There are many different pos and cash accounting systems on the market. Each one has its own respective flaws and benefits, and retailers should be keenly aware of these differences in quality. However, some systems are noticeably better than others. Read below to discover which systems and technologies are best suited for your unique business practices.
Cloud-based
Cloud based epos systems are gradually increasing in popularity throughout the retail, hospitality, and service world. There are a number of critical advantages to using this type of device. One particular advantage is that it allows you to access data and run your business operations from any location. Because cloud access requires a web configuration, geographical distance will never keep you from your daily business practices. This has become an increasingly popular commodity, setting cutting-edge, forward-thinking businesses apart from more traditional businesses.
Another amazing advantage of a cloud based system is that it allows you to obtain access to real time updates and data collection. This way, you can always remain readily informed on your inventory and sales information. You can even access real time alerts and reports to inform you when you need to make a shift in employee scheduling, sales tactics, pricing, and more.
Many people delight in knowing that cloud systems update themselves automatically. This requires no effort or tech knowledge on your part. You can even attend to and fix failures easily because these systems have inbuilt error checking mechanisms. Finally, cloud based systems connect you with adept support teams who can troubleshoot your issues when needed. When errors or bugs arise in these types of systems, they are much easier to resolve than that of outdated systems.
Cash Register
For decades, cash registers helped businesses complete transactions, before the introduction of more advanced cloud based/software technology. Although there are some benefits to using a cash register, there are also many notable disadvantages. These devices are equipped with basic functions that are easier to master than an epos system. Furthermore, they are far less expensive than your modern day eps system.
In spite of this, they are far less sophisticated as cutting edge epos systems. Not to mention, they cannot perform trend analysis, real time inventory management, or even report generation. In order to run a successful business you need all of these aforementioned features.
Another grave disadvantage of a cash register is the lack of accuracy. Hence, it is in the best interest of every retailer to avoid using a basic cash register.
Mobile
A mobile epos system is exceedingly beneficial if you take your business on the road with you. If you have one retail location, and you process a high volume of sales, then you should invest in a central, epos system to handle the bulk of your daily transactions. The epos system software by eposnow is designed to handle these types of demands.
However, adding a mobile system to your repertoire can also help you process orders on the road if needed, especially if you lack a main retail space. Here are a few benefits that you can derive from using a mobile epos system.
The first benefit is that you will minimise the time customers spend in line. Many such systems are replete with applications designed to reduce customer waiting times and increase overall efficiency. These mobile devices can connect to and relay information to your main epos system. Essentially, you can use your mobile device to collect customer information while they are in line. Once they reach the checkout session, they will have already completed the majority of the transaction process.
Another solid advantage of using these devices is that they utilise email receipts. Email receipts can greatly reduce expenditures on paper, and they are environmentally friendly option. It is simply remarkable how many paper expenses a business incurs over time. However, you can maximise your savings with this type of epos system. You can even use cost effective marketing tactics, emailing marketing campaigns to your customers. The will allow you to bolster your sales without incurring more expenses down the line.
Many mobile epos users find that they have increased security measures. Often, people who use these systems must adhere to PCI guidelines and secure their network before they can use any of their epos functions.
Mobile epos software is known to free up floor space that would normally be occupied by cash registers, as well. Furthermore, they can help you manage high volume of customers.
Custom
Your epos system can be customised according to your industry and your unique business needs. For instance, there are beauty epos systems designed to help you manage appointments and various other aspects of running a gym, salon and tanning salon. There are also hospitality epos systems that allow you to customise pricing structure, and to add tips to the subtotal.
Fashion epos system allows you to implement customer loyalty programmes, sales, rewards and promotions, as well as inventory management and many other features. Finally, one of the most popular models is a retail epos system, which is equipped with all capabilities necessary to process retail sales. For example, you can manage inventory, print reports, collect customer data, and much more.
Desktop
Desktop eps systems have many distinct advantages. As noted, mobile epos software is highly innovative and can assist the operations of most businesses. However, they are not equipped with the power, security and reliability of a desktop system. It is very difficult to run a lucrative business without a central, desktop system. A desktop system projects a more professional image. Whereas, a large business merely using mobile apps to process payments might incur some doubt or suspicion from customers.
Desktop systems allow you to maximise your use of both sophisticated software and hardware, as well. If you need a large, touchscreen along with a robust processor, there is very little that you can do with a mobile device alone. With this said, desktop pos devices give you the robust protection, speed, power and proficiency you need to run your business.
