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What Is a Point-of-Sale (POS) System?

 

You may think of point-of-sale (PoS) systems as just ordinary cash registers, but they"re evolving to do much more. They can integrate with mobile devices and cloud services and satisfy the software and hardware requirements of users. In addition, you can use them with back-end accounting systems and credit card payment processors. Many small to midsize businesses (SMBs) are using these types of cloud-enabled POS services without the need to keep a physical back-end server in multiple locations.

 

EPOS system for restaurant now integrate more seamlessly with other back-end applications such as customer relationship management (CRM) and inventory management.

 

While there are several kinds of payment processing solutions available, including credit card readers and various new mobile payment methods, the POS systems we reviewed are full-on cash registers. This means they communicate with back-end accounting software and can handle multiple kinds of payments.

 

Despite the cash register motif, however, when people talk about POS systems, they"re mostly referring to the software, which could be client-based or cloud-based. That"s because it"s the software that lets you track sales, issue receipts, and perform back-office functions. Such functions include replacing inventory, tracking employee productivity, and noting what sells and what doesn"t. The POS systems we reviewed are predominantly focused on SMBs that sell from one to 25 outlets, although a few may handle up to 100.

 

Another important aspect of POS software is broad support for new payment systems. Your customers may be primarily using one or two payment methods now, but give how quickly payment options can change, those customers may be asking for new options soon. It"s best to have a POS system in place that has payment flexibility built-in rather than having to swap out a new system. If you"re wondering what kinds of payment options your POS should support, consider the chart of popular brick-and-mortar payment methods compiled by market research firm Statista from a consumer survey the firm conducted in March 2019.

 

Most Popular Consumer Payment Methods, 2018-2019

 

Business - Statista - Popular Consumer Payment Methods 2018-2019

(Image credit: Statista)

 

Key Software Features

 

The point of a good POS system is to let you get paid for products and services. There are a variety of ways that people get paid today and your POS system should handle all of the methods you need, including cash, checks, and credit and debit cards. Some, but not all, also accept "contactless" payment types, such as Amazon Pay or Apple Pay.

 

An important factor to note is that the introduction of Europay, MasterCard, and Visa (EMV), or chipped cards, has complicated things somewhat for small vendors. EMV is the standard that is said to provide more security than the swipe-and-sign tech we"ve been using for the past decade or so. The ability to "dip" these cards means additional or new hardware for which some POS systems charge a bit extra.