of.
We think of it as just that kind of a traditional cash register years ago.
In a lot of ways a POS system is like having an upgraded cash register.
But how does it work?
Here is the standard process:
When a customer decides on what products to buy or what service to choose, the POS system will calculate the total bill of the items including the sales tax.
Then the inventory of the stocks will be updated to show how many items are sold.
Then the customer can now settle the payment whether it is by cash or through credit card or perhaps through gift cards, loyalty card and cashless payment methods like Paymaya, Dragon Pay and the recently raved about, Gcash in the Philippines.
After payment is made the transaction is finalized, the payment is received and the receipt is produced, making the sale official.
But it doesn’t stop there.
The customer’s data is then stored and utilized for cascading ads, promo materials and for some flyers and newsletters.In fact, one great use of the POS is that the information stored can also help in forecasting future trends.
Although payment is still the very core of any POS (point-of-sale) system, it has now evolved into a more powerful tool for financial, sales, promotional and operational processes especially provided for by a POS software.
What was once referred to as an onsite cash register whether online, self-service area, or an agent’s handheld device has now advanced and developed with bar codes, interfaces and online purchasing which has now been integrated into one more advanced and automated POS software.
According to Grand View research, the POS terminal market share worldwide has increased in growth to a staggering market share of $75 billion in 2020.
In the Philippines alone, it has been used to not only simplify sales but also accounting and inventory management since business owners have realized its usefulness and have appreciated the series of integrations that help track sales, inventory, employees and so much more!
POS software in all aspects allows both small and big businesses to deliver fast, accurate and friendly service by getting rid of lagging behind scenarios, systems bogging down that consumes so much time and energy.
The sales and inventory management software must be able to provide a complete visibility of your inventory not just sometimes but all the time.This should also include transactions on SKUs as well as other inbound and outbound processes.The POS software must also alert when there are adjustments made for some corrections.
Easy POS sets your establishment the right way by helping you manage day-to-day transactions on the dot.
One of the major functions that you need to look for when scouting for the most suitable sales and inventory management software is that it should offer an order and billing processing.It should be capable of billing orders by scanning the barcode of items and be able to capture methods of payment.It should be able to produce an invoice with the accurate detail of orders.
Reporting and Monitoring feature
A POS software is smart enough to provide reports for close monitoring.It must be able to generate daily, weekly, monthly sales reports even annually.These reports are useful in determining if the business is successful or not; it also helps in gauging sales trends and updates and also becomes useful in gaining valuable insights.
Multi-branch management feature
The POS software that allows you the benefit of managing multiple branches is one of the best features that a sales and inventory management system should have.This is a plus for other people like franchise owners and corporate networks.This makes it systematic and fast enough to customize each branch according to its needs so that it could be managed in just one platform.
Customer service and management feature
An excellent sales and inventory management software can help improve customer service and experience as well as forge customer relationships by storing data including their purchase history.This information can be a leverage to strengthen the relationship with loyal customers by providing a more personalized service.
Cross channel management feature
A POS software that facilitates a smooth transaction on refunds and returns to customers is something to think about.The system should be in place to capture the details like amount, name of client, and other pertinent details.
Why look for something complex when there are tips to make sales and inventory management simple?
With EasyPOS you can have real-time monitoring and avail of customizable features.
Plus it is accredited by the Bureau of Internal Revenue (BIR) with a whole lot of features and benefits.
Two user Interfaces: 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.