Technologies such as Point of Sale software benefits businesses and improves the shopper’s experience. POS software technology supports multichannel commerce, personalized advertisement, loyalty programs, and consumer analytics for better services. When businesses understand consumer behavior in a better way, they are able to provide integrated business-to-consumer (B2C) services. With hardware accelerations such as smartphones and tablets, retail businesses are in a position to provide the ultimate buying experience to their customers with the help of point of sale solutions. If your brick and mortar shop needs the best Point-of-Sale software, then explore the following list of widely used POS software generated by GoodFirms.
What is POS software?
POS software is a set of applications that provides an easy interface for faster billing during checkout at retail outlets. POS system works as a billing processor and digital cash register. It increases business efficiency by storing customer transaction data, providing friendly payment options, and sales reporting. The payment service capabilities generated by cloud-based POS solutions have revolutionized the industries such as retail, hospitality, restaurant, and more. With the multichannel payment approach scoring high with today’s tech-savvy consumers, frictionless payment systems such as point of sale software are gaining popularity. POS is also used extensively for contactless payments in retail stores.
How To Select The Best POS Software?
So, you have learned a lot about point-of-sale (POS) software. You have done the market research, you know what your business is, and now it is time to pick a POS system. Although the process may appear simple, you know one wrong choice can derail your goals, it can damage your budget. GoodFirms list of best POS software comes of great use here. Created with perpetual iterations, the list of best POS system software is continuously updated to include any new and promising entrants. Please go through the list, identify the core features, and all possible benefits to its use, compare the prices, check the reviews before settling on a final selection.
List of The Best POS System | Best Point of Sale SoftwareFilter
KORONA's all-in-one POS software offers powerful retail, eCommerce, ticketing, and QSR solutions along with extensive hardware integrations. KORONA POS is a scalable cloud-based system, meaning any changes are made in real-time and all data can be accessed remotely. There are no contracts, credit card processing agreements, or fees, only a flat, monthly subscription payment. All set-up, training, ... read more about KORONA POS
NexoPOS is a POS software designed to help small and medium-sized businesses (SMBs) run their operations, from managing their customers, tracking their inventory, and generating detailed reports on sales among others. NexoPOS is a point of sale software system easy to install, build for businesses, which helps you to manage your store and your stock in a few clicks.... read more about NexoPOS
Bright Retail PoS Software - retail point of sale software solutions are designed to address the challenges of small & independent aspirants, retailers, and large multi-store retail chains. their sector-specific orientation, built using the latest technologies, assure retailers 'a visible improvement' in customer engagement, by helping them source the right product at right price at the right time... read more about Bright Retail PoS
Koomi is a POS solution for quick-service restaurants looking to take orders faster and manage their entire business from one dashboard. Streamline online and mobile ordering with a branded mobile app and a direct integration with delivery platforms like Uber Eats - Making it easy to manage online and physical orders from one tablet and boost their revenue during slow periods. ... read more about Koomi POS
RetailGraph is basically known as complete wholesale & retail management software that has specifically been designed for small and mid-sized retailers & wholesalers to help them with a complete Point-of-sale (POS) solution. Businesses can use this solution to meet unique retail requirements. This future-ready Point of Sale software for retail/wholesale stores comes equipped with advanced features... read more about RetailGraph
Vend is the leading POS software for retail, trusted by over 20,000 small business retailers worldwide. Sell, manage, report and scale with Vend Point of sale software. Vend is the retail management software that’s taken retail to the cloud. Vend point of sale software is legit, here are some big numbers to prove it. And we do it all because we love to help retailers grow.... read more about Vend
ShopKeep POS software puts your cash register on an iPad. It’s intuitive and easy to use. We were founded by a merchant, so we know simple, powerful solutions beat complicated bells and whistles every time. With ShopKeep, you can accept any form of payment and you get essential features like automatic inventory tracking, employee management and real-time sales reporting anytime, anyplace.... read more about ShopKeep
Erply is a cloud POS system for retailers of any size. We offer comprehensive inventory management, a suite of detailed reports, and multi-store functionality. Erply is fast and flexible, making us a long-time partner of several highly successful brands like Sony, Disney, Garmin GPS, Elizabeth Arden, Athlete's Foot, Carat, Rapid Refill, Viasat, UNICEF, United Nations and United States Olympic Comm... read more about Erply
