What is POS? A Guide to Point of Sale Systems
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In business terms, POS means Point of Sale. A point-of-sale (POS) system is defined as the device used to complete a sales transaction and is a combination of POS software and hardware. The device can be anything from a computer, tablet, or even an iPad used to conduct sales. To see different examples of POS systems, click here.
POS software is the software application that powers your point of sale system. It’s the primary tool you use to process payments, store data, manage business functions, and drive your company’s growth. Modern-day point-of-sale software is an integral component of any business and increases efficiencies for restaurants, bars, retail shops, and online stores.
What Does a Point of Sale (POS) System Do?
Now that you have a basic understanding of POS systems, it’s time to take a closer look at what they do. In most cases, if someone is referring to a POS terminal, they’re referring to the software interface and hardware of a point of sale machine The primary purpose of the core POS terminal is to calculate item totals, process transactions, increase efficiency, and record the information from the sale
But a modern-day POS system offers much more than just transactions; they also help you streamline various aspects of managing your business Advanced software also provides inventory tracking, item imports, menu building, staff management, data and sales reporting, customer management systems, and promotions management to keep customers coming
back to your restaurant or retail shop The features will vary, depending on the POS company that you choose for your environment.
Let’s take a look at some additional software components that you can expect from various industry leaders:
● Inventory Management: Regardless of whether you’re operating a retail or hospitality business, tracking inventory is critical if you want to manage your business. Leading POS software products will allow you to track inventory and set alerts for when you’re running low on items. Some will even order new stock for you!
● Customer Relationship Manager (CRM): If you want to manage relationships with your clients, it’s essential to have a software system that can build customer profiles and track their spending habits. You can then offer exclusive promotions and cater your customer service to meet an individual client’s needs.
● Staff Management: While point-of-sale systems traditionally manage your sales to customers, they can also manage your staff hours and scheduling. You’ll find that many modern-day software applications offer staff management, but it may come at an additional cost, especially if it’s from a 3rd party company
● Loyalty Programs: While this is similar to a CRM system, loyalty programs can help you reward individuals for spending in your establishment. If you want to offer incentives to loyal customers, your software application will need to track spending and issue rewards.
● Gift Card Management: If you want to offer gift cards to customers, it’s essential to work with a software program that contains this feature. The program will need to issue gift cards, serial numbers, and keep track of balances once the users begin spending money.
● Compatibility with Third-Party Software: Many leading POS companies will also integrate with other software programs. In some cases, you may find a system that allows you to build your custom apps or tools within its platform.
While each software application will have different functions, these are the core features that you’ll find in many point of sale programs. The good news is that most providers today like Harbortouch POS will provide you with an all in one solution (hardware and software), so you get everything you need to start operating quickly
