POS – Point Of Sale
POS stands for Point Of Sale. A Retail Point of Sales system typically includes a computer, monitor, cash drawer, receipt printer, customer display and a barcode scanner, and the majority of retail POS systems also include a debit/credit card reader. It can also include a weight scale, integrated credit card processing system, a signature capture device and a customer pin pad device.The POS unit handles the sales to the consumer but it is only one part of the entire POS system used in a retail business. “Back-office” computers typically handle other functions of the POS system such as inventory control, purchasing, receiving and transferring of products to and from other location.
Restaurant POS refers to point of sale (POS) software that runs on computers, usually touch screen terminals or wireless handheld devices. Typical restaurant POS software is able to print guest checks, print orders to kitchens and bars for preparation, process credit cards and other payment cards, and run reports. In addition, some systems implement wireless pagers and electronic signature capture devices.
If you have a lot of cashPOS System transactions, replacing the cash registers with a Point-Of-Sale (POS) system save you money. A POS system is computer software and hardware networked together to track sales and inventory as they occur. POS systems will solve a multitude of problems in your business.
POS systems are often designed for a variety of clients, and can be programmed by the end users to suit their needs. Some large clients write their own specifications for vendors to implement. In some cases, POS systems are sold and supported by third party distributors, while in other cases they are sold and supported directly by the vendor.Since implementation of a POS system is requires a large investment in time and money, the selection of software and hardware requires careful research into the features available and associated costs.
Here are some of the advantages of using a POS system to track and manage your business:
- Reduce Shrinkage – since inventory quantities are tracked in real time, understanding shrinkage becomes easier. Every modern POS system includes receiving and inventory functions. Proper use of these functions helps pinpoint the causes of inventory loss, reduces “out of stock” conditions and makes overall business management easier.
- Manage Specials – POS systems automate the process of tracking current and marked down pricing. Discounts, coupons and promotions are often critical to attracting and retaining business. POS systems excel at managing and reconciling short-term discounting automatically.
- Maintain Control – Many business owners discover that efficiency and customer service suffer when they’re not on site. POS systems give you the ability to track volume and performance when you’re not on theRetail POS System in Operation floor or you’re busy with other tasks.
- Improve Efficiency – POS systems allows your staff to tend to revenue generating tasks such as helping customers. It eliminates the need to double-check inventory disparities and cash register reconciliation. POS systems dramatically reduce the effort required to do inventory and other repetitive paperwork. Improved efficiency means higher customer satisfaction, lower costs and higher sales.
- Timely and Accurate Reports – POS systems give you the ability to analyze sales data. You can measure the effectiveness of pricing or advertising campaign. You’ll know what items need to be ordered and in what quantity. You can identify high margin items and promote them further. You can easily calculate daily gross revenue, cost and profit. Historical data analysis helps to forecast your future needs.
- Improve Customer Satisfaction – Using a POS system with barcode scanner will significantly speed up the check-out process. It gives you the ability to recognize your best customers and reward them for their patronage. It can easily collect customer data (from credit card transactions) that you can use for targeted advertising and incentive programs.
- Manage Using Remote Access – Many POS system software packages give you the ability to manage the system while mobile. Whether you’re traveling between stores or taking a day off, remote access gives you the ability to see what’s going on at the location and take action when needed.
- Flexible Expansion Options – Most POS system software gives you the ability to add registers and administration computers. If you have an eye to expansion, make sure that you can connect the multiple stores via the web or other connection method. This will allow you to use a single system to manage all your locations.
Which is Better? Cash Registers vs POS.
For a new business, the choice of cash register or POS system may simply depend on the budget of the retailer. Before selecting a cash register or POS system, understand your business needs, the cash management options and POS hardware available.
Benefits of POS Systems
- More detailed reports
- Better track inventory
- Improve accuracy
- Easily grows with business
Benefits of Cash Registers
- Low cost for startups
- Most models easy to use
- Fewer components
- Basic functions and reporting
Before you buy either a cash register or a POS system, learn what kind of warranty or support comes with the machine. Plan how you or your staff will be trained to use the equipment. The more POS hardware added to the system, the higher the cost. Retailers can find a simple cash register for under Rp. 1.000.000,-, but expect to pay between Rp. 5.000.000,- up to Rp. 10.000.000,- for more advanced registers with scanners, display pole and many functions. It is fine to choose a low-end model to start with as long as you upgrade later, as the business grows. Before you buy or lease a cash register or POS system, get the advice of an experienced professional before making your final decision. A bad choice could result in loss of sales or negative customer service. However, in the end only you know what’s right for your retail business.