Shopify POS system is an iPad and iPhone-based point of sale service from Shopify. The application allows you to manage your entire online and physical store business using a unified platform. Shopify POS software is part of the Shopify eCommerce suite, enabling you to take your business and manage it from everywhere. ... read more about Shopify POS
Square is a point-of-sale application designed to provide businesses with a reliable and fast POS software system. It enables you to take payments using your iOS or Android devices and can be implemented on the counter or on-the-go. The POS system comes with a free downloadable point of sale software plus a Square magstripe reader, allowing payments via debit and credit cards. It also comes with ... read more about Square
Bindo is a cloud-based iPad POS software system with a vertically integrated eCommerce marketplace. It offers a point of sale software solutions to retail management and restaurant businesses by deploying smart inventory management tools to help in effective tracking of inventory in real-time. ... read more about Bindo POS
QuickBooks helps in getting a point of sale software system from the company that sets a standard for small business accounting. With Desktop POS software, you know you're getting the quality and support of the QuickBooks brand with every transaction.... read more about QuickBooks POS
Lightspeed Retail Point of Sale software is the industry-leading easy to use cloud-based POS solution for retailers. Lightspeed Retail simplifies the way you serve customers and manage all your store locations. Lightspeed POS software to manage your inventory, keep tabs on your sales, manage your employees, process payments and create unforgettable shopping experiences that keep customers coming b... read more about Lightspeed POS
eHopper POS software is easy to use, cross-platform, and available on Android tablets, iPad, Windows PCs, and the Poynt terminal. eHopper is a free POS system for Windows PCs, Android and Poynt. eHopper point of sale software fits small businesses such as quick-service restaurants, coffee shops, bakeries, cafes, bars, liquor shops, food trucks and other retail business looking for a consolidated... read more about eHopper
Revel Systems is the POS software and platform built to help the business achieve its goals. Improving day-to-day operations and fueling merchant growth, Revel's streamlined ecosystem pairs an intuitive point of sale software with powerful management tools, integrating inventory management, employee management, sales reporting, and more into a single platform.... read more about Revel System
Toast is an all-in-one point-of-sale and restaurant management platform. As a cloud-based system built specifically for restaurants, Toast POS software offers advanced functionality including tableside ordering, quick menu modifications, real-time enterprise reporting, online ordering, and labor management on an easy-to-use interface. ... read more about Toast POS
NCR Silver is a POS system that is hosted on the cloud and developed specifically for the Apple iPad. Created by the first Point of sale systems provider, NCR, the NCR Silver POS software leverages the simplicity and ease of use of the iPad, enabling users to run their POS-related functions including employee management, inventory management, scheduling, sales reporting and more from a convenient,... read more about NCR Silver
Springboard Retail is a purpose-built cloud Point of sale and retail management system designed for retailers, by retailers. Built with multi-site, multi-channel brands & retailers requirements in mind, the Springboard POS software platform allows them to deliver seamless service to every customer the same way, no matter where or how they choose to shop. Get the powerful retail management function... read more about Springboard Retail
Primaseller is a complete POS software and Online Inventory Management Software Solution that enables multi-channel retailers to manage their Brick & Mortar in-store sales along with all their online channels of sale like their web stores or marketplaces like Amazon in an integrated seamless manner.... read more about Primaseller
Tillpoint is the multi-award-winning POS & Business Management System capable of running your entire operation. Its innovative modular design allows users to easily manage all areas of operation, including the POS, Inventory, Staff and Accounting. Tillpoint currently has over 25 modules, all of which are included in the subscription plans, resulting in a complete, centralized, and cost-effect... read more about Tillpoint
TouchBistro pos software is built for restaurant people, by restaurant people. We're a team with hundreds of years of experience in the restaurant industry – and we've used that experience to build a Point of Sale software solution that helps restaurateurs make more money, deliver a great customer experience, and take the guesswork out of making business decisions. TouchBistro was designed to ma... read more about TouchBistro
Webnexs POS software is a comprehensive point of sale system software designed to let you sell from your online eCommerce website or brick-and-mortar store with ease and efficiency. It comes with all the core functionalities of a store management system, including accounting, inventory, invoicing, and more, to ensure that you manage your online and offline retail store from a unified platform. ... read more about Webnexs POS
