What is a POS System and Why is it Important for your Business?

Let's explain the benefits of a POS system using something almost everyone loves: pizza. Reducing the waiting time is one step towards building a happy customer base. Domino's uses an efficient POS system. So all their sales invoices are generated within minutes and you can grab your bite as soon as possible. YAY!

What Makes Domino's so unique?

Customer satisfaction!Yes, not only in terms of quality, delicious pizzas and bread (and much more…) but also in terms of prompt and hassle-free delivery.   Imagine having to wait in a long queue to get your order and that too with a hungry stomach! Domino's understands this very well and has time and again used technology to improve delivery time.

What is POS?

Point of sales or POS is the point where the sales are completed. It is the central component of your business, you know because it brings in money! Confused? Ok, let me break it down for you!When does a typical sale start? Just take this Domino’s example. Here the sales start the moment you decide to order your favorite Pizza. It is followed by placing an order and then powering through the waiting time. Where does it end? You get your delivery, you pay for your stuff at the counter, and you go. Here. It is where the sales suppose to end. Typically speaking, the sales process ends at the cash counter. Now, for retailers, having a speedy cashing system is imperative. It ensures lesser waiting time for customers and fast sales for them.It is where the power of new-age technology comes to play- in the form of a handy POS system! 

What is a POS system?

Modern POS systems comprise of a large display computer that can run the entire business, right from inventory management to accurate billing. A typical POS system must have POS software that is compliant with the business niche. For example, POS software that suits a restaurateur may not work for a garment retailer. The software runs alongside the hardware components of the POS system. These are those devices which you generally see your cashier use at the store checkout counter. 

Here’s a small list of the POS Hardware essentials:

Display screen: the face of the POS software, you can say. All the input and output data are displayed here. It sorts out the data and enables easy access to them. 

Debit/Credit Card reader: EMV compliant credit/debit card reader is required. It is crucial in making a transaction for cashless payment. 

Bar code scanner: It serves the purpose of scanning the product and its details. For retailers, this is a must-have. Restaurant owners may not require this. 

The POS software is the heart and life of the modern POS system. Hence it is always good to know the little details about the same.  

What is POS Software?

It is a software-based billing system, a modern alternative to manual receipts or cash registers.Dominoes is the best example to emerge as a progressive brand, with effective use of this new robust software system. So the cashier at the counter feeds your order and billing details, and voila! He/she gets a full-fledged invoice within minutes!Sounds cool?Wait, there’s more to a POS system than being just a replacement to the cash registers. 

Here’s how the POS software benefits the retailers and business owners:

• It does the heavy math works like adding up taxes, subtracting the discounts, and other things in minutes. Even the complex task of changing currencies is taken care of.
• It keeps track of all the goods and stocks available .a.k.a inventory. Most of the POS software comes with an inventory management system. So retailers can ensure there is enough inventory to run their store smoothly.
• It also records all the sales and purchase invoices in a single system. It, in turn, helps to generate more accurate monthly sales reports.

Technology is growing super fast. With cloud computing gaining more popularity, it has also made its way into the POS system software. Cloud computing allows businesses to store data in a safe and secure place on the internet and are remotely accessible.If you are a business owner and still apprehensive about technologies, it is about time to rethink. With the world adapting to the digital age, POS systems stand with numerous possibilities to improve and develop your business. The question is- “Are you ready to embrace the change?”