Explore how POS systems have evolved over the years and the impact it can bring to your business acceleration. Here is some quick knowledge on the evolving POS systems and what you should look for.
POS software or Point-of-Sale systems have changed strikingly over the last few years, offering retail businesses better flexibility, control, advancements and better intelligence than ever. Businesses have apparently shifted their paradigm from stationary card-readers, cash registers to online POS software. This enables them to keep all their records, transactions etc., at one single place accessible through a mere click.
What is a POS System or Point of Sale Retail Software?
In regards to business terms, POS stands for Point of Sale. Point of Sale signifies the place where a business transaction has occurred. Not just necessarily cash registers, but it can be anything ranging from online shopping or ordering carts to checkout. Online POS systems enable you to carry out the transaction through a smartphone or a tablet anytime, anywhere. You can conduct the transaction through card readers equipped with the smart device or even via QR codes from associated payment merchants such as PayPal. POS also allows you to calculate sales tax and charge customers accordingly.
So, through one single platform, you are calculating taxes, charging customers, accepting money and eventually finalizing your sales. Isn’t that something you never thought of when using cash registers?
Benefits of Online POS Software
The rapid growth of technology has expedited the entire POS software evolution from just being a sales point to a comprehensive payment processing software. You can often integrate with other merchant tools. Some benefits of POS retail software are:
- Automated Sales: Online POS software can make business transactions faster, efficient and easier for you and your customers as well.
- Tracking & Analyzing: Retail POS software can track your entire day’s sales so you can have an insight to the revenue as well as the inventory. The inventory tracking is done through a process where every time the barcode is scanned, the stock gets updated.
- Enabled with Card-Readers: Mobile POS systems can help you immensely when you don’t have a large cashier space. Simply keep the POS app open, connect with your mobile or tablet and ask your customer to swipe or dip the card. It’s that Simple. iPOS software for example is accessible on all Android and iOS devices.
- Integration with Tools: Online POS systems can easily be integrated with other tools such as your accounting software or services to better understand your cashflow. Also connect with customer management tools where you know how much your products or services are being loved by consumers.
How is online POS Software Evolving?
Online POS software or systems have shifted from being just a sales portal to an integral part of business activities.
Restaurant POS systems such as iPOSOS are cloud-based POS systems that enable the customer to split checks, quickly access the menu, order online, report voiding trends for guests, check-out the server performance, have insights on top selling items and even train new employees. It’s a complete One-Stop destination for both seller and customer needs.
With Stands and readers, your smartphone or tablet is completely changed into an online restaurant POS system instantly.
Let us check out some ways these POS systems are evolving and how businesses can gain a cutting edge over the competition:
Shared e-Commerce
Getting their business online can leverage any organization and the growth is exponential. Previously, companies had to run their operations through their physical point of sale systems or e-commerce platforms, but things have changed. You no longer need to import your data into spreadsheets or any other tools. POS systems automates the process which saves both time and money.
For instance, Shopify’s POS system works for both Android and iOS and you don’t have to manage two different systems for maintaining sales insights and customer data. One centralized dashboard enables you to stream real-time customer data, inventory data and sales revenues. So, no more running multiple reports into different systems.
Mobile Point of Sale Software
Businesses have already started considering mobile payments acceptance since most consumers are shifting away from carrying cash.
Customers are more inclined towards using credit cards and mobile payments due to their convenience. It is estimated that by 2025, 75% of business transactions will be online.
With Mobile POS systems, businesses can accept mobile or credit card payments just with the presence of internet connectivity. Customers also have complete control on how they wish to pay.
Businesses do not need to carry any heavy equipment or keep employees for mobile payments transactions. All they would need is a tablet or smartphone that can convert into an online pos system with a card reader or Mobile POS scanner attached for accepting distinct payments.
Integration with CRM Solutions
Advanced POS systems such as iPOSOS can integrate easily with CRM systems to give access to multiple data for increasing sales and boosting revenue.
Previously POS systems could just give you an insight on basic customer behavioral data. But integration with CRM means you get to know which customers are converting more and are worth offering something more. Integration with CRM also allows you to check out emailing lists, generate client records, create loyalty programs, manage shipping addresses and a whole lot more.
iOT and Security
Interconnecting and communicating with physical devices, different networks, or objects over the internet enables online POS systems to integrate with CRM, accounting software and multiple back-end as well as front-end processes. This makes it a bit vulnerable to hacks and cyberattacks.
In the year 2014, the Department of Homeland Security’s United States Computer Emergency Readiness Team suggested that POS systems are targets of multiple hacks. Henceforth, multiple guidelines about best practices were issues for POS system users. It suggests using stronger passwords, installing firewall, installing anti-virus programs, and service-level agreement security in place.
Online POS systems such as iPOSOS ensure you have multi-level security and we ensure our security firewalls are always there to protect your data and privacy.
Online Retail POS systems are state-of-the-art technology. Every business must take advantage of the opportunity to enhance their business multiple times. At iPOSOS.com, we strive the hardest in ensuring your business acceleration and sales productivity by multiple times. Check out our blogs for more insights on iPOS systems.