Cegid is a robust point of sales software and stores management software for retail businesses. It’s a POS software & reliable management system that also integrates the capabilities of inventory management and customer relationship management applications. The program combines all customer touch points across different platforms to deliver centralized store management and staff monitoring exper... read more about Cegid
NetSuite SuiteCommerce was built with the idea that eCommerce is no longer a stand-alone channel but a core business component. SuiteCommerce enables businesses to move from siloed online, in-store and phone shopping channels to an integrated commerce solution that seamlessly connects eCommerce and in-store POS to order management, inventory, merchandising, marketing, financials and customer servi... read more about NetSuite SuiteCommerce
Salonist helping salon owners to operate their salons in an easy ways since 2016. Salonist is an easy to use, operate and all in one featured salon management solution. It gives salon owners the latest technology to handle their customer relationships, increasing productivity, and driving profitability. To know more visit our online website today!... read more about Salonist
IDZlink is the cloud-based POS software, ERP and business management system for retails, restaurants and small businesses. IDZlink POS allows you to manage your business efficiently with the freedom to access features and data from any location. With the IDZlink POS all-in-one business management system, you can shorten your tasks, keep up-to-date in real time as you handle transactions and st... read more about IDZlink
Kounta provides an affordable, easy to use point of sale software system with everything a hospitality business needs to grow. Quick to set up, easy to learn, and simple to manage, Kounta POS software is full of efficiency-boosting features to tailor service exactly how you need.... read more about Kounta
Poster POS is a cloud-based tablet point of sale software system that enables businesses, specifically cafes, restaurants, and shops to take orders, manage inventory levels, monitor stocks, and more. The system is easy to set up, with your whole POS software up and running in 15 minutes. ... read more about Poster POS
The most innovative point of sale software system on the market. A true cloud-based enterprise POS System, fully integrated with enterprise reporting, inventory, customer data, central kitchen, and more. For a complete restaurant POS system there is only one option that offers a true all-in-one solution, the Linga POS Software.... read more about Linga POS
Easier, smarter and built for restaurateurs Upserve’s restaurant management platform is your all-in-one solution to successfully run your restaurant. We provide payment processing, point of sale and valuable insights to boost margins while saving you time. Upserve's platform is easy to implement and use, reliable, and backed by a 24/7 U.S.-based support experts. ... read more about Upserve
NCR Counterpoint is the specialty retail management software system that integrates the front and back offices seamlessly, enabling you to grow your business. Our comprehensive and flexible retail management system solution will manage your business's details so you can focus on what truly matters: your customers. ... read more about NCR Counterpoint
Odoo's Point of Sale solution consists of a smart interface that any restaurant, shop or retail company can use without any difficulty. This solution is compatible with any hardware, works online/offline, and the integrated inventory management enables real-time control and accurate forecasting to manage procurement.... read more about Odoo POS
Loyverse provides simple yet powerful POS software tools for managing small to medium retail business. Manage your store and sales from a smartphone or tablet — increase your small business profit by making your sales easy and fast with Loyverse Point of Sale software, manage inventory, visualize sales analytics, acquire, retain, engage your customers and multiply their average spend.... read more about Loyverse
Pangea Open POS is an Open Source Point of Sale Software designed to work with touch screens and available in 3 versions for Restaurants, Retail management and Spa. Pangea Open POS software is available on both free and paid versions. The paid version is accessible by signing up on Members Area. On Members Area you can find the latest version while on Source Forge you can still download previous v... read more about Pangea Open POS
Following on from my extensive work in supporting an open source pos software with a large number of additional features and fixes since 2012, there seemed to be a demand for a cheap kitchen screen option to work with the point of sale software. It was then, that I have decided to start developing additional applications as extensions to this application, or any other open source POS software that... read more about Chromis POS
Floreant is one of the first known enterprise-grade restaurant point of sale software systems released in the public domain. Florent POS software has stable growth in the last six years and according to Google statistics, it’s the most used restaurant POS software. Floreant has been shared in all download sites including CNET Download, ZDNet, and Sf.net. Only sf.net has more than 122,000 downloa... read more about Floreant POS
