A point of sale system (POS) has long been the way that retailers take payments from their customers. More recently, this technology has also come to serve as a hub at the center of many vital store operations.
As you work to expand the reach and quality of your shop, it is important to learn about the retail POS system, including the different available types and their common features.
What is a retail POS system?
Simply put, a retail POS system is a combination of hardware and software that facilitates the overall operations of a business. It includes physical elements such as a terminal or tablet, barcode scanner, card readers, receipt printers, and cash drawers, as well as foundational software that runs the system.
At the heart of it all is the sophisticated software that coordinates a complex and multi-pronged set of operations.
A vital key to any POS system for clothing stores, or other retail businesses, is its database. This digital repository serves as the storehouse for invaluable data such as customer contact details and buying histories, inventory intelligence and quantities, financial and employee information, and integrations with another third-party software that you may already be using.
When you partner with a high-quality payment services provider, you can ensure that they provide you with regular updates and upgrades that focus on cutting-edge features and the latest in security protocols.
They can also guide you toward selecting the retail POS system type that best meets your unique business needs. There are several different kinds from which you can choose.
Common types of retail POS systems.
Desktop terminal POS systems.
This common type features a display screen, a card reader, and a receipt printer. These are user-friendly and foster streamlined checkout, greater accuracy, and seamless integration with other software.
This terminal-based option remains common in the retail space. It features a display screen for showing products and prices, a card reader for processing payments, and a receipt printer providing a paper copy that serves as proof of the transaction.
Using this system type, employees can easily take customer payments, track inventory, and create sales and product quantity reports. These systems make the checkout process faster and more accurate, and can often be configured to interface with third-party business software.
These terminals, used in stores of all types and sizes, are ideal for businesses with a large inventory. On the downside, they can be cumbersome and come at a greater cost.
Mobile POS systems.
An mPOS system is usually accessed via a tablet or smartphone. Affordable and portable, mPOS systems suit the needs of many modern companies.
If portability and flexibility are priorities for you, a mobile point of sale (mPOS) system is an excellent solution. It uses a smartphone or tablet attached to a card reader to process payments.
Additionally, it may have limited time management and inventory capabilities. This POS category is uniquely positioned to process QR code payments and coupons, and to accept digital wallet transactions.
Although mobile POS systems make fast and secure payments possible in multiple formats, they are not ideal for larger businesses. This is because they do not possess advanced features or the ability to accommodate most needs for growth or customization. However, costs for these systems are typically low.
Multichannel POS solutions.
These complex systems allow for business management across a number of sales channels. They feature accurate sales data and inventory management and facilitate a streamlined buying experience.
Many businesses sell via a number of channels, and this type of POS is ideally suited to meet their needs. It integrates all sales, whether they occur in-store, on social media, online, or elsewhere.
Inventory levels remain synchronized in real-time. This inventory management feature promotes product accuracy and helps to ensure that you never run out of the merchandise that customers want.
Because the system is fully integrated with ecommerce software, the online shopping experience is smooth and secure. Furthermore, the brand voice and look remain consistent at all touchpoints, helping to make the company’s name and mission more prominent.
Although costs can be higher and staff training more difficult, the versatility and flexibility that this POS type furnishes can be invaluable for certain kinds of retailers.
Cloud-Based POS systems.
All data, including the gift card management system, is stored in remote servers, allowing for ready access to data, the use of mPOS, and inventory tracking apps.
Service companies or stores with multiple locations frequently find cloud-based POS options to be the best alternative.
They allow data to be accessed from anywhere because information is exclusively stored on remote servers. The cloud POS host regularly updates security features and can increase storage capacity to scale with a growing business’s needs.
Usually subscription-based, cloud POS systems require access to the internet. Costs are generally charged on a tiered model that depends on the number of registers, users, and features needed.
The software as a subscription (SaaS) arrangement tends to make costs more affordable and allows for modifications should a company’s needs change.
Self-service kiosk POS.
This type lets customers initiate and complete their own purchases. As a result, checkout becomes more efficient, and employers can save on labor costs.
Most commonly seen in transportation hubs, parking garages, and movie theaters, self-service kiosks are becoming more widespread. Usually featuring a touchscreen display, card reader, barcode scanner, and receipt printer, they enable customers to take control of their own purchasing experience.
On the downside, the hardware is more expensive, and the system tends to require more supervision to avoid customer confusion. Therefore, businesses must weigh the benefits of more efficient checkout against extra costs.
Common POS features.
Regardless of the type of POS you choose, some requirements carry over. Look for easy integration, inventory, and employee management, with a focus on security, scalability, and responsive customer service.
There is a wide spectrum of point of sale system categories, each of which fits the needs of particular business types and styles. Even so, some features remain consistent across the board.
As you select the perfect POS, require that it interfaces nicely with accounting software and other third-party systems that you may already have in place. You will also want one that offers features to manage your inventory and employee productivity and helps you to provide a personalized shopping experience to each customer.
Additionally, you will want a system with security features that are cutting-edge and regularly updated. It should offer flexibility that allows your business to adapt to the changing times and should furnish prompt, knowledgeable customer service.
A quality point of sale system should be the heart and soul of your busy retail business. Take the time to choose one with features that are compatible with your store’s products and needs, and your retail operation will reap the rewards.
