Point of Sale Systems – The FAQs You Should Know

POS or Point of Sale systems are computerized systems which consist of both hardware and software. Point Of Sale equipment consists of barcode scanners, receipt printers, cash drawers and credit card terminals. POS software consists of programs to optimize transactions and for inventory tracking. You can buy POS System as a complete package or in separate components.

The Benefits of POS System

With a computerized POS system, you can see incredible profit margins because it makes tracking inventory a lot easier. With POS Systems, retailers can easily find out the status of stock and when to restock their inventory. You can easily sort the inventory items by popularity. With a barcode scanner, you can easily enter the inventory as it scans the product barcode and its quantity. Then it sends the data to the terminal and updates the Point of Sale Systems. In invoicing, it improves the accuracy and speed and helps in reducing theft. With this system, store operators can easily identify theft and take proper actions.

Types of POS Systems

Some stores are capable to select industry-specific software with which it can handle specific area of your store. For example, if you have a car parts store. Then you may select POS software with customized database which can search parts of given model no. and make. You may usually get more features with general retail software as compared to specialized one and you can use the features to include or exclude in your POS system.

The Average Cost

Since 2010, the price of point of sale system usually varies according to number of features and quality. From $1200 to $2500, you may usually run the software licenses. If you add another cash drawer to the scanners and receipt printer, the cost may go around $900 per extra cash register.  The owners of the retail store can prefer going for extended warranty by paying $200 extra for each unit. They can use POS terminal to process debit and credit card payments. POS terminals may include Ethernet or modem plug, pin pad and receipt printer pad. The cost of such terminals is around $200 to $800.

Timeframe to Install POS System

In a small store, it may usually take over a week to set up a new Point of Sale system. You have to enter inventory into the POS system. You should enter complete inventory of all the products you have in your store. It may take a couple of days to train staff about using POS System.  

Transactions in POS System

With POS systems, one can track and calculate order tickets, process payments through debit and credit cards, complete cash exchanges and print receipts. In the average sales report, you can get average sales, checkout amount and total number of customers. You can also create reports of sales trends from POS system, like sale of alcohol or desserts in a restaurant with time and the performance reports of the sales by employee, shift or workstation. This data can be used to analyze sales history and adjust the decisions related to purchases.