Point-of-Sale denotes a point where a transaction between a merchant and a customer takes place regarding a product or a service. It is a place where the physical sale of goods and products is conducted, checkout happens, orders are possessed, and bills are paid. A physical can also turn out to be a POS terminal, where systems are used for processing card payments.
Virtual sales points such as a mobile gadget or computer, also work as a point-of-sale during digital online sales. When a specific system or software is used for the purpose, it is called as a point-of-sale system.
There is a variety of hardware & software systems used for billing in a POS store. From the units to display total order, product weight, to other hardware units for scanning product barcodes, a cash register, and a printer for receipts, etc. Card readers have also become an integral part of the POS systems today. Let us check what a POS system typically contains:
· A screen to display the bill
· A touchscreen device or keyboard to select products and enter data
· A printer for printing the receipt
· Barcode scanner for scanning billed objects
· A software interface to complete the billing process
· Cash Register – to store the cash obtained during sales
The system that actually makes your entire POS system running on your computer or mobile gadget is a POS software. The software helps you in inputting data about the products to sell, tally cost or order, and transact financially. The software helps the users to process orders in a retail store utilizing the available hardware.
Many large retailers for their specific needs also use custom-built POS software solutions. These software solutions are as diverse as the needs of the retail industry. Even the hotels use such kind of software systems as a basic algorithm to accept bookings, allot hotel rooms, and bill their guests.
It is a card-reading machine or any other device that is used for accepting payments for an order placed on the POS software system. It may or may not be integrated with the POS software.
Usually, POS terminals detect all modes of payments over the chip-based or swipe-based cards. Modern POS Terminals also identifies contactless cards, NFCs, and other payment options such as Google Wallet, Apple Pay, Samsung Pay, etc.
It is a well-recognized and globally accepted POS software in retail locations, where you do the majority of in-house shopping. The system is flexible, and if you want, you can turn your mobile device as well into a POs system without needing to install any extra hardware.
Square has plenty of different hardware options available to you if you want to get the hardware directly from them. You can choose any out of,
· Square Reader for magstripe
· Square Reader for contactless and chip payments
· Square Register
· Square stand-up for contactless and chip
· Square Terminal
The versatility of the Square software makes it popular among small business owners. Square software works significantly as a credit card processor, so you would not need to integrate a third-party solution for accepting payments.
If talking about the cost, it comes around 2.6% installation charges plus $0.10 charges per transaction.
It is another most prominent POS system, especially for restaurants and retailers. The inventory system of Lightspeed helps you in saving time with centralized purchasing catalogs integrated to the POS software. It allows you to sell your products in a bundle along with managing multiple product variations.
You can track unit costs; get alerts for items that are low in stock, and even sell the out-of-stock items that will be supplied upon arrival. For custom items, layaways, work orders, and purchase orders, Lightspeed is ideal.
Lightspeed can efficiently work with your own hardware, and by using any device, whatever the operating system is. With this software, you can also set up customer profiles for purchase history and lifetime value. You are also allowed to segment your customers into different categories.
The pricing points are categorized into five different categories, and the choice depends upon the size of your business operation:
· The basic plan starts with $79 per month
· Starter plan starts with $119 per month
· The standard plan starts with $139 per month
· The advanced plan starts with $189 per month
· Pro plan starts with $259 per month
It is the leading ecommerce platform in the market today. If you are already using Shopify to sell online or plan to expand your retail business into the ecommerce space, using Shopify POS system is highly recommended.
Shopify POS will allow you to manage your all inventory in real-time and sell them online at one place that makes it much easier for you than using separate solutions. It also allows you to inventory transfer between locations and forecasting. Shopify makes it easy for you to generate loyalty with profiles and tools to build customer loyalty programs. For your ecommerce plan, the pricing for Shopify POS is included free in its monthly cost. Only for the processing fee, you would need to pay something extra. Let us review its plans further:
· Basic Shopify - $29 per month
· Shopify - $79 per month
· Advanced Shopify - $299 per month
It is crucial to choose the right POS system for the success of your business. These modern POS solutions perform more than just payment processing. Your responsibility is to compare quotes from the best of the POS system suppliers before making a decision. This will help you get matched with a point of sale service that fits your business needs accurately.
The above-given examples are of the top-class POS system solutions used worldwide by a variety of businesses. As per my suggestion, Lightspeed lacks multiple payment processing integrations. Shopify is also best to use if you are looking to launch a new ecommerce store, and it is best for easy setup. But Square can be regarded as the best overall POS system today for entrepreneurs, and small, medium to large business owners.
Nowadays pos software is important for every retailer. If you are looking for a pos software in Bangladesh. Then I will recommend you choose CMSN POS Software. Let's see a screenshot of this software.
It looks nice and clean design. You may learn more from their CMSN POS Youtube Channel.
Small businesses or retail stores require an array of administrative, management, and marketing skills. These skills ensure that there’s enough inventory to align monthly sales reports, and the store could operate smoothly. A point where your prospect makes a payment for products or services at your store, and such a transaction is called a point of a sale transaction.
Before deciding to implement a POS system in a business, there must be complete knowledge of its hardware and software components and capabilities.
Software Components of a POS System
Every POS system includes software and hardware components that make running the daily operations of your business more comfortable and faster. It’s essential to understand what POS software options are there and what each has to offer. Two types of POS systems are available in the market based on its software architecture: ON-Premise POS and Cloud POS.
Hardware Components of a POS System
Some of the standard physical components required to run a POS system are:
Key Features of a POS System:
A POS system can simplify essential daily business operations with more excellent proficiency. The basic features of a POS system are:
Sales Reporting: POS systems enable you to look at your sales and differentiate between the numbers that are presented, accessed, and the details presented.
Inventory Management: One of the essential functions of a POS system, is inventory management, and to keep track of all the specific products.
Customer Management: A POS system builds strong relationships with customers and tracks all customer data.
Employee Reporting and Management: The system comprises the ability to set sales targets and identify top performers that help in increasing sales.
If a brand is opting for a POS system for the first time, they should begin by making a list of features that they require the most. For this, they need to start looking for solutions for them.
Some of the most common questions that could be asked while implementing a POS system are suggested below:
Steps to take before buying a POS System:
1. Research the most popular retail POS systems.
2. Complete a retail software questionnaire.
3. Read reviews from fellow business owners.
Hence, the information mentioned above explains all one needs to know about the Point Of Sale (POS) software.