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For a successful business, it is critical to choose the right point-of-sale (POS) system. POS solutions allow you to accept and process a wide variety of payment methods quickly and securely. Additionally, they can help you with other facets of your business, including inventory, invoicing, and reporting. With several POS options available in the market, it can be puzzling to choose the POS system that suits your business. Fortunately, we are here to help you learn everything that you need to know about selecting a point-of-sale solution for your business.

Small Businesses

The shopping journey might differ from one customer to another. Some people find you when they see your products displayed outside your brick-and-mortar store. Others may come to know about you through online research. Some might even discover you through word of mouth. Regardless of the way they find you, customers that buy from your store end up in the point of sale, wherein they complete the purchase and get their desired products from you. Hence, the right POS solution ensures that each of your customers enjoys a seamless shopping experience and enable you to run your business effortlessly.

What is a point-of-sale (POS) system?

The point of sale is where a customer completes the purchase of goods. It comprises of hardware and software that helps you conduct transactions and can sometimes be a cash register, computer, or even a tablet where a cashier inputs the product details, calculates the cost, receives payments, and issues receipts. Any modern POS software also communicates with your inventory to ensure that everything is in balance.

What are the components of a POS solution?

The following are some of the components that complete a POS setup:

Barcode scanner: It helps to scan barcodes and automatically input discount codes for your products. 1D barcode scanners use traditional bar code whereas the 2D barcode scanners read QR (Quick Response) codes.

Credit and debit card reader: It helps you to read credit and debit cards using several ways, such as swipe, tap, and EMV chip. Moreover, it allows you to get payments faster by directly receiving the funds from your customers’ bank.

Cash drawer: Unless you are plan to accept only cashless transactions, you will need a place to store cash that your customers pay to buy your products. It can be a safe, secure place to help you organize your bills.

Receipt printer: As the name suggests, it helps you to print receipts when the transaction processing is complete.

Features to look for when buying POS software

  • Real-time information about the inventory levels across all locations
  • Robust reporting and analytics to help you make informed business decisions
  • Access to customer profiles, past orders, and loyalty programs from a single dashboard
  • Flexible payment and delivery options to help customers complete their purchase easily
  • Easy returns and exchanges options, allowing the customers to use it as store credits for shopping in the future, be it online or from in-store location
  • Customizable so that it can serve the unique requirements of each business and can be integrated easily into the business tech stack, including marketing and accounting.

Why it’s critical to pick the right POS system?

Whether this is your first time or want to switch from your current POS system, making the right choice can help you grow your business. Given the wide variety of available options, specifications, and reviews to compare with, finding the right POS solution can require a lot of research. But, the right purchase will not only give you quick satisfaction, but it will also help you gain a competitive edge in the long run.

Author Bio

Chief Development Officer (CDO) at HostBooks Limited with an experience of 18 years spread across Finance & Accounts, Banking, IT & Development, Investment Banking, Sales & Co-founding Startups. Having worked at senior position in OFB, DG Mezzanine Fund, DLF, E&Y & Maruti-Suzuki, View Full Profile

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April 2024