Using a point of sale system (POS) can benefit your small business in a variety of ways. For instance, it can save you time, increase productivity and cut costs, give you detailed analyses of your business, and reduce human error. Not to mention it can maximize your business’ ROI and improve the overall customer experience.
That said, knowing which kind of POS system to use can be challenging if you don’t know where to start.
That’s why we’re going to explain the two main types of POS systems so you can make an informed decision when it comes to choosing the right one.
1. Electronic Point of Sale System
This simple hardware system helps you collect money from customers after they’ve made a purchase. It combines physical hardware and software to process transactions and manage inventory. It also has components such as a computer terminal, barcode scanners, receipt printers, and chip and pin devices.
This type of point of sale hardware offers the following benefits:
- Minimize transaction errors
- Automatically apply discounts and promotions
- Track employee work hours, schedules, and performance
- Sync business reports and data all in real-time
- Adjust stock levels and reorder inventory as needed
- Eliminate the need for manual price checks
The problem with this type of hardware is that it can become costly and the software often requires a lot of maintenance and updates. However, for small business that are growing, having a more permanent POS solution is a good option.
2. Cloud-based Point of Sale System
Cloud-based point of sale systems, such as the ones offered by PAR Technology Corporation, utilize web-based, SaaS solutions that store your business data in the cloud, rather than on a physical computer. In fact, this cloud-based solution allows you to access data, process payments, and receive automatic software updates through the internet.
Thanks to this advanced way of processing transactions, you can take your business anywhere. In fact, even if you don’t have access to the internet, you can collect payments from customers and sync the data once you get online again.
Lastly, you can benefit from a cloud-based POS system in the following ways:
- Access data anywhere at any time
- Track inventory and sales reporting in real-time, regardless of internet connection
- Never worry about updates, maintenance, or licensing fees
- Run automatic data backups ensure your business records are safe at all times
This solution is perfect for small businesses that are on the go or have a limited budget when it comes to hardware purchases.