Day-In, Day-Out uniCenta POS software helps thousands of people all around the world save their business time and money. uniCenta is not the usual run-of-the-mill legacy Point Of Sale software developer. We are a small team dedicated to bringing you innovative Point Of Sale app. Our aim is to free you from legacy POS software thinking and help you and your business succeed.... read more about uniCenta
Alice POS is a cloud-based retail point of sale software solution designed for multi-site stores such as franchises, corporate chains or buying groups, as well as individual stores that have the ambition to expand. Alice POS software is built to increase revenue and save time while offering multi-store specific features such as inter-store inventory transfers, standardized network pricing, and adv... read more about Alice POS
POS Software or point of sale Software. If you are looking for a totally open and free Point Of Sale software to run on your computer, then you have come to the right place - ProffittCenter POS Software. Far more than just a low-cost computerized cash register! Full stock control and ordering. Slash your inventory costs. Stop being out of stock! Have more control than your competitors! ProffittCen... read more about ProffittCenter
A restaurant management system helps a restaurant manage all the different types of orders, menus, shifts, tables, billings, payments and everything on all counts. Specially designed to serve and assist the F&B industry, restaurant management expedites every operation of the restaurant and thus making restaurant management cakewalk for a restaurateur.... read more about eZee BurrP
Armada POS is the latest state of the art Point of Sale software for today's Retail and Hospitality establishments. Using the most advanced technologies, Armada POS software is able to provide you with an ongoing, reliable service you can count on. Whether you are trying to find better ways to manage your multi-location casual restaurant operation, retuning your delivery side of the business, mana... read more about Armada POS
Elevate your customer experience, drive loyalty and streamline operations with a point of sale system built to help you grow. ePOS Hybrid is a powerful POS system dedicated to the hospitality food industry. Our functionality ranges from full menu and kitchen management to stock control, staff coordination and business reporting. ePOS Hybrid is an innovative cloud-based POS software determined ... read more about ePOS Hybrid
We have you covered! RepairShopr is an all-in-one system integrating tickets, CRM, invoices, and marketing in a simple, easy-to-use platform designed specifically for repair shops and IT support businesses.We added the important parts of a CRM and left out all the confusing stuff so your team will ramp up quickly and get to work.... read more about RepairShopr
SlickAccount's simple GST Accounting Software lets you create GST ready Invoices, send them to clients, manage inventory and stock, get amazing reports and file GST returns. Slick Account is an perfect accounting software for startups and small businesses. ... read more about SlickAccount
e-Restaurant POS PLUS is a restaurant POS software especially having a Smart Inventory System that helps a restaurant owner to protect his inventory from stealing or misusing. This software is specially designed for the restaurant by keeping RESTAURANT NEEDS in mind. Payment terminals, touch screens, and a variety of other hardware and software options are used to enable the transaction. Ultim... read more about E-Restaurant POS PLUS
For a stand-alone retail store or a chain, FusionRetail provides safe & secure retail management system, touch & scan point-of-sale (POS) with billing, barcoding, inventory control, financial accounting & management, chain store management, payroll, customer loyalty program, CRM, MIS and Mobile Reporting. Unlike other retail software, it's simple to setup, use & manage, allowing you to automate ta... read more about FusionRetail
- Introduction to the Buyer’s Guide to the POS Software
- What is Point of Sale (POS)?
- What is a Point of Sale (POS) Transaction?
- What is a Point of Sale (POS) System?
- Why Do Businesses Require POS Software?
- What are the Benefits of POS Software?
- What are the Different Types of (Point of Sale) POS?
- How Does a Point of Sale system work?
- What Are the Various Types of POS Software Based On Deployment Options?
- What is the Difference Between On-Premise POS and Cloud-based POS?
- POS Best Practices
- How to Choose the Best Point of Sale Software?
- What Questions Should You Ask Before Buying a POS system?
- What Are Some Common POS Mistakes, and How To Avoid Them?
- Features of Point of Sale Software
- How to Keep the POS System Secure from Cyber Attacks?
- What Are the Current Trends in the POS System?
- What is the Average Cost of POS Software?
- Why Refer to GoodFirms’ list of the Best Point of Sale (POS) software?
Introduction to the Buyer’s Guide to the POS Software
Manual checkout processes are no longer valid in the dynamic business environment. Flexibility and automation have become a crucial differentiating factor. A POS software eases ordering, billing, product positioning, customer service, sales projections, marketing campaigns, and demand forecasts. Its implementation can help businesses ease the purchasing process and forecast seasonal demands accurately with analysis of historical customer purchase data.
Businesses get hold of commerce by using point of sale systems that promote longevity in the business. Retail, hospitality, consumer services, multi-service businesses (like health, nutrition, entertainment, theatres, and hotels) make use of point of sale apps regularly.
