What is a POS system and how does it work
Biz

What is a POS system and how does it work

Now that payment methods have become more advanced, businesses need to do away with old cash registers, but what is the alternative? POS systems present retailers, restaurateurs and business owners with smart solutions to keep up with the technology in the hands of their customers.

You can think of POS systems like smart tills.

Not only do they make transactions faster and more seamlessly than old manual or touch-screen tills, but they collect a plethora of data on every single transaction you process, and sync it to a cloud-based back office analytics suite that you can access on any internet-connected device.

With a cloud-based POS, you know exactly what’s happening in your business, wherever you are in the world.

What’s data got to do with it?

Thanks to the smartphone revolution and the rise of cloud computing, we’re now creating more data than ever before. This is good news for small businesses, as data analytics have become both cheap and accessible. As a result, café, restaurant, and shop owners can now gain insight into almost every aspect of their business. This helps business owners improve their margins and tailor the purchasing experience to the customer.

In short, the phenomenon known as “big data” helps companies target their products and advertising. Ultimately, it makes them more money.

However, those same businesses need a system to collect, store, and translate that data so they can turn it into action. They also want to be able to sync the information they collect, with their existing accounting or scheduling software to lighten the load of back office paperwork. This is where POS systems come in.

POS systems allow you to store and access data from all areas of your business in real time. If you run a restaurant, this means automatic updates from the kitchen staff about menu items and ingredients, as well as a fast ticketing system that means you’ll never miss an order again. If you own a retail store, a POS system will keep track of all your stock and help you process orders.

POS systems aren’t just fancy tills. They possess many other features to help your business run smoothly and keep the cash flowing.

What else can you use a POS system for?

POS systems can be used to manage practically every area of your business. This is the same, whether you’re running a tiny city bar or a retail franchise. However, by far the best solution for most modern businesses is proving to be the iPad POS system, which is flexible and portable, no matter the needs of your business.

Since computers are getting smaller and more portable by the year, it makes sense to invest in equipment that your business won’t grow out of. Most people are familiar with Apple products, and an iPad POS system is intuitive and easy to use for people of all skill levels.

The benefits of using an iPad POS system in place of a traditional point of sales system include:

Streamlined service

The average UK customer will only queue for six minutes, so you don’t have long to make a good impression. An iPad POS system allows you to take multiple payments at once with seamlessly fast service, reducing wait times and keeping customers happy. What’s more, with a handheld POS, there’s no need for staff to pop to the kitchen to check the availability of a menu item or leave the shop floor to go to the stock room. Staff can answer customer questions quickly and efficiently on the move, freeing them up to deal with several enquiries at once.

Customer record management

Many POS systems have customer record management capabilities that can tie purchases to individual customers. Therefore, you’ll have records on who your best customers are and what they buy in the palm of your hand. If you have permission to send your customer emails, you can then use the data stored on your POS to send targeted promotions and marketing materials, either on a small or large scale.

Affordability

Lastly, one of the main reasons companies go out of business in the UK is down to poor cash flow management. Therefore, any avenue that saves your business money should be explored. The affordability of the system allows for a quicker ROI, fuelling further growth for your business.

Choosing a POS solution for your business

iPad POS systems will provide all the insight and ease of use of a traditional POS system, with the ability to scale your business flexibly.

Choosing from the raft of solutions on the POS market can be tricky. However, finding the right technology is essential to supporting your business growth. A POS system can really help you grow, but need to be clear on what you want out of your POS solution in order to make sure that you choose the right one.