The POS System Machine has rapidly evolved from an EDC machine (with a desktop, scanner, and printer setup), to a hi-tech, all-encompassing touch screen POS machine. These changes have been indicative of rising consumer requirements and diverse business needs to benefit from the multitude of digital payment options available today. The present-age POS system is not a mere payment-processor anymore, but much ahead of that. Based on your business operations pattern, picking the right customized, feature-rich POS software can help in running your business more efficiently on all fronts.
Understanding the POS System Machine
Before we proceed to the tips to find the right POS system for your business, let us understand the functionality of a POS system. The traditional POS system machine was a wired setup installed at checkout counter. It used to be primarily responsible for receiving payments from customers. Today, the POS hardware has become a lot more compact and the software a lot more sophisticated. Apart from facilitating transactions, the POS system machine is now used for:-
- Managing Customer Loyalty Programs (Enrolment and Points Redemption)
- Employee Management and Tracking
- Inventory Management and Retail Audits
- Generating Sales Reports and other relevant Operational Reports
- Generating Electronic Invoices and Receipts and sending them to customers instantaneously
There is no need for the elaborate POS setup today. The touch screen POS machine with cloud storage has been hailed for its high-speed, versatile, and user-friendly functionality.
How to Select the Right POS System for your Business?
Selecting the right POS system for your business is a very subjective decision. Here are 5 important tips to help you choose aptly:-
- Range of Permitted Payments– Every POS software has a specified range of payments allowed. As a retailer, you need to be aware of which payment types your customers prefer the most at present, and then choose the right POS system machine accordingly. The most common and preferred payments available today are Scan and Pay, E-Wallets, and UPI payments, apart from credit cards and debit cards.
- Budget versus Cost– When you speak to POS service providers about costing plans, make sure you look at the entire picture. What you might consider as an all-in-one, integrated cost figure is actually made up of components such as:-
- Setup Fees
- Payment Processing Fees
- Hardware Security Deposit
- Software Rental
- Touch Screen POS machine– As discussed earlier, the most popular, user-friendly, and convenient POS device available today is the touch screen POS. But that certainly doesn’t imply that you rush ahead to buy any such model without considering its pros and cons. If you feel that a touch screen POS machine will be apt for you, do consider the following aspects:-
- Type/quality of touch screen- Infrared/Resistive/Capacitive
- Relevant drop down menus and intuitive, user-friendly interface
- Portability (wired or wireless based on where you need to collect payments)
- Wi-Fi Connectivity
- GPS enablement if required
- Good battery backup to collect doorstep payments all-day long
- Ability to mount on a stand at the checkout counter for traditional retail outlets
- Operating System- Android, Shopify, Lightspeed, Toast, Vend, Square and so on
- Ability to sync with other smart devices as and when required
- Necessary Data Security Standards– While there are many security compliance required based on the digital payments allowed by the POS system, the most basic one is the PCI DSS (Payment Card Industry Data Security Standards. Also, the holding period or transition time when the money has been debited from the customer’s account and is yet to be credited to your merchant account should be minimal.
- Functional Integrations– Depending on your daily business operations, the functional integration of the POS system you choose should be relevant. For a food truck POS, you need to have individual order IDs, order details, punched in and delivered time stamps, payment details, and so on. In case of an FMCG store, inventory monitoring and customer rewards programs are add-on functions that are important.
Conclusion
From being an optional accessory alongside the cash register, the POS system machine has become the nerve-centre of retail operations today. A well-chosen touch screen POS machine can steer your business in the right direction, heralding higher productivity, operational efficiency, better customer relationship management, and higher sales.
