Quickies of Point of Sale (POS) Terminals!

Point of sale terminals does more than just sales. It is the interface between the customer and the business. It makes it easier for the ‘business’ to analyze data, track inventory, connect with customers, and manage processes and save your time. It includes email marketing, loyalty programs, and other capabilities that streamline processes and save time. Best POS Software provide reliable customer support, reachable around the clock, so even if the business keeps irregular hours or works late, customers receive the updates whenever they need them.

What is a Point of Sale Terminal (POS)?

A POS records the products or services a customer intends to buy, adds up the item’s cost, calculates taxes, accepts various forms of payments, and generates a receipt. It adds o to the functionality of the cash register to manage sales data, inventory, customers, and employees. They have three parts: (1) software, (2) hardware, and (3) a credit card processor.

What’s trending in Point of Sale?

POS systems should be able to accept mobile payment methods and provide access to real-time data. It will shoot up your business over to maintaining a competitive edge, also improving the customer experience through providing a fast and secure payment method. It also facilitates paying for food and merchandise through contactless payments.

What types of businesses use POS systems?

Every business with customer dealing requires some way to accept and process the payments and help ‘businesses’ do that. E.g. retail and restaurant establishments.

When do you know that it is time to integrate a POS system?

POS makes the process of buying and selling easy. It saves time by automating business operations, smoothening the checkout experience, and decreasing human errors. It helps with – (1) inventory management, (2) tracking items in stock, and (3) generating new purchase orders. POS terminals assist in tracking sales from both your e-commerce platforms and your physical retail store in real-time or across multiple locations. Reporting in real-time can give insight into which items are your best and worst sellers, help you identify your busy and slow hours, days, seasons, so you can optimize how you staff your business.

Best POS System Examples

Exclusive Case Study – Clover POS Terminal

Clover brings in affordable POS software and ‘exceptional’ POS hardware. Its software pricing plans fit business owners’ varying budgets, ‘pricing’ plans start at $9.95/month, with a 30-day free trial to test it out. Clover’s POS supports online ordering and contactless payments. It allows using your third-party ‘hardware’ (if compatible), or you can purchase Clover’s ‘hardware’ sold through third-party affiliates so you can find the lowest price for your POS hardware. The company offers a Clover station Package for $1,399, or $466 per month for three months; it includes a POS terminal, cash drawer, and receipt printer.

The Clover Station Pro comes with a robust hardware package costing $1,649, or $549 per month for three months, and includes a POS terminal, cash drawer, high-speed receipt printer, and customer-facing screen.

Clover Mini is priced at $749 or $250/three months; also there is a handheld POS solution Clover Flex for $499, or $166 per month for three months.

Clover Go card reader is priced at $69 and is suitable for table-service establishments who are looking for a full-service restaurant POS option, pre-loaded with Clover dining features. The cost of Clover is $69.95/month, and an additional payment processing that costs 2.3% and an additional 10 cents for in-person transactions and 3.5% and 10 cents for manual transactions.

Clover offers many hardware peripherals as well to complete the restaurant POS system. To go with – it adds on the barcode, PIN shields, weight scales, and compatible ones like Mini, Station, Flex, GO, which helps you identify the ‘hardware’ compatible with the system.

Clover POS system provides users with several POS functions like inventory management (customer profiles, marketing preferences, build customer email lists), employee management, integrations – BigCommerce, Ecwid, Gusto, Quickbooks etc.

What are the different types of POS systems to consider?

Point of sale terminals can be – Cloud-based, Server-based, and Hybrid (a combination of these two types of POS systems). A hybrid POS system uses a local server, but the data is ‘backed up’ to the cloud. It does not interrupt your business even if the internet drops. ‘Businesses’ can continue to sell items even if the internet drops and the data back up once the internet connection is re-established.

What is the difference between a POS and an mPOS?

A mobile-enabled point of sale system is called mPOS. It is enabled via a tablet or a smartphone, using a card reader attached to the phone as a terminal. It ‘enables’ business owners to accept payments anytime, anywhere; POS and mPOS work in the same way and have similar capabilities.

What is point-of-sale ‘hardware’?

Point of sale hardware consists of a range of equipment that you purchase for your business. It includes Tablets, touchscreen, computer monitor, cash drawer, credit card reader, receipt printer, barcode scanner, customer-facing screen, kitchen printer, kitchen display system (KDS), Kiosk, handheld POS device, a scale, and thermal printer paper.

How many register terminals does each location require?

The number of registers or POS terminals that a business requires depends upon their specific requirements. One ‘business’ can have one or more POS systems depending upon the rush and the need to reduce the wait times.

Which POS systems are the easiest to use?

Point of Sale terminals on iPads or Android tablets is the easiest to use. Some of these offer a free trial – to gain additional familiarity.

What is the difference between a POS system and a payment processor?