However, choosing the right POS software for your business can be daunting. Therefore, this buyer's guide to POS (Point of Sale) software intends to provide in-depth information to the buyers to choose the appropriate point of sale system for their business.
What is Point of Sale (POS)?
POS is an abbreviation for Point of Sale or Point of Service. It means the point of sale transaction or deal that happens between a merchant and a customer when purchasing the product or service. The POS solution is generally used to carry out the transaction.
In simple terms, Point of Sale serves as a system that allows the sale of physical goods in a retail store. The POS system eases the checkout process, streamlines billing, and improves customer experience.
For example – If you are purchasing something in a retail shop, you are undergoing point-of-sale.
What is a Point of Sale (POS) Transaction?
POS transaction is the state where customers offer payment for the purchase of goods or services. It occurs when the deal is finalized. The user can use cash, debit cards, mobile payments, or credit cards for the payment.
POS systems are increasingly becoming popular by allowing customers to speed up the checkout process and pay bills easily.
What is a Point of Sale (POS) System?
Any store that has a point of sale and point of purchase can use POS software. Ecommerce stores and many brick-and-mortar stores widely deploy the POS system. The POS system helps in controlling the transactions. From customers, products, sales, inventory, loyalty programs, and labor; this point of sale software solutions automatically updates the essential database.
The retail companies, grocery shops, and hospitality businesses like restaurants and hotels can benefit highly from a POS system. The retailers can accept and process the payments with the help of retail POS software. The user purchases the POS system with hardware and accessories such as a monitor screen, cash register, barcode scanner, receipt printer, and card readers.
Why Do Businesses Require POS Software?
The point of sale system software is becoming the nerve center of every business. It provides an all-in-one solution to a large number of everyday issues. The point of sale solutions collects and records data accurately, which helps users know about the functioning of the business. Point of sale software is essential due to many reasons:
- Manage the Inventory- The point of sale software maintains the business' inventory. It collects and tracks the information that helps the users know what sells a lot and what time it should be restocked. From the reports, the users can decide when they should adjust the pricing.
- Automate the Accounting- POS solutions make the record-keeping and accounting process easy and effortless. Directly from the system, the user can collect all the data. If the sound POS system is connected to the computerized accounting system, the user can clear credit cards, record transactions, manage sales, and quickly collect taxes.
- Collect Customer Data- The user can gather the information from the current customers based on the information input capacities. The POS system allows improving customers' buying experience by keeping the information related to customers' phone numbers and email addresses. The customers will find it easy to shop more if their information is stored prior to the system. This results in better CRM.
- Save Time - The point of sale software speeds up the checkout process and inventory management. It offers faster payroll processing. The user can make use of the search tool to look for any type of transaction.
The businesses should invest in POS software due to the following reasons:
- Improved customer experience
- Simplify sales from multiple locations
- Better productivity through integrations
- Gain access to customer purchase histories
- Control of inventory
- Manages Taxes
What are the Benefits of POS Software?
- Speedups purchase transactions
- Provides a seamless shopping experience
- Optimizes checkout process
- Saves information about all customer’s purchase history
- Boosts productivity by the faster checkout process
- Provides essential business reports and sales data
- Better customer service and experience
- Streamlines cross-selling, interaction with shoppers, and up-selling
- Enables easy stock management
What are the Different Types of (Point of Sale) POS?
The various types of POS software are as follows:
Mobile Point of Sale
In the small business sphere, the mPOS system has become more and more popular. Small businesses, like event vendors, contract professionals, and freelancers, find Smartphone POS services an apt option for processing payments. As per the business requirement, the mPOS can be connected to external hardware like a card reader, cash drawer, printer, and barcode scanner. The business owners only have to download an app and create an account for a mobile POS system.
The user can experience better processing capability, enhanced communication, sophisticated consumer analytics, real-time inventory management, and wireless connectivity with mPOS smart devices. It is cheaper and more flexible than the ePOS (electronic point of sale) system. In retail stores, mobile POS software helps attain consumer data, empower employees, and generate more dynamic sales opportunities. It is suitable for mobile vendors, coffee shops, gift shops, small retail stores, pizzerias, ice cream parlors, art galleries, small theatres, salons, quick-service restaurants, juice bars, and professional services.
