5 Best Point of Sale Systems for Small Business
A point of sale system is a retail management software that helps to control the flow of transactions. It can be used in any type of business, from restaurants to clothing stores. The POS system has three main functions: it manages the store's inventory, tracks customer purchases and records sales data for analysis. A modern POS also includes an integrated credit card terminal (like Square) which allows you to swipe cards at the register or use them online through your computer or tablet.
This article will discuss point of sale systems in depth. You'll learn what a POS system does, how to set one up and much more.
Here’s What We’ll Cover:
What Does a Point of Sale (POS) System Do?
A point of sale system is an electronic system that uses input devices like scanners, barcode readers, and touchscreen monitors to record and capture information. A POS system is used for processing customer's payment in a retail store or a business. Without this software, there would be no way to keep track of purchases or sales in real-time. Basically, a point of sale system is used to track things like customer purchases and inventory.
A point of sale system also can be integrated with other types of software applications including CRM systems. CRM stands for customer relationship management. This is the process of managing your business relationships with clients or customers. The data that is captured by a POS system can be shared with other types of business software to help with client relationship management. You can also manage loyalty programs, gift cards and other promotional content. Many POS systems now offer credit card readers with contactless payments.
The Benefits of Point of Sale Systems
A point of sale system has several benefits for the small business owner. These systems help track everything from inventory, sales, and purchases in real-time. This means that the information captured by a POS system is useful for business management. Some of the benefits that a point of sale system can offer a small business include:
A point of sale system is cheaper than a physical register. This is because it streamlines all your transactions in one place and eliminates the need for manual data entry.
A good POS system allows you to track purchases and preferences. This helps create a better customer experience because you can easily give them coupons or rewards for their loyalty.
Better Business Analytics
A POS system is an effective way of tracking your business data. You can then use this information to make better business decisions. This helps determine which products are selling the most and what coupons might bring customers in.
How Do You Set Up a POS System?
Setting up a point of sale system is fairly straightforward. These systems are easy to use. They're great for businesses that aren't very tech-savvy. All you have to do is attach the barcode scanner or credit card swipe machine. Then connect them to your computer with an ethernet cable or WiFi. Once you open up your POS software of choice, it will guide you through the setup and walk you through adding items and customers until everything is ready to go.
A quality POS system will also have support that can help. It should be accessible online or by phone. They should be available to walk you through the process and answer any questions that you might have.
When it comes to setting up a POS system, there are many options that can work well for your business. You should find one that is easy to use and allows you to add items quickly. Make sure that the point of sale system uses standards like PCI-DSS and HIPAA compliance.
Important Factors When Choosing a Point of Sale System
The most important consideration when choosing a system is how it suits your business. Does it offer the features and functionality that you need? Is the software easy to use? Do you like its design and user interface? Will you be able to get everything up and running quickly and easily? These are all questions that should inform your decision.
There are several factors that should be considered when choosing a point of sale system for your business. The type of business that you have is a big factor. For example, if you have a small retail business, a tablet or mobile point of sale system might be perfect for your needs. These systems are great for businesses with a smaller number of employees and items in their inventory.
On the other hand, if you're looking for something more advanced for a larger storefront business, you might need a system that includes more features and functionality. Also consider how much money you can afford to spend on a POS system. Most companies offer financing options, but the monthly payments will add up over time.
Be sure to compare all your options before making a final decision about which point of sale system is right for you and your business. A good POS system will keep you organized and manage all your transactions in one easy-to-use place.
Here are some important factors to consider as you search for a new POS system.
Mobile and Tablet POS
For many businesses, a tablet or mobile point of sale system is perfect. These systems are light and easy to carry from place to place. They're often completely wireless as well. This means that they can be used anywhere during your busy day without any problems. All you need is an internet connection to get started with these systems.
Advanced POS Systems
If you have a larger number of employees and items to track, an advanced point of sale system might be more suitable for your business. These systems will allow you to create a variety of different tabs and screens. This helps things run smoothly by displaying all the information that each employee needs in an easy-to-understand way.
When it comes to inventory management, a strong point of sale system is your saving grace. These systems can fully track all of your inventory, including a number in stock and reorder points for certain items. You'll never have to worry about running out of an important product again! Plus, these systems will help you keep up with your daily sales and monitor which items are moving fastest.
A good POS system will integrate with a variety of different tools and applications, including your current accounting software. It should also integrate with cloud storage options so that you can stay connected to all your important files no matter where you go. This makes it much easier to access everything that you need on the go!
PCI-DSS and HIPAA Compliance
PCI Compliance is important for any small business that handles credit card information. In order to keep customer information safe, a point of sale system should fully comply with PCI standards. You can verify this by asking your POS provider if they are compliant. If they are, you can then ask for a copy of their compliance statement. HIPAA Compliance is equally important for any medical business that handles protected health information. A point of sale system should be dedicated to protecting customer and patient data so you don't have to worry about a security breach causing legal problems down the road.
Good reporting is another important part of choosing the right POS system. The best ones will allow you to see your daily sales report with just a few clicks so you can monitor all the important data that matters to your business. Many systems will include customizable reports as well. These can help you keep track of whatever information is most relevant to your business.
Fees and Pricing
Lastly, you need to consider the fees involved with your POs system. Some providers will charge a one-time fee while others will just require that you sign up for an account with them. Others still will offer free plans or even free trials. You can get started without having to worry about spending extra money on your new system.
