What Are Point Of Sale Systems?

What do you need to know about point-of-sale (POS) systems?

1. What is a Point-of-sale system

2. Why do you need a POS system

3. How does a POS system work

4. POS hardware requirements

5. POS software features

6. EasyPOS: Cloud-based POS Software

Whether you’re operating a restaurant, a grocery store, or another retail business, you need to manage daily transactions, so you can keep track of your sales and inventory.

This is where point-of-sale systems come in.

These can help you have better control over your business operations, so you can monitor your finances and make better decisions for your business.

If you want to learn more, keep on reading. 

What Is A Point Of Sale System

A point of sale (POS) is a place where your customer will make their payment to avail of your products or services.

Meanwhile, a POS system is a technology that allows you to accept payment, close the sale, and manage daily transactions. 

A point-of-sale system is a combination of hardware and software that enable you to make sales in your shop.

In the past, a POS system referred to your cash register, but nowadays, systems are software based.

These can be used on a tablet or smartphone. 

Why Do You Need A POS System

There are numerous benefits to investing in a POS system for your business.

First, it allows you to have better control of your operations, by having a tool to track your transactions and inventory.

This helps you analyze movements and tendencies in the sales process, study sales reports, and do better analytical thinking and planning.

As retail operations are streamlined by a POS system, you can increase your business efficiency. 

How Does A POS System Work

Before you decide to invest in a POS system for your business, you need to know how it works.

First, a customer will decide to buy your product or service.

Your staff could use a barcode scanner to bring up the price of the product.

The system will calculate the price of the item, including the tax.

It will also be able to update the inventory count once the item is sold. 

To finish the transaction, your customer will pay through cash, credit card, debit card, or other payment options.

Once the payment goes through, a receipt is created. 

POS Hardware Requirements

Whether you’re running a café, restaurant, grocery, or other retail stores, you will need the right POS hardware, so you can accept payments.

This could be a register, credit card reader, phone, or tablet.

If needed, your system should also be able to print receipts, store cash in drawers, and scan bar codes. 

Below are the common hardware components of a POS system:

1. Monitor/Tablet

This will display the products and allow you to view sales reports. 

2. Barcode Scanner

Allows you to scan barcodes to automate the checkout process by pulling up product info and adding it to the total. It will help automatically adjust stock levels. 

3. Cash Drawer

Provides a safe place to store cash for transactions. 

4. Credit Card Reader

Reads credit cards and debit cards for payment instead of cash. 

5. Receipt Printer

Prints paper-based receipts which are provided to customers so they can view their purchase or process returns if needed. 

POS Software Features

Another component of a POS system is the software. It’s the one that will allow you to ring up sales.

One of its functions is to process payments and accept different types of payment options — whether it’s cash, contactless payments, credit cards, or others. 

But aside from these, some software also allows you to pull out sales reports, manage inventory, and many others.

Reports will help you look into how much you’re earning, and help you make better decisions for your business. 

EasyPOS: Cloud-Based POS Software

EasyPOS is the best POS system for retail businesses with a physical store.

Since it’s cloud-based, you can view live reports on the cloud when integrated with EasyFS, a software-as-a-service accounting software with sales and inventory integration. 

EasyPOS is a complete sales and inventory system that can be beneficial for your business.

It offers two user interfaces — one is a barcode, which can be used for groceries, and the other is a touch screen, which is suitable for restaurants.

The software allows you to set up discounts, price levels, and pay types.

It offers detailed modules for POS, POS reporting, remittance reporting, sales reporting, and inventory reporting. 

Key Takeaway

Point of sale systems are necessary for retail businesses because they allow you to manage daily transactions with ease.

You can conveniently ring up customers, track your sales, and manage your inventory, which can help you with your business operations and improve your ability to make informed decisions.

If you’re interested in EasyPOS, you can book a free demo by clicking here!

Otherwise, if you have questions and inquiries, we can help you if you send us a message here.