Most (if not all) of today's independently owned retailers are familiar with the term “POS” or “Point of Sale System." Some have never heard of a POS System. Maybe you've never actually considered one for your retail business, or maybe you have. Regardless of your POS background, the AMS Retail Team wanted to share with you our thoughts on the modern POS System in a brief overview.
What is a POS System?
At its very simplest, a Point of Sale (POS) System is an upgraded version of the traditional cash register. A POS System generally includes the following components: POS software, computer, monitor, credit card reader, cash drawer, barcode scanner, and receipt printer. It performs all of the same functions of a cash register, but doesn’t stop there. What truly stands out about a POS System is the work it does during and after the transaction. After updating inventory changes in real time and capturing customer information, a POS System really shines in its ability to contribute to the overall efficiency of a retail store.
What are the benefits of having a POS System?
Any respectable POS System will update a retailer’s inventory in real-time. The benefit here is the ability to monitor stock inventory over time, enabling the business owner to optimize their future purchasing decisions. However, the very best POS Systems also have the added ability to connect with customers through integrated email marketing, and the use of built-in customer loyalty programs and customer gift cards, three proven methods of increasing customer purchases and retention. The amount of work an effective POS System does for you is invaluable – it offers a comprehensive and efficient method of running your business that frees up your time for more important tasks. For more POS System benefits, be sure to check out our blog post on the subject.
Is a POS System worth it?
Retailers that implement a Point of Sale System typically see 6% growth. Coupled with the ease of integration, customer interaction, and a smoother day to day model, many of our customers are glad they made the switch. Tal White of White's Old Mill Garden Center, one of our satisfied customers, tell us that his POS system "made [his] business run more efficiently" and that he "couldn't run [his] business without it."
The process of recording the exchange of currency for a product has come a long way. We’d like to think that the POS System is the pinnacle of that evolution. We’ve seen it help retailers time and time again in managing and improving their businesses and their bottom line. Maybe one day you’ll try one out.
Curious about something not mentioned here? Have other questions? Feel free to ask us and we’ll gladly oblige.