Every business needs a POS system of some sort, including small businesses. Whether you choose a countertop or mobile POS system, you will need to decide from a wide variety of tools with similar features. There are numerous options, so we’ve gathered the top ones.
What is a POS (Point-of-Sale) System?
A POS system, which stands for a Point-of-Sale, is a system that retailers use to process payments from customers and record sales. It comprises the computer, barcode scanners, card readers, and cash box drawer on the check-out counter. It includes POS software as well.
How do POS Systems Work
Whether using a POS system with mobile features or countertop POS system, the overall process is the same. The cashier scans the customers’ items via a barcode scanner, enters a code, or looks up the product in the POS system. The system automatically calculates the total to be paid by the customer, including taxes.
The customer pays the cashier, and the transaction is finalized on the POS system. Your customer will get a receipt, and the transaction will be stored in your records.
What to Look for in a POS System?
When looking for the right POS system for your small business, there are some common factors you can look at, no matter your industry. For example, the hardware that will support the software, types of payments processed, the inventory management solution, connectivity to your online store, or even integration with other systems you use, to name a few. There is no one-size-fits-all approach to choosing the right POS system, but you can review:
The Hardware
Your first consideration when choosing a point-of-sale system will be the type of hardware you need. Start by deciding whether you prefer a mobile POS system or want a countertop one. From there, you will have to decide if you prefer standalone mobile POS systems or are happy with software that turns a smartphone or tablet into a POS system.
Other hardware to consider include the following:
- Credit card readers
- Cash drawers
- Barcode scanners
- Receipt printers
Types of Payments Processed
As a small business, you want to make sure you accept the types of payment that your customers prefer. This is one of the best ways to encourage them to buy from you. Nearly every POS system will at least accept cash and credit or debit cards. Remember that modern credit and debit cards use chip technology instead of (or in addition to) traditional magstripes.
You should also consider getting a system that supports contactless payments, including tap-to-pay cards. Some of the best systems even offer innovative options, such as text-to-pay. Don’t forget to consider whether you can use it to offer gift cards as well.
Other Considerations
In addition to the hardware and the types of payments accepted, pay attention to the following features of mobile POS systems:
- Inventory
- Connectivity with your online store
- Reporting and analytics
- Personalization
- Technical support
- Employee management
- Integration with other systems you use
To figure out which of the above you need from mobile POS solutions, think about how your small business currently operates. For example, if you don’t have an online store or offer online ordering, you don’t need to look exclusively at mobile POS systems that support that functionality. Or if you are happy with the system you currently use for inventory management, you can skip that feature.
The integrations are especially dependent on your business. After all, you know what software you use, so you can confirm that it integrates with your chosen mobile POS system. Pay especially close attention to integrations with accounting, inventory management, and CRM software.
