What is a POS system and what are the types of Point of Sales systems available? Read this article and find out!
A POS system or Point of Sale system is the heart of the business. A POS system is synonymous with Point of Sale terminal, however, the POS terminal is the equipment used to perform the sales transaction and processing the credit card payments. The POS system is used in most storefront businesses and combined with the POS software helps to simplify and manage everyday sales operations and transactions.
With the combination of the POS terminal and Point of Sale software, you have a definition of a POS system. The POS system is used for various tasks like menu customizations, inventory management, price adjustments, labor reporting, sales reporting, staff management, marketing initiates, customer management, and much more.
There are 5 different types of Point of Sales systems available:
- Restaurant POS system: One of the reasons you need a POS system for a restaurant is to accept the credit card and cash payments. There can be lots of features that can simplify your operations and make your restaurant more productive.
- Bar POS system: Even though there is software that is specially designed for bars, most POS systems used by restaurants can also be a great solution for bars. An efficient, fast, and a reliable bar or restaurant POS system can mean the difference between a success and failure. For busy bars, the Point of Sales system needs to have speed features and functions for quick order input, as well as fast check out.
- Retail POS system: The retail Point of Sale system is for retail environments. The retail business can have some specific requirements and features, for example, inventory tracking, gift registry, employee commissions, layaway, customer database, purchase orders, and more.
- Small Business POS system: A small POS system could come in different sizes, shapes, and flavors. Most of the new small business technology is application-based and mobile platforms. If you aren’t processing a huge amount of speed and volume, then a mobile POS system might just be perfect for you.
- Salon & Spa POS system: Hair salons, nail salons, and SPAs need a specific set of POS features due to the nature of the business, for example, appointment reminders, appointment calendar, customer database, retail functionality, online employee scheduling, inventory management, and much more.
We covered each of the important types of POS systems so we hope you can pick the one that suits your business the most.