Ranging from a simple mobile phone and software set-up to an extensive hardware system with cash tills, touchscreen monitors, receipt printers and a software capacity for vital inventory information, POS systems are vital for businesses across the country, helping to make the process of sales, inventory and eCommerce much easier, handling multi-channel information channelled through a singular programme.
Here, we provide an essential guide to both POS and MPOS systems, to provide a detailed breakdown of the different types of POS systems available for your business, offering relevant information on which is best suited for your business type.
What’s A POS System?
An intelligent blend of software and hardware designed to facilitate a business’s operations, a POS (Point of Sale) system is intended to simplify daily tasks and potentially generate revenue. POS system hardware will typically include a computer, physical terminal, scanner and a printer, whilst the software will help track and log your business’s incomings and vital information.
Ensuring you have access to the highest quality hardware for your POS system will prove critical in collecting data, typically utilising touchscreen PC monitors, tablets, mobile phones, cash drawers, card readers, receipt printers and barcode scanners, among others. Quality software, meanwhile, is highly important to your POS system, both essential in processing all transactions, but also pivotal in offering analytics, sales figures and inventory information.
Why Use A POS System?
As with any modern technology, POS systems are designed to speed up a well-established process and provide a quicker, more satisfying experience for customers. POS systems provide unique synchronisation between your cash register, your barcode scanners, card readers and everything in between to provide a seamless transaction process that’s easily completed in minutes. Below are some of the key advantages of integrating a POS system into your business.
- Improve Inventory Management
- Simplify Invoicing
- Greater Security
- Easy & Efficient Payments
- Simplify Operations
- Improve Customer Management
- Reduce Errors
- Improve Order Accuracy
- Increase Revenue
- Improve Customer Experience
- Reduce Costs
- Improve Customer Satisfaction
- Save Time
- Improve Service
- Technical & Technological Support
Integrating a modern, state-of-the-art POS system will greatly improve your business’s vital procedures, capable of checking and updating stock information in real-time to provide customers with an honest update of their order, as well as simplifying the process of managing and spending loyalty points, vouchers and discounts with zero hassle.
Types Of POS Systems
In truth; there are a number of different types of POS systems to consider, each with its own unique advantages depending on your business type or individual requirements. Below, we provide a complete breakdown of the different types of POS Systems available from iOResource, to offer further insight into their applications, advantages, disadvantages and suitability for your business type.
Mobile Point-Of-Sale System (MPOS)
These kinds of POS systems are named, ‘MPOS’, specifically for their mobility, (Mobile Point Of Sale), and are designed to process quick payments, manage some inventory and handle customer information on the go. MPOS systems are ideal for those who need to be mobile for most of the working day, or maybe don’t require vast inventory management, such as farmer’s market vendors, event vendors, small/independent convenience stores, freelance or contract workers, music venue vendors and more.
Generally, MPOS systems and their software applications will be offered free in exchange for payment processing, with most able to operate alongside a portable receipt printer.
Tablet Point-Of-Sale System
An increasingly popular option for many businesses and an extension of the above MPOS systems, a Tablet POS, typically incorporating iOS or Android software, are considered a cost-effective system choice, requiring a minimal upfront investment. Tablet POS systems may also come with “free” credit card processing and typically support compatible hardware such as cash drawers, barcode scanners and tablet stands.
Tablet POS systems are generally incorporated into businesses similar to MPOS systems but may cover larger businesses, restaurants and outdoor events. Applications will often include, but are not limited to, mobile vendors, coffee shops, gift shops, museums, art galleries, sandwich shops, pizzerias, ice cream parlours, small theatres and hair salons.
Terminal Point-Of-Sale System
These kinds of POS systems are primarily what you’ll be used to seeing at the till in most supermarkets and retail stores up and down the country. Terminal POS systems combine effective hardware, such as touch-screen monitors, barcode scanners and cash registers, with state-of-the-art software solutions, with most operating over the internet through a cloud-based system. They can handle extensive inventory information, label and receipt printing, as well as being able to integrate all e-commerce into the system with ease, which can prove vital in the digital age amidst the rise of online shopping.
Terminal POS systems are generally incorporated into the restaurant and hospitality industry, as well as several retail stores, grocery stores, boutiques, antique stores, hair and beauty salons, spas or hardware stores.
Online Point-Of-Sale System
An online point-of-sale system won’t require specific hardware, instead, it will incorporate specialist software that will then be operated on existing hardware, such as a computer, mobile phone or tablet. This can prove particularly effective for small businesses and retailers looking to keep startup costs low, requiring next to no investment in potentially expensive hardware such as touch screen monitors. Ideal for businesses with low-volume, big-ticket sales, such as small retailers, art galleries, cafes, pet groomers and more, an online POS system can be accessed anywhere, anytime, on any device.
Self-Service Kiosk System
A POS system designed for a specific purpose, a self-service kiosk POS is often incorporated into fast-food restaurants, car parks, cinemas or retail stores for direct access to your business’s unique services. This can allow your customers to order ahead of time, register to collect parcels, pay for parking, order a train ticket, personalise food orders and purchase event tickets all at the touch of a button. POS systems can even be used by patients to check-in at hospitals and GP clinics and are generally considered a fast, effective method of streamlining essential customer information.
Multi-Channel POS System
Perfect for businesses operating across more than one location, or an expansive online market, multichannel point-of-sale systems will intelligently integrate all of your sales across every store or online marketplace your business currently operates. This will help manage your inventory too. If you’re a company looking to branch out from a digital space to a physical one, for instance, you’re likely to benefit from multi-channel POS systems, as they can smartly move all of your inventory and financial information during the transition.
Open-Source POS System
These kinds of POS systems are delicately customised to a specific business requirement with the POS software interface designed to your specific need and taste. An open-source POS system is fine-tuned and therefore requires the experience of a software engineer to install and set up, which can be quite expensive but may also be the only realistic solution for businesses operating on a scale that is both vast and unique. For this reason, open-source POS systems are generally only ever incorporated into industrial enterprise-sized businesses such as commercial factories, car manufacturing plants or industrial warehouses.
iOResource – Innovate Retail Technology For Vendors Across The World
At iOResource, we offer a wide range of POS machines and software that would be suitable for almost any industry. Investing in a Retail POS system can also allow a business to gather data on sales, inventory and customers, meaning that you’re able to gather information on what areas are doing well and what aren’t doing so well. All our POS hardware systems are available in different colours and memory storage, meaning you’ll be hard-pressed to find a POS machine that isn’t perfect for you and your business!
It can sometimes be difficult to know what POS machine to use for your business. If you’re ever unsure what POS device would be most suitable for your business, then get in touch with our expert team who will be happy to provide you with advice! Whether you’re after an Aures or a Mashgin POS machine, we have got you covered. Contact us today.