The Terminal Point of Sale
The terminal point of sale (POS) system is used for processing payments at the billing counter. POS terminal usually detects all modes of payments. The modern POS terminals discover NFC (near field communication) / contactless cards and wallets such as Apple Pay, Google Wallet, Samsung Pay, and many more. The Terminal point of sale system is apt for busy retail, antique stores, grocery stores, restaurants.
Self-Service Kiosk POS
A Self-service POS system enables the customers to input the necessary payment data and check out their purchases with self-service POS systems. Even if the billing workers are not physically present to manage the sales process, the businesses can deploy self-service kiosk POS to manage the billing counter. It is apt for - ticket sales, large retail stores, parking, etc.
How Does a Point of Sale system work?
The POS system helps in running the businesses smoothly by saving time and reducing paperwork. It works in the following manner:
- Installation and set up – The POS system involves physical hardware components and software system data. The POS provider sets up the account. The user can add inventory, employees, and customers. The POS Company teaches users how to make use of this POS system.
- Collects data- The POS systems fetch customers' data, including the phone number, name, and customer number. In the industry-specific software, there are features of inventory management.
- Payment Processing: The customer uses a credit/debit card or an authorized e-wallet to make the payment at the billing counter. Before making the authorized transaction, the user requires the PIN, signature, and fingerprint scan to complete the POS purchase. From the PIN or other security features, the authentication information travels through the banking networks to reach the issuing bank. The bank holds power to approve or deny the deal based on the transaction type and amount of funds present in the cardholder's account.
- Promotion - The Point of Sale solutions allow users to design simple marketing strategies to gain more business. It offers email marketing and direct mail reports.
- Reporting and Back Office – The users can review the sales reports and manage inventory, employees, and customers. The point of sale software provides reports that include the details of the cost of goods sold, low inventory along with existing inventory, customer purchase history, item-specific sales reports, and gross sales.
For example,- In the restaurants, the POS system enables tableside payment. You may use credit cards or cell phones to pay with Apple Pay or Android Pay for paying the amount. The restaurant's machine or system to take your payment is termed their point of sale terminal. It takes the payment of the customers by adding up the totals along with the sales tax.
What Are the Various Types of POS Software Based On Deployment Options?
On-Premise POS Solutions: Businesses that want to house their POS software on their own in-house servers and IT infrastructure can deploy the on-premise POS software. Businesses have to purchase the license to use the software.
Web-based or Online POS Solutions: Third-party online POS software providers offer web-based online POS software that can be accessed from anywhere with internet accessibility.
Cloud-based POS Software: The cloud-based POS solutions are hosted through a third-party cloud service provider, and business data is stored in cloud servers for high-speed transactions and massive storage capabilities.
Open source POS Software: Open source POS solutions come with free source code that can be modified according to business needs.
Based on the Requirement and Nature of Business
There are many types of POS systems, and you can pick up the apt POS solution depending on the requirement and nature of your business.
Retail POS Software- This type of system includes label printing for items without UPC codes, employee commissions, scales of weighted items, ecommerce integrations to set up an online store, and product matrix along with item variants to support the different types of product sizes, colors, etc.
Restaurant POS software- This software should cover the receipt printer for attaining the physical check to the customer, ability to assign order types such as dine-in or takeout, online ordering, remote ticket printing, and custom table map.
Salon POS software- This type of solution requires online booking, calendar management, and memberships.
What is the Difference Between On-Premise POS and Cloud-based POS?
If you are in a dilemma to choose between an on-premise POS or a cloud-based POS system for your business, the below-mentioned points will help you draw the conclusion.
On-Premise - The user can access data from only one location as it is a closed network. Your business will be responsible for the protection of your on-premise server.
Cloud-Based - The user can access the cloud-based system from anywhere in the world as it stores data online. The data in this system is more secure as the technical experts maintain the servers.
Integration and Customization:
On-Premise - Based on the business process, the user can customize the on-premise module. The enterprises with a considerable budget can find it an appropriate option.
Cloud-Based - Though the customization in a cloud-based POS system is limited, it is easy and effective to integrate new modules to a cloud-based system. This system is less time consuming, and users don’t have to be fretful about the networks and servers.
On-Premise - The user does not have to depend on any ongoing service fees for hosting. The user has the freedom and control over the data with this system.
Cloud-Based - Being a subscription-based service, this system has a little upfront cost. The vendors automatically handle maintenance and updates. On the basis of the business size, the price can vary.
