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What Is a Point of Sale System?

A point of sale (POS) system is a business management tool that collects, organizes, and stores sales transactions. Some of the best online inventory management software can help you track inventory, manage employees, and monitor sales, even though there are other programs that work just as well. POS solutions are not just for accepting payments, they also go beyond traditional registers to offer you a variety of ways to accept payments from anywhere in your store.

You can use a point-of-sale system to increase sales, determine how much inventory is needed, and help you better understand your customers. Moreover, mobile solutions enhance the customer experience with quick checkout options and integrated customer programs.

What Does a POS System Include?

Today, you can create a point of sale system that works for your business. It will make you more efficient and let you focus on what you do best, selling your products.

Typical hardware for small businesses includes:

1. Computer, Laptop or a Tab as per your preference
2. Thermal Printer (optional) to print invoices.
3. Barcode scanner (optional) to scan barcode of products to easily add them.
4. A weighing scale (optional) is mostly used in a grocery shop

Although you can add self-service kiosks, mobile units, and customer displays to enhance the shopping and buying experiences, the best way to go about it is to provide an interactive, enjoyable experience where customers will want to shop again and again.

Point of sale solutions to fit your business.

Because every business is different, 99pospro has a variety of POS options to help you take yours where you want it to go. Whether you run a restaurant, sell retail goods, book appointments, or just need a versatile POS for whatever comes next, we have the point-of-sale software that will best support you and your unique business needs.

How We Chose the Best POS Systems for Small Business

To find the best point-of-sale (POS) systems for small businesses, you have to review several important factors, including the subscription price and fee, the type and cost of the hardware, the payment processing options, and the features.

System Features for Point of sales application

There are several key features that you’ll want your Point of Sale system to have. Here are some that I find most important:

1. Inventory Management: Storing inventory is tricky. But a POS should make this process simple and easy.
2. Reporting: Must have different reporting features to easily get an insight into business
3. Contact management
4. Payments management
5. Service management
6. Mobile app

But depending on your business you have to decide the features important to your business.

What Are the Types of POS Systems?

Although some retailers still rely on outdated desktop systems, many have started switching to cloud-based solutions, which allow you to access POS from anywhere & anytime. The cloud-based solution gives you access to tools using different devices in your store or from home. Also in a cloud-based system, all your data are safely kept in a cloud, which is way more reliable and a backup is always taken frequently.

What Are the Expected Costs of a POS System for a Small Business?

POS systems are a must-have for any business that needs them. They come with a heavy monthly cost and you will need to invest in a POS system if your business is new. Most POS providers offer financing or payment plans for bundled hardware kits along with month-to-month payment options for your point of sale software subscriptions.

BUT With 99pospro, you’ll never have to pay another monthly fee. Just a one-time payment for Lifetime. You also get Lifetime Free updates with included 6 months of support. And if you ever need more than 6 months of support, it’s just a few bucks.

That’s all there is to it. No gimmicks, no tricks. It really is 100% free and you’ll never be asked to pay another penny

What is Point Of Sale (POS)? Why & where?

Point Of Sale (POS) & Stock Management application software are for every retail shop.

As per Wikipedia:

The point of sale (POS) or point of purchase (POP) is the time and place where a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer (which may be a cash register printout), and indicates the options for the customer to make payment. It is also the point at which a customer makes a payment to the merchant in exchange for goods or after provision of a service. After receiving payment, the merchant may issue a receipt for the transaction, which is usually printed but is increasingly being dispensed with or sent electronically.

Usually, customers pick up the products required by her and bring to the Billing counter for payment. At this point, the products having barcode are scanned using a barcode scanner and the POS automatically calculates the total amount, taxes, discounts and applies the offer as per customer items. This automates the entire process & reduces the time to serve a customer. The customer can electronically pay using card or cash, and all these details are logged into the POS software.

The flow described above changes depending upon the type of business you have; Retail business different from Restaurants or Saloon & Spa or Service center; for example in restaurants, cafe or pizzas the orders gets send to the kitchen.

Why should you use a POS system?

👍POS helps to serve a customer faster, with almost no queue.

POS system makes a serving of customer very fast, the cashier just needs to scan the barcode using a barcode scanner (or use product SKU/name if no barcode is present) & the system automatically presents the final amount that needs to be paid. Taxes, discounts, offer or any other customer specific offers are automatically applied. This saves a lot of time & hence helps to serve the customer very fast.

