Businesses have gradually evolved from cash registers and ledgers to sophisticated electronic POS devices to ensure smooth customer purchase transactions and assist with marketing initiatives. In this article, we will share more details about various POS systems available for businesses and their distinct advantages.
What is a Point of Sale terminal?
A Point of Sale machine is combined with POS software that performs the sales transactions and processes credit card payments. Besides managing daily transactions and sales operations, it is also used to manage inventories, create employee and sales reports, and adjust prices.
A POS system consists of two components, software and hardware. The software of a 4G POS terminal has a front end and a back end. The front end of the software processes transactions, whereas the back end provides access to sales figures, inventory, analytics, etc.
The hardware component of a POS system is an essential part. They include mobile phones, tablets, touchscreen, or PC monitors. These devices are necessary to process transactions.
Types of electronic POS systems
Several POS terminal systems are currently available based on different business needs. Here is a list of POS systems to help you understand which POS system can work for your retail business.
- Mobile POS machines
A 4G POS terminal is ideal for businesses that do not handle heavy inventories and are always on the go. It can process payments and manage customer information with ease, and the best part is that most payment processors offer you the credit card ready for free.
Also, you can send the receipts to your customers’ email addresses from the app, and if they needed a print, you could use a portable receipt printer to instantly print purchase receipts.
Mobile swipe machines are best suited for:
- Street market vendors
- Freelance workers
- Contracted professional services
- Music merchandise vendors
- Mobile services
- Daycare providers
- Taxi services
- Tablet POS systems
A tablet POS system is among the most popular point-of-sales solutions. It consists of iPad and Android devices, and it requires minimum investment to process transactions. It is a 4G POS terminal system that offers credit card processing with a monthly subscription free. However, you can choose your credit card process.
It is among the most valuable swipe machines that manage complex inventory and track employee time, and they are best suited for:
- Mobile vendors
- Coffee shops
- Gift shops
- Fast food shops
- Small theatres
- Ice cream parlours
- Art galleries
Terminal POS systems
Terminal POS systems are available at the counter. They are based on both hardware and software, and like other POS systems, they also require access to the internet. They are considered the best swipe machines that include barcode scanners, cash drawers, etc.
A terminal POS system is best suited for:
- Grocery stores
- Antique stores
- Electronic stores
Advantages of using a POS system
Here are some of the advantages of having a POS system for your business
- Ensured customer satisfaction
Electronic POS technology that comes with a mobile swipe machine or standard Point Of Sales terminal is quick and efficient. It aims to improve the customer experience by providing a faster transaction facility.
Retail businesses or restaurants are equipped to provide accurate information about their products and service, such as quality and availability. EPOS systems can hold inventories, due to which you can run a quick stock search.
- Inventory management
Another benefit of EPOS systems is that sales with inventories are linked perfectly. Every time a customer buys a product, it is instantly reflected in the system. They offer a convenient examination of inventories to avoid theft and mismanagement. Also, an electronic POS system is pre-programmed with precise ingredients to ensure accurate inventories’ availability at all times.
- Prepare sales analysis report
POS systems are designed to record every transaction in great detail. You need real-time data to identify shopping trends and then tailor your business accordingly. With a POS system available at your service, you can make predictions about possible future profits, which equip you with the knowledge to plan schedules, orders, etc.
- Accurate cash management
A small error or a theft could potentially harm your business and your operations on hold, causing loss. A 4G POS terminal system provides accurate cash reports all the time, and you can perform a random check if you suspect theft or poor performance.
Also, the system is quite efficient at refunding a customer’s money if the customer is unhappy with the product or service. It also offers easy reprinting of receipts.
An integrated 4G POS terminal is more than just recording transactions, managing inventory, cash management, and preparing sales analysis reports. It is also a convenient business assistant.