POS Best Practices
The user should follow the below-mentioned practices to make the POS system efficient:
- The POS software should meet the needs of the digital era to meet the demands of reliability, speed, and security.
- The companies prefer cloud-based platforms so that the users can experience unified commerce, the agility of deployment, along scalability.
- The POS solution should be able to enhance customer engagement with the help of technology. The retailers can bring incentives, cross-sell, interact with shoppers, and up-sell by swiping a loyalty card.
- The retailers should make an educated purchase decision with the help of e-commerce and omnichannel experience.
- The store associate uses a mobile point of sale software by attaching shopping carts with tablet computers and Apple iTouch.
- The retailers should provide a consistent pricing pattern or pricing transparency across all channels, whether physical or virtual.
- The merchants should believe in creating a powerful POS foundation that also supports modern POS systems.
- Retailers should be aware of the changes and updates in the mandatory regulations such as Payment Card Industry Data Security Standard (PCI DSS). They should use PCI compliant devices, monitor physical devices, and should not connect their POS system to external networks.
How to Choose the Best Point of Sale Software?
The POS software should meet the digital era's needs to meet the demands of reliability, speed, and security. The best POS software can simplify business operations and allow users to make informed business decisions. The user should consider the following crucial points to pick the best point of sale system for their business:
User-friendly – The point of sale software should be easy to use so that you can manage it comfortably without consulting the manual regularly or depending on the tech support all the time.
Hardware – The type and size of the business decide on the kind of hardware. The small retailers need a tablet, card reader, and cash box, while the more extensive operation prefers terminals, receipt printers, and barcode scanners.
Software – The user should study the option's capabilities and costs to ensure that the point of sale app is the right fit for their business needs.
Integration – The POS solution should integrate appropriately with the tools, applications, and software that the user is already using. The POS system that integrates seamlessly with third-party vendors will prove to be the ideal choice for the users.
Automation – The POS system software should be able to automate processes and reduce manual inputs. From the logistics, it should be able to use the data. The point of sale system should hold the capability to update inventory and order information by the supply chain.
PCI Compliance – In small business, it becomes crucial to have the provision of payment security. The point of sale software should be in compliance with the data security standards, which are recognized by the Payment Card Industry (PCI). The users’ payment data should be safe-guarded with end-to-end encryption and data tokenization.
Support- POS solutions should provide 24/7 support through live chat, phone, and email.
Cost- Before finalizing the POS system, the user should consider its cost that includes the hardware and software price. Make sure that the terminals should align with the needs of the users. The user should also consider operating costs.
Features- The user should make sure that the POS system should have the core functionalities of inventory tracking, customer management, invoicing and billing, refunds and returns, employee scheduling, and data analytics.
What Questions Should You Ask Before Buying a POS system?
When the user plans to purchase the point of sale software for their business, then he/she should ask a few questions to gain information about prospective POS provider, which in turn helps him to know about the POS Company:
- Is the company financially workable?
- Whether POS is the primary business of that company?
- How much experience does the company hold regarding your business industry type?
- Whether the company serves as a provider or reseller?
- How are the reviews of that particular company?
- What are their service parameters?
What Are Some Common POS Mistakes, and How To Avoid Them?
While choosing a POS software, the users might make a few common mistakes. Let’s discuss how to overcome them:
Pay attention to price only.
Mistake- The user can buy cheap and low-quality POS system software that lacks essential functionalities.
Remedy - To run a competitive business, they should spend more to buy a sophisticated POS system that offers essential and advanced features.
Ignoring the hidden costs
Mistake – Busy business owners may ignore the costs of training staff, maintenance of the system, and payment processing. It can result in more expenses than initially expected.
Remedy- Before investing, it is advisable to consider the factors related to migration costs, hardware, and software, payment processing, maintenance, setup fees, etc.
Missing the support system
Mistake- Without the support system, the user can face some technical issues that can waste precious time and results in disappointments.
Remedy- The knowledgeable and reliable support system provides technical aid to the users at the time of need. Users should look for vendors that provide efficient technical support.
Restricting the customer payment option
Mistake – The POS system offering limited payment options may turn away some customers from the products and services.
Remedy- More payment options should be given to the customers. The chip payment option will remove the fraudulent charges. They should look for a point of sale software that offers multiple payment options.
