Thanks to many technological advancements, point-of-sale (POS) systems have changed, expanding beyond cash boxes and registers to embrace iPads and other mobile devices. POS system benefits also include features designed to boost sales, improve staff performance, manage inventors and make business owners’ lives easier.
To better understand POS systems, use this guide on what to look for and how to find the best option for your business. Smart Cash Register
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In addition to accepting credit cards and cash payments, POS systems offer all-in-one solutions that allow businesses to become more efficient and even run their entire operations from their POS software.
Advanced features include customer relationship management (CRM) software, budgeting, analytics and reporting, inventory management, and marketing tools. The systems can also connect to third-party apps and solutions businesses already use, saving time and preventing headaches by automatically syncing data in real time as sales occur.
A POS system has two main parts: hardware and software.
The best inventory management software has POS integration, allowing you to easily track inventory and costs.
A simple hardware setup often comprises just two POS components: an internet-connected device and a card reader.
More complex setups may include the following POS equipment.
For restaurants, hardware packages typically include a touchscreen monitor, terminal, receipt printer, cash drawer and card reader. Like retailers, restaurants also have a mobile POS option – typical setups consist of an iPad, cash drawers and a kitchen printer.
While these are standard packages, most providers give business owners the flexibility of picking and choosing the hardware they need, which helps keep costs down.
Mobile POS system benefits for restaurants include mobility, fast checkouts for customers, and advanced inventory management and reporting.
The software is what runs the system. POS software usually includes the following features and abilities.
Cloud-based, mobile-enabled restaurant POS platforms provide restaurants with benefits such as faster innovation, lower IT complexity and costs, exceptional guest experiences, and increased security.
In addition, each specialty package, such as the one for restaurants and bars, offers its own unique features. Examples for a bar may include the ability to track bar tabs, split checks, and manage special pricing for certain events, like happy hour.
Typically, the POS hardware and software you need costs several hundred dollars. More advanced bundles can run into the low thousands. To save costs, avoid bundles and instead add individual key components to your cart.
POS systems are composed of both hardware and software. You can choose a simple system with minimal features or an advanced system that can help you manage multiple parts of your business.
You’ll need to make a series of choices when selecting a POS system. The following aspects are some of the most important to consider during this process.
Here are some popular POS systems that include all of the above features.
Of course, restaurants are something of a special case when it comes to POS systems. If you’re looking for restaurant POS software and hardware, Toast is a great choice, especially if online orders comprise much of your revenue. Read our review of Toast to learn more.
You might also consider TouchBistro for POS software, though TouchBistro doesn’t sell POS hardware. Either way, TouchBistro will likely be compatible with any POS hardware you buy. Read our TouchBistro review to learn more.
Before choosing a POS system, consider what hardware you need, what software features you want, and whether you want a mobile or stationary system. Make sure the vendor provides good customer support as well.
Every business has unique needs. With so many options for POS systems and features, it can be challenging for business owners to figure out which systems are best for them.
To help you find the right system, Business News Daily has done extensive research and analysis to compile a list of the best POS systems for small businesses. Our list includes the best POS system for retailers, restaurants and small businesses overall.
Chad Brooks, Sara Angeles and Kayla Harrison contributed to the writing and research in this article.
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