What is a Point-of-Sale?

A point of sale is the checkout or the billing point where the payments are done by the customers for the products or services they avail. POS solution incorporates software and hardware which automates the entire business simplifying the day-to-day tasks. Everything has become centralized, from payments to inventories to customer service, all the business tasks can be streamlined with a POS solution.

With the latest technologies evolving around such as big data analytics and artificial intelligence, POS systems have gone far beyond credit card processing. It extends the payment capabilities for the business owners by incorporating contactless payment choices which satisfies customer preferences.

Over the years, POS systems have had a huge impact on small businesses. Even during the unprecedented times, POS systems have provided significant benefits to small and medium business entities. For example, the reporting feature of the POS systems has assisted enterprises in increasing sales. So, choosing a perfect POS partner for your business is critical.

Types of POS Systems

POS Systems are broadly categorized into five types. Let us discuss in detail,

1. On-site terminal POS Systems

The POS System is majorly used in the retail industry which incorporates software and hardware. The system features everything on-site including the software which is made available within the business facility. The on-site POS systems are the advanced version of the traditional analog systems but still have various downsides. We have rounded up some of the disadvantages of the on-site POS systems

• Initial Investment is very high for the on-terminal pos systems which will not be affordable for small business owners. But there is no yearly subscription cost.
• Lack of mobility causes difficulty in viewing reports and analytics.
• There is no reliable customer support for the on-site POS. If you require customer service or any other maintenance it can be an extra burden from your pocket.
2. Online POS Systems

The online POS Systems work similarly to the mobile POS Systems which are used by the business owners with their hardware. This POS type is ideal for small businesses since it offers numerous advantages such as lower prices, remote access, and potential mobility when used on a tablet or laptop.

3. Mobile POS Systems

The Mobile POS is also called an mPOS which is an upgraded POS system that uses mobile devices or tablets. Mobile POS systems are very popular in the market and provide benefits such as

• The system charges less monthly subscription and payment charges.
• The high mobility feature allows the business owners to get the business data on the go.
4. Cloud-based POS Systems

This POS Software system is similar to the on-site point of sale terminal. The only difference is the internet usage and the cloud-based storage usage. This is the widely used pos system in the market that provides convenience for the users to access from anywhere at any time using an internet-connected device. The cloud-based POS systems are placed in the remote-data centres of the company which serve as a hub for multiple stores or pos terminals.
Businesses can profit from cloud-based POS systems in a variety of ways.

• Remote access
• Reliable customer support
• Updates
• Cost-effective
5. Self-Service Kiosk

The self-service kiosk is commonly used by customers for an easy checkout process. This pos terminal is suitable for large businesses where is the space and more customers. This is certainly not a good option for small-scale businesses but a cost-saving method for large businesses.

With the advancement of technology pos systems has evolved from just processing sales. The advanced POS systems are feature-rich and act as an all-in-one solution for businesses to improve efficiency, productivity, and sales. If you are looking to develop a customised POS solution then talk to our experts, we can build the perfect solution for your business.