Are Free POS Systems Worth Using?
Some companies promise free point of sale systems to small businesses. In many cases these providers will be making money by charging you fees and surcharges. Your best option is to choose an affordable POS system that has a reasonable monthly fee or one-time purchase. You can always shop around for the best deal!
The Top 5 Best Point of Sale Systems for Small Businesses
There are many POS systems on the market today. From mobile systems to fully integrated advanced options, there's a system for every business. These are some of the best point of sale systems that you can find today.
1. Square Register
Square Register is a mobile point of sale system that's great for small businesses. This intuitive and user-friendly tablet and mobile based system includes everything you need to manage your business on the go. Plus, with Square Wallet, you can take payments as well as pay other businesses right from your phone! You can also use this system even if you don't have a smartphone thanks to the free magstripe reader that you can use with your phone or tablet.
- Accept credit and debit cards
- Customizable hardware options
- Great mobile POS system
- Can't connect to external Bluetooth printers yet.
Square Register is especially useful for small businesses. It's easy, reliable, and provides a lot of value for the price. If you're looking for a good mobile point of sale system, this is one tool that's worth taking a look at!
ShopKeep is another mobile POS solution for small businesses. It's great for any business with five or less employees. It includes most of the features that you'll need to manage all aspects of your business, including inventory management. Plus, you can even use this system to manage orders, deliveries, and more!
- Includes 3 free hours of training
- Works with any printer or cash drawer that has a USB connection
- One-time lifetime fee includes software and hardware costs for life of the contract
- Doesn't have some features of more advanced POS systems
This is a great option for small businesses that want to focus on mobile management. One of the best things about ShopKeep is that you can get free training from their team of experts, which makes this system even more valuable!
3. PayPal Here
PayPal Here is a great tool for any business that takes payments using PayPal. This intuitive point of sale system allows you to quickly and easily manage your entire business with just one application. Plus, it's free to use!
- Can accept credit cards without additional hardware
- Supports many different types of PayPal accounts
- Higher fees
If you're looking for a tool with built-in PayPal support, this is the right system for your business! It's easy to use and very affordable. You can also download it on any iOS or Android device so that you stay connected no matter where you are.
4. Lightspeed Retail
Lightspeed Retail is an advanced point of sale system that's great for businesses with more complex needs. It lets you work offline, streamlines your floor transactions, and even includes live chat support. Plus, it integrates with many popular accounting software options, including QuickBooks!
- Integrates with many popular small business apps like QuickBooks
- Pays for itself with the time that it saves you
- Can be difficult to learn
This is a great tool for businesses that want an advanced POS system. With Lightspeed Retail, you'll be able to access your entire business from any device. You can also manage inventory and use powerful reporting features. Plus, it's fully customizable so you can tailor it to your specific needs.
5. Square Point of Sale
Square Point of Sale is another popular POS system by the company behind Square Register. This intuitive system is great for businesses with more complex needs, but comes at an affordable price. Plus, with Square Integration, you'll be able to manage all of your accounting needs right from the Square Point of Sale system!
- Includes support for many different hardware options
- Can manage inventory and customer relationships
- Easy to learn
- Can't accept debit cards without additional hardware
This is perfect for businesses that want an intuitive point of sale system. This is one of the easiest systems to use, so you won't have to worry about training your employees. Plus, with Square Integration it's easy to connect with other tools that you use on a daily basis!
Point of Sale Systems are usually an essential part of any small business. A POS system acts as an intermediary between your business's accounting software and the countertop register your employees use to take payments. When you're looking for a POS system, it's important to consider what types of features are offered by different systems. If you want advanced inventory management or accounting software integration, be sure that the POS system you choose offers those features. If your business is primarily focused on mobile management, be sure your choice has an easy to use interface.
It can be difficult to choose the right POS system for your needs. This is why we've compiled a list of 5 great options that will work in many situations. These systems range from mobile-friendly solutions, to advanced point of sale software with live chat support and more! Whether you're running a coffee shop or managing inventory at your clothing store, there's sure to be something on this list for you.
This guide discussed POS systems in detail. topics included what a POS system does and how to set one up. You also learned about how to select a POS system for your business. Lastly, we discussed the top 5 best POS systems for small businesses today. Hopefully this information answers all of your questions about Point of Sale systems.
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Point of Sale FAQs
How can I get a free POS machine?
In some cases, retailers offer free POS machines when you sign up for a contract. Otherwise, most POS systems can be purchased from your local electronics store at a relatively low cost!
Does Amazon have a POS system?
Amazon has several POS systems available. They're mostly targeted towards retailers that sell their products on the Amazon marketplace. If this describes your business, then you can use something like Amazon Webstore to help with your accounting and inventory management needs!
How much does a POS cost?
POS systems typically range from a few hundred dollars to a couple of thousand dollars. This depends on the features that you need. This can be one of your biggest expenses when you first start a new business!
What are the basic functions performed by a point of sale system?
A point of sale system helps your business take payments and manage inventory. When you make a purchase with a POS system, it tells the register how much to charge the customer and adds stock for the item you purchased. When it's time to close out your books at the end of the day, all you need to do is transfer that information over to your accounting software.
Why should I choose one POS system over another?
The best point of sale system for you will depend on the features that are offered. If you need a system that can manage inventory, choose one with a robust inventory management system. If you prefer a mobile-friendly solution, be sure that whatever POS you pick offers an easy to use app or website!