👍Stock Management

In a retail business, managing stock is a cumbersome task.

At times it gets hard to know which products are out-of-stock, which are below a required stock or which are present in abundance.

Products out-of-stock or low in stock needs to be ordered so that customer doesn’t go empty hand. At the same time products in abundance doesn’t need to be ordered.

With a POS system having Stock Management capabilities this is easy-peasy. With a simple click on a button, you can know the available stock of every products & products below stock.

👍Better analytical thinking and planning

POS system comes inbuilt with reports.

This report provides you with analytic data about the sales, trending products, expenses, and many other business operation insights. With this insights, being a business owner, you can take better decisions to grow your business.

👍Customer communications & retentions

POS system store customers information. You can use their phone or email addresses to send promotional offers, and can also personalized offers as per there shopping behavior.

👍Finance & accounting

Finance & account are the most important things for business owners. Knowing about the Profit/Loss Today or This week or this month or this financial year are very helpful to know how the business is growing.

Luckily a good POS application must provide this feature.

Where can POS applications be used?🤔

POS applications can be used in all types of retail & wholesale shops/business/kiosks. Few examples of where it can be used includes:

• Readymade stores.
• Supermarket & departmental stores.
• Medical or Pharmacy shops.
• Restaurants.
• Footwear
• Bars & Liquor shops.
• Sanitary & hardware store.
• Salon & spa.
• Electronics & home appliances.
• Mobile & Digital store.
• Daily needs.
• Service-based businesses (auto body, dry cleaning, repairing etc)

And many many more…

If you’re a business owner and not using a POS application, you’re definitely missing something which can help you save a lot of time & help you grow your business.

A POS software makes you look more professional

Let’s say you have a brilliant restaurant or maybe you are running a small cell phone repair shop or a pharmacy store or a grocery store. Now, look around to see the big pool of competition. You can easily name 4 to 5 similar shops in your local community under 30 seconds, right? We are not even talking about those popular restaurants or tech repair brands that everybody knows about.

So, how do you plan on getting in front of all your competitors? How are your products or services inviting people to choose you over others? Enter a point of sale system to the rescue.

With the right point of sale system software for your shop, you can look a lot more professional than your competitors. Win your customers’ hearts by doing everything in a streamlined manner, from integrating an online appointment booking system on your website to creating and emailing customer invoices and taking their payments.

It helps you adapt to the new market trends

Every business industry is a ball of uncertainty. There are new market trends every day. Businesses have to keep up with those trends to stay in their industries. Take the ongoing coronavirus pandemic for an example. It has changed the way the whole world and every industry used to operate. People don’t go to restaurants or repair shops anymore. They prefer their food and all other products and services to be delivered at their doors.

That’s where you can take the assistance of your point of sale software to navigate through the new market trends. Your POS system will help you stay in business by taking your brick and mortar store online with WooCommerce integration. You can deliver the safest products and services by sharing your customers’ invoices with them via emails and taking online payments.

All you need is a piece of software to sell as per your customers’ preferences and new market trends.

How cool is that?

You get to treat your customers like VIPs

Remember how we talked about winning the hearts of your customers and making them feel special with your services? Well, it doesn’t hurt to go the extra mile on that, does it?

With a point of sale system for retail, you can treat your customers like they mean everything to you. You can make their day with your quick and cool invoicing and payment services, by saving their contact information in your POS system and sending them an automated email and SMS notifications for exclusive sales, discounts, and other offers.

That’s not it. You can also do some homework on the shopping history of your most loyal customers and send them personalized offers. All you have to do is play smart with your point of sale system and you can easily drive more and more sales from your existing customer base. And when those loyal customers talk highly of you in front of their connections and do word of mouth marketing for you, you will also get new customers.

Isn’t that wonderful?

A POS system takes better care of your business

We understand that running a business is not all about selling a product or offering a service. There is so much more that goes into it. From ordering your required stock from the best suppliers to managing that inventory while keeping an eye on your sales and profits, it can be a little messy for you sometimes.

But if you have the best point of sale system for your business, you don’t have to worry about a thing. Your POS software will act as your third eye and manage all your stocks. It will also maintain a clear record of all your sales in a series of different reports. You can log in to your software anytime and pull up those inventory and sales reports to see which items need to be reordered and where your business stands this week in terms of profits. Yup, it’s that simple!

There’s so much more…