What is a POS System?

A POS or “Point of Sale System” helps businesses to process and manage sales transactions.

Modern POS systems have come a long way from the old clunky cash registers and ledgers of the past. They are now super-efficient, flexible and dynamic, they can be customized to help businesses save time, money and headaches in a variety of ways.

From simple transactions to inventory management, POS systems today can do a lot, even without you having to think about it.

Components of a POS System

A POS system is typically made up of several components, including:

• Barcode scanner
• Receipt printer
• Card terminal
• Cash drawer
• Monitor
• Touch screen or keyboard interface

Many businesses now choose only to have a card reader as their POS system as well, there is no one definitive definition of what a POS system looks like as it varies from one business to the next.

Customizing a POS System to Your Business Needs

A POS system is not specifically all the components mentioned above but whatever you business actually needs.

There is no one-size solution for all businesses. The best advice is to speak to a POS systems supplier; they can help talk you through what your business will need and could also benefit from depending on your budget, individual requirements etc..

Some common things you should look out for include:

Payment Processing

This could include:

• Cash
• Chip & Pin
• Contactless
• Apple, Google and Samsung mobile payments
• Online payment facility

Inventory Management

Ability to manage and update your inventory manually and automatically. The POS system should provide low stock alerts and be user-friendly enough to operate with no or minimal training.

Sales Reports and Management

Look for real-time sales tracking; detailed sales and product reports that you can export for bookkeeping and accounting.

Support

It’s not unusual to have questions and need support with a new POS system. These systems can be complicated, very dynamic and they are also heavily relied upon, so you need to know how to use it effectively, and be sure it’s working.

Look for good and long-term support, as well as initial training from any POS system supplier you go with.

Data Backups

What happens if something goes wrong? Will your transaction data, inventory data etc.. be saved? Is this backed up somewhere? The cloud even? Many modern POS systems provide this.

Examples of POS System Setups for Different Type of Business

Restaurants

• Payment processing
• Open table management
• Multiple payment options
• Kitchen display (replacing paper tickets)
• Inventory management

Nice to have’s include:

• Gift and loyalty card processing
• Pre-authorized bar tabs

Grocery Store

• Cash drawer
• Barcode scanner
• Card payment machine
• Receipt printer
• Label printer
• Weighing scale

Multi-channel Business (online and in-store sales)

• POS system that syncs stock levels in-store and online

Traveling Vendors

• Mobile POS system – allowing for payment processing on the move, even on shop floors

For questions about choosing a POS system for your Connecticut-based business speak to the experts at NHCR (New Haven Cash Register); we serve the greater Connecticut area with POS system setup and support.