What is a POS?
A POS (Point of sale) is an important part of every business operations. It often refers to the place where a customer makes the payment for goods or services. Processing of payments and orders can be done with a Point of Sale system in a physical store or an online store.
In the past, cash registers were used to process payments. However, due to technology advancement, processing of payments and orders can now be done through a software. Automating your process workflow helps to increase your operation efficiency. Therefore, it will increase your overall business productivity.
A POS software usually comes with basic features like the cashier module and sales reporting. Other advanced features include inventory and CRM modules. Usually, the features can be customized to cater to your business needs. Hence, before you make a purchase, check with your supplier if you can personalize the features.
If you’re running a F&B business, here’s an article on the essential POS features you will need for a restaurant.
For retail, here is another article recommending some features that are suitable for the retail business.
What are the benefits of a POS system?
Owning a POS system allows business owners to automate their operations. For instance, the cashier module allows for orders to be sent directly into the system at the payment counter. Hence, this results in a more efficient tracking process for the business.
Likewise, the automated sales and customer analytics within the system allow owners to track and analyze their business progress easily. Therefore, assisting in making better decisions for growth. On the other hand, employees too will have an easier time managing their daily tasks and operations.
Depending on the software, business owners can also track pricing accuracy, inventory, gross revenue, and sales patterns. All these advanced features can be integrated into one POS system, which will in turn make it easy to track catch discrepancies in daily sales.
Monitoring of inventories and product trends is also easier when there’s such data and analytics on hand. Additionally, being able to avoid serious mistakes like miscounting of inventory and the inability to track loyal customers, can result in more sales and therefore greater profits.
Ultimately, owning a POS system is very beneficial to your business as you’d increase your overall operational efficiency and therefore productivity. Today, it is very common to see point of sale system running in every businesses from restaurants, to small cafes, and to retail stores.
Hence, to stay competitive in the market, it is strongly advisable to own at least a basic POS software to kickstart your business. If still unsure of what features you’d need, you can always speak with your local POS vendors before rushing into making your purchases on any random POS software and hardware.