For your business to have an added advantage in payment options, you need to invest in a good point of sale (POS) system. Deciding on (POS) may overwhelm you, especially if you have no prior experience in using one. Whether you are a small business or an established one, you need a POS system that works right for your customers’ preference payment options and makes your work easier. You can reap maximum benefits when you leverage a POS system leverage a POS system with plugins and mobile apps to automate your accounting, inventory, and bookkeeping tools.
Depending on the size and industry of your business, some types of POS systems to consider buying include; mobile POS system (Smartphone and tablet), terminal POS system, all- in- one point of sale system, online POS system.
Mobile POS Systems
A mobile POS system processes electronic payment method using a Smartphone, tablet, or a dedicated wireless device. A mobile POS system primarily works as counter top solutions for events, small retail outlets, freelancers, yard sales, and restaurant businesses.
The majority of people with Smartphones prefer to do payment processing services on the mobile device. A mobile POS system is relatively affordable and easy to use and install compared to other POS systems. All you need is a Smartphone and an internet connection. Depending on your business preferences, you can download an app that suits your requirements and then create an account.
Tablet POS systems are more advanced compared to the Smartphone POS system. iPad app features include; synchronized inventory management, ability to buy wholesale and sell retail, employee management, store credit, reporting many others.
Most mobile POS systems apps work with a portable printer and can be paired to other electronic devices such as a bar code scanner and a cash drawer.
Terminal POS System
A terminal POS system is more advanced as compared to the mobile POS system. It is ideal for businesses that have to serve many customers over the counter, like taking a dispensary payment in the cannabis industry . A terminal POS processes electronic payment by reading information off a customer’s credit card or debit card to verify its usability.
Terminal POS systems need an internet connection to enable it to facilitate your business operations at the point of sale. After verifying your card and completing the payment process, the terminal POS triggers the printing of a receipt.
Depending on the size of your business, you may have multiple POS terminals at various points but all connected to the central server that compiles the database. Some terminals are usually connected to a cash register. It is best for use in full-service restaurants, busy retail stores, malls, boutiques, and others. A terminal POS system also helps you manage your inventory better.
If you have an established business that requires more advanced analytic tools, then an All-in-one POS system is the one for you. This system gives you robust functionality in one application. They are tailor-made to your specifications depending on your industry.
All-in-one-POS system allows you to accept payment from customers and gives you detailed data about your business sales, inventory, cash flow, etc. It is faster than the terminal POS system when processing payments and collecting data. This system offers you almost all you need to know about your business in one place.
Online Point Of Sale
An online POS system is more reliable and much faster as compared to cloud POS systems. It includes everything you need for the smooth running of your business, such as; integrated eComm, integrated payments, inventory, loyalty, inventory counts, customer profiles, reporting, ecards, and more.
One advantage of online POS is that you can use your hardware, such as a PC or tablet, to minimize startup costs. It has the convenience of a touch screen, and you can log in to online solutions from anyplace using any device. It is suitable for businesses with low volume but can be useful for big-ticket sales because you can attach it to a standard printer.
Online points of Sales can be used in coffee shops, furniture stores, jewelry stores, food trucks, gift stores, retail stores, and more.
Choosing the right POS system helps you to manage your business more effectively. You experience increased profit margins, efficient service delivery, and remarkable customer relationships. A sound POS system will help you track your inventory and drastically reduce your accounting and bookkeeping workload. It is best to select a POS system designed with the industry-specific features that will add value to your business.