A point of sale terminal includes both ‘software’ and ‘hardware’ that runs on physical machines. It is ahead of just accepting the payments, maintaining customer relationships and inventory. On the other hand, payment processors send information from customers’ credit cards or debit cards to your bank, and then the bank facilitates payment. A transaction goes through if the funds are available. Payment processors undergo checks to ensure ‘payments’ in seconds.

What credit card processors work with POS systems?

Best POS systems integrate with multiple credit card processing services so that you can shop around for the best value. Some vendors offer their credit card processing service and bundle it with their POS software and ‘hardware’;

If I buy a POS system, does that make me PCI compliant?

PCI compliance involves multiple factors. It includes a POS system and credit card processing service. It either stores cardholder ‘data’ or if the network and internet connection are secure. You may use your credit card processor to check PCI compliance. For this, you will likely require completing an annual PCI self-assessment questionnaire, and you may need to submit to system scans.

Which POS systems are the least expensive to integrate?

Cloud-based systems are the least expensive as they’re simply plug-and-play. It does not require purchasing, setting up, and server maintenance. Also, POS must be integrated with other applications within the organization’s technology stack. Failure to integrate the POS system with existing technology like Enterprise Resource Planning (ERP) systems can lead to time-consuming, inefficient processes and create inaccurate results due to error-prone manual inputs.

Is there a free POS system?

Yes, there are free POS systems. Major credit card processing companies like Square or PayPal come with basic POS software. POS providers also offer free hardware, with some non-cancellable contracts. These can be automatically renewable with a 30-day window.

How do POS systems make money?

The companies that provide POS charge their merchants for the POS software and hardware and tack on more fees for additional services. These may also include loyalty programs, gift cards, and integrations with other software. If your business uses multiple POS you could be charged for each one separately.

POS companies may also make money from credit card transaction fees. Even if they don’t process payments, some tack on small pre-payment fees.

How important is reporting or analytics for a small business?

POS systems offer extensive reporting and analytics. It helps optimize the business, identifies sales trends, gauges the sales of products, and if you have enough inventory. You can also use it for managing and analyzing staffing and customer management. Such systems can be set up to run reports on best-performing people and loyal customers.

What security concerns should you think about in a POS system?

You must ensure the following points before buying POS for your business:

• How does it store your data?
• How often do you need to synchronize it with the server to backup data?
• How physically secure are your servers?
• Are your card-readers EMV compliant?

A POS lets you assign unique passcodes to restrict employee access. It prevents theft and records every transaction in business. It also lets you choose whether or not a manager must approve returns and voids. It also maintains shift reports and blind cash reconciliation to discourage employees from stealing from the cash drawer.

Conclusion: What to expect in 2022?

Cloud-based point of sale systems automates many processes. Although most of the consumers prefer buying online post-pandemic, tableside ordering has also become commonplace. This has made POS vendors recognize more e-commerce and unattended shopping features into their systems. Restaurant POS software is also looking towards incentivizing existing and new customers as many businesses are struggling due to less turnout. POS software is also accommodating self-service features owing to the surge in popularity and precautions. Follow us for more!

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A gist on POS systems – what is it, what does it feature? What is the need? How it evolved? What are the popular ones? what are their benefits? How does it changing the restaurant industry!

With scarce or intermittent seating, restaurants are still recovering from a tough 2020. With the lifting of restrictions, there are signs of recovery with social distancing norms in order. Technology has been rippling the restaurant and food processing industry to wade the traditional way of taking orders in writing customers’ – on a piece of paper and then communicating the order to the kitchen. But it often resulted in missing the special instructions by the customers and the probability of mixing the orders. Now, Restaurant Point of Sale Software has completely digitalized taking orders directly from a tablet or mobile.

What is POS software for restaurants?

A restaurant point of sale terminal is a desktop application that tracks sales, cash flows, and food inventory. It helps business owners in managing their business by simplifying the underlying processes. The use of ‘point-of-sale’ terminals does not affect various restaurant attendants or staff members. It removes the complications from the process of handling a large number of orders or a tapering inventory. Some such free POS software can track repeated visits by the customers to multiple branches.

Features in Restaurant POS Software

• Split a check
• Modify items
• Create customized menus
• Offers loyalty points, gift cards, punch cards, loyalty stamps
• Tracks customer engagement
• Customizable menu
• Customer management
• Staff performance tracking
• Reports
• Inventory management
• Sales reports and tracking
• Employee clocking
• Tablet compatibility
• Receipt printing
• Menu building
• Accounting integration
• Easy to use
• Credit card processing

What does a POS Solution should have?

You require a cloud-based solution. Cloud-based POS systems upgrade to keep up with technological advancements.

A POS terminal tracks sales and financial data. The input of the cloud platform assists in ‘key’ reports and sales performance.