Features of Point of Sale Software
The prominent features of the Point of Sale solutions are:
Inventory and stock Management- All the time, the point of sale system software offers full visibility and accountability at the store level. It presents the visibility of inventory along with SKU’s (Stock-keeping unit) transaction history.
Billing and Order Processing- By scanning items and capturing different payment modes, the point of sale solutions perform billing and order processing functionality. The POS generates order invoices, emails to the customers, adds customer details along with discount details.
Sales Monitoring and Reporting - The point of sale software produces a strong sales report. The merchants can receive hourly, daily, weekly, monthly, and yearly reports. The advanced POS solutions offer sales trends like seasonal demand in products and information related to stock management.
Cross Channel Returns Management- The POS management system accepts the cross-channel returns and assists in refunds and replacements from any type of store location. The POS system captures the details of the reason for the return, the salesperson's name, and remarks.
Employee Management- The point of sale software administers the employee hours, staffing levels, and sales performance, which ultimately helps track employee productivity. With each transaction, the POS tracks the employee's activity, which eventually assists in dividing the right and weak performers.
Customer Relationship Management – By storing customer data and purchase history, the point of sale software helps in retaining the customers. In business, customer data is helpful for advertising as it offers insights regarding which customer would be paying attention to the sale.
Onboarding and Support- The point of sale systems software provides interactive webinars, 24/7 support, one on one sessions, email and chat support, customer forum, and account history.
Mobility – The POS system software can be customized for mobility. Your shopper may be on any floor, section, or counter. Mobile POS allows you to take payment and close transactions from anywhere.
Multiple Payment Methods: POS allows payments with multiple payment modes such as credit card, debit card, loyalty points, gift cards, discount cards, etc. It also allows shoppers to pay with multiple currencies.
How to Keep the POS System Secure from Cyber Attacks?
You can keep your POS system secure by following the best practices as below:
- Make use of PCI (Payment Card Industry) compliant devices
- Never connect the POS system to external networks
- Set firewalls and anti-virus software
- Limit access to the internet
- Prohibit remote access
- Create strong passwords and often change it
- Lockdown all the devices at the end of the workday
- Appoint security experts
What Are the Current Trends in the POS System?
The global point of sale (POS) software market is forecast to reach a size of 42.5 billion U.S. dollars by 2027 - a more than threefold increase from 2018. The Pandemic led to restrictions on cash payments, and the focus of authorities on promoting cashless transactions have significantly increased the use of POS software solutions.
The most recent trends in the POS system are as follows:
- Cloud-Based technology - The cloud-based applications that integrate with the POS system is reducing the cost of the point of sale ownership.
- Artificial Intelligence - Several companies are automating tasks and learning a customer’s journey through data and digital touchpoints by making use of AI in business applications.
- Mobile payments - In business, mobile payment options have made the transactions more accessible and safer and can even improve customer service.
- Data collection and analytics - The POS software collects customer details along with data and tax information. It checks employee productivity along with sales.
- Rise of Bluetooth - On Bluetooth, the payment is fast and secure. The users don’t have to rely on WiFi. Even when the internet is slow or non-existent, they can work comfortably.
- On-demand purchasing - The POS system allows on-demand purchases for the customers. They can purchase food or goods in advance with the help of store-specific payment apps.
What is the Average Cost of POS Software?
The POS software cost depends on the business size, amount of features it offers, the quality of elements, the type of industry the POS system is meant for, and the potential for customization and scalability. The POS is made up of software along with hardware. The POS hardware costs include tablets, monitors, card readers, receipt printers, barcode scanners, and self-service kiosks. You should also consider the POS hardware costs along with the software.
The small businesses hold the basic features of the POS software, so their prices are more affordable rather than the large organizations that believe in investing in the plans that offer more advanced features. If you are looking for Free and open source POS software solutions, then you can consider Chromis POS, Floreant POS, and Unicenta.
Why Refer to GoodFirms’ list of the Best Point of Sale (POS) software?
GoodFirms’ platform performs thorough research based on the latest market trends. Here you will get the curated list of best POS software accompanied by the authenticated reviews. By exploring this huge platform, you can find high-quality and accessible POS software solutions available in the market. Prioritize your business needs and then accordingly decide the best POS software system for your business.
You can choose the best POS software for your business needs by going through the GoodFirms’ list of the top POS systems. The implementation of the high-performance POS system in your business will provide you better customer experience. Feel free to talk to the experts at GoodFirms or explore the third party vendors to gain more information on the point of sale software.