The entire method of information collecting, book-keeping, and recording data has seen a significant change in the last few years. The days of using pen and paper or Microsoft Excel to keep business records are over with the advent of the point of sale (POS) system.
Today, having a POS system to facilitate all transactions is a must if you manage your own business or start-up. This guide will cover important information like a POS system, its usage, advantages, and POS machine price.
What is a POS System?
A POS system comprises software and hardware tools that record and manage sales, facilitating businesses of all scales in various sectors. In addition, the checkout process and the payment gateway are the points of sale.
The most vital pro of owning a POS system is that many things occur behind the scenes since it includes unique software and hardware. Every business has its own needs; for instance, the management of a supermarket is very different from managing a clothing store.
Products need to be weighed, scanned, and paid for at a supermarket. Whereas, in a clothing store, the customer pays for the item/s purchased. Moreover, the POS system can track any inventory changes, out-of-stock items, or sold-out items. This helps business owners make informed decisions regarding the stock.
Some POS Technologies Popularly Used Nowadays:
Let us learn about some of the most popular and widely used POS systems across various retail and business sectors:
Mobile POS system (mPOS):
● Operates on cloud-based software, so considered as a sub-category of the cloud-based POS systems
● Uses mobile devices such as touchpad tablets and smartphones
● It is one of the most popular POS systems preferred by businesses across the sectors
● Major pros include comparatively low costing and increased mobility
On-site terminal POS system:
● This POS system looks like a desktop computer or a touchscreen monitor.
● It includes both the hardware and software together for your point of sale.
● These systems typically have a very high upfront cost and no ongoing subscription options.
Cloud-based terminal POS system:
● Takes advantage of internet access and cloud-based storage
● This software is installed in the POS company’s remote data centers
● It can be accessed anywhere and updated automatically by the POS companies from their faraway locations.
Online POS system:
● An online POS system provides you with the software, and you have to use your hardware
● It can be used only for low-volume businesses
● The setup could be a desktop computer, tablet, or laptop. In addition, a standard printer can be used to print out the receipts.
● Many big businesses and restaurant chains are opting for self-checkout facilities
● Many companies save a lot of staffing by introducing self-service kiosks
● It saves time for both the workers and the customers
What About the Pricing of a POS System?
The pricing of a POS system depends significantly on the type of business you own. If you run a supermarket business, then you will have to purchase:
- A modular POS system
- Barcode scanner
- Software for managing the behind-the-scenes inventory.
- Thermal printer
- Barcode printer
This entire setup can cost you anywhere between ₹60,000 to ₹100,000, depending on your requirements and budget.
There are many options essential to advanced POS systems in the market. An automated management system for your business can come in handy for future budgeting, customer management, and managing the entire operations, including inventory supervision.
The pricing of a POS system best suited for your business depends on factors like:
● POS system features – As the various models exist, different features provided by your POS system will define its cost. Put together, more advanced features will cost you more.
● Sales volume – Many POS system merchants will want to take a cut off from your sales, other than the subscription costs. It typically depends on your business type, sales volume, plan, and agreement.
● The number of users – The pos billing machine price also depends on the number of staff members using it. Most POS systems come with a set number of users; increasing it can result in additional costs. Some POS system providers also give access to an unlimited number of users.
● Add-ons – Most of the budget POS systems offer the basic features. Many advanced features like automatically re-ordering stock for inventory, additional payment gateway, and providing access to custom reports might add high costs to your POS system subscription plan.
A great POS system will bring a positive transformation to your business.With the growing popularity of POS systems in medium and small-scale businesses, it is becoming increasingly accessible and affordable. A POS system provider allows you to choose what you need for your business’s growth and customize your plan accordingly. Thousands of POS systems are readily available in the market for you to purchase or lease. Your POS machine price will depend on your business needs for full-proof business management and analysis.