It allows the guests to order and pay at the table. Thus, it lowers labour costs, guest-server interactions and streamlines the whole operation.

It seamlessly integrates online ordering and delivery platforms – to enable sales with zero commission and own guest relationship.

How Point of Sale terminals evolves over five eras?

• IBM first introduced Point-of-Sale Systems in the ’70s. These were desirable with the need of automating the process. Businesses didn’t want to rely on separate systems to handle sales, inventory, and other functions.
• Point of sale systems became common when ‘systems’ started integrating loyalty programs, time clock tracking, vendor ordering, happy hour discounting, customer profiles, integration with kitchen display systems, and more.
• Migrating to the cloud changed the world of POS forever. There was a time when the ‘point-of-sale software’ had to be installed locally on the machine that would run it. Now it can be accessed on-demand through internet-enabled devices.
• Handheld POS systems assist restaurateurs in exploring and scaling their restaurant experience, improve guest touch-points, increase ‘revenue’ and employee satisfaction.
• The future of POS systems holds integration of credit and debit card processing, gift card, loyalty, table management, and mobile-friendliness.

List of Popular Restaurant POS Systems

POS Application Using by Restaurant Chain

Sushi Teria: Enhance and streamline customer experience and business operations relating to sales – cash flow – food inventory – order management – table reservations – bookkeeping – food costing – marketing via outreach campaigns for food and beverage businesses – cafes – food trucks – bars through classic Restaurant POS Systems.

More examples include Floreant, TastyIgniter, UniCenta, SambaPOS, Point of Success, eHopper, Square, Linga rOS, and eZee Optimus.

Benefits of Point of Sale Terminals

• The advancements in restaurant POS helps in generating more accurate reports.
• It enables upgrading menus and frequently upgrading without any printing costs, and in splitting the checks;
• POS could show more than just the taxes. It showed total credit card transactions, cash transactions, and overall restaurant sales.
• Cloud-based ‘Point of sale’ software is also known as ‘Software-as-a-Service’; It stores data on remote servers and makes information accessible online 24/7.
• Cloud technology ensures no data loss due to a technical, human-made, or natural calamity.
• It assists the restaurateurs in making better guest ‘experiences’ and builds efficient work environments.
• Tableside POS tablets enable customers to consult the menu on an ‘iPad’ and place an order, saving time on the server.
• Customers can leave their feedback/opinions at the end of their meal.
• POS software saves time by reducing server trips to the terminal (guests want to erase their credit card details.
• It integrates with the inventory in real-time. It helps restaurateurs track and manage their raw ‘material’ and stock in the kitchen instead of spending countless hours on manual calculations.
• POS also helps know the shelf life of the products and how long the current stock will last, allowing setting reminders to order when it gets depleted, know top selling items on the menu, and helps reduce wastage.
• It reduces the risk of pilferage by assigning permissions to access the inventory.
• A POS-enabled inventory management system helps if a restaurant operates from more than one location. It helps in centralized supervision.
• Integration of customer resource management (CRM) helps restaurateurs with customer data in email marketing and influences loyalty programs and online ordering. It does not require the restaurant owner to be physically present to ensure that his restaurant runs smoothly. They need to log on to the cloud software to keep an eye on their business. They can check – (1) employee check-ins, (2) payroll, (3) footfall, (4) sales, (5) status of food supplies with just a few clicks.

How the Modern POS is changing the restaurant industry

Restaurant POS has traversed along from only billing to complete restaurant management systems. It includes stock, inventory management, detailed reporting, customer relationship management and a new-age cloud restaurant system to provide complete automation of the restaurant operations. Changes in the technologies bring about innovations in the foodservice industry – Online ordering, online payment integration, increased customer engagement, and chain management. Modern ‘Point of sale terminals’ are helpful to the restaurant industry in two ways:

• As restaurants focus on stellar guest ‘experiences’ and a streamlined approach, POS systems enable the employees on the floor (rather than running back and forth with every order placement).
• Deployment of POS systems has resulted in low labour operations, which drives ‘performance’ and customer experience.

In Conclusion

Point of sale terminals has become a necessity for (1) large restaurant chains, (2) big businesses, (3) small, (4) mid-sized companies, (5) restaurants as well. These machines are cost-prohibitive for some businesses, which could not justify the expense of a machine that could cost thousands of dollars.

POS was a transactional tool for processing and tracking sales. However, the wealth of management technologies, reporting capabilities, and business intelligence that POS systems now offer is increasingly rendering these systems as critical resources;

Also, top custom software development companies create handheld or Kiosk based free POS software merges with cloud computing to add a layer of ease – it remembers debit/credit card details for convenience. It provides complete control over their restaurants from anywhere. It is helpful if your restaurant ticket times are running ‘slow’ if voids are too ‘high’ – if sales are too low – if the restaurant owner is away. We hope you find it insightful helps; follow us for more!

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