What is the most indispensable tool in your retail business? A lot of names, systems, devices, and maybe people might come to mind. But lots of retailers and businesses will agree that the cash management system is one of those things they can barely do without. Gone are the days that traditional pos cash register systems were all you need to manage your cash.
Whether you choose to continue with the traditional cash processor or use a POS cash register, you will require a device to help process sales. Record-keeping and transaction processing have become crucial to customer satisfaction and retention. It’s not just about safety; the cash register does more than storing retail customer payments. We’ll take an in-depth look at this later in this article.
Sure there is money involved in the initial setup of any POS cash register. However, this varies for different devices and vendors out there. The bottom line is, it’s relatively a one-time investment, and you get to use it for several years, provided you make the right choice. Some still debate the superiority of one system over the other. This article will try and put this debate to rest.
To do this, we take a closer look at the POS cash register and understand what it stands for.
What is a POS Cash Register
The POS cash register system, which you can also call the electronic modern cash register, has proven itself essential to the smooth running of businesses across different industries. The restaurant and retail industries both use the POS systems for better restaurant management or cash processing in the retail world.
Your modern cash register is feature-packed and capable of managing other aspects of your business, like financial reporting and inventory management. The levels of complexity of the POS cash registers in the market differ according to the various needs of businesses.
You need to assess your present and future needs as a business before you make any purchase decisions regarding a POS register. Also, those who are still using the traditional cash register system should know the differences between their system and the cash register. This knowledge will help make the best decision when it’s time to upgrade to the modern cash register.
Comparing the Traditional Cash Register and the POS System
- A POS Cash Register
This system offers all the essential features necessary to run a small, medium, and large-sized businesses smoothly. Of course, this is in addition to the solutions you would get in the traditional cash registers. As earlier stated, these registers enable you to store receipts, ring up sales, especially on holidays, calculate taxes, and, of course, store cash in a drawer.
You’ll find two categories of POS systems. There are mobile POS systems and traditional POS.
- A traditional Cash Register
There was a time that most businesses that exchanged goods or services for money had these cash register systems installed at their check out points. With the traditional cash register, businesses could safely store away the cash earned from sales and issue receipts to customers. It was a secure and trusted system. But we’ve all seen a movie or two, where a guy attempts to rob the cash register.
Traditional vs. Modern POS
Usually, these traditional cash register systems are relatively more affordable. You can find one of these systems with prices starting from about $100. Furthermore, you can get to add hardware like card readers and wireless barcode scanners to these registers. These additional cash registers come at an extra cost but usually enable you to recoup this investment through the added value.
Normally, this system comes with a local server that serves as the storage site for the data it collects. You can also get a personal computer and touchscreen device to enable enhanced usage. Aside from these, you can also add more hardware like credit card readers to your traditional cash register systems. For such an additional terminal, you will have to pay at least $1500 to get them to run with your traditional cash register systems.
A Cloud-based Solution
However, you can go for the modern cash register systems and manage your transactions through iPads or Android devices. Typically, modern POS systems are cloud-based, meaning they don’t require any local servers installed on your premises. Cloud-based also means you have complete access to all business-related data that’s been saved in the cloud without any geographic restrictions. The only thing you will need is a stable internet connection.
However, you can get some cash register systems that support offline mode. In this case, your register stores data when you are offline and syncs with the cloud once connectivity is restored. Mind you; you will get a SaaS pricing model if you choose to go with a POS cash register for your business.
Still, you’ll have to either make upfront payments or lease any hardware that comes with the software behind your POS cash register. Some of the usual hardware you will spend more on including cash drawers and barcode scanners. But that shouldn’t be a problem since the cash drawer is an essential piece of hardware for cash flow management in your establishment.
These two options (modern cash register and traditional cash register systems) come with different benefits, advantages, and disadvantages. You need to decide what’s the best choice for the needs of your business and how you can deploy it for the optimal output and results.
Advantages of the POS System
If you get to choose the top POS cash registers, you can get the following benefits for your business:
Improved Inventory Management
You will no longer be unaware of the status of your stock levels. With one of the best POS cash registers, you get automated and real-time updates about your stock levels. This enables us to make better decisions based on accurate information about product availability, buying rate, and many more. Perhaps one of the most significant benefits is the ability to avoid the waste of perishable goods.
Some cash register systems provide targeted marketing options, so you can give each customer the loyalty, gift, and promotional services they deserve. Also, your email marketing efforts get a major boost through the system’s email and customer details collection features. It doesn’t matter if you’re using a retail or restaurant POS system; marketing is integral for your success.
Data collection, reporting, and analytics features are built into your modern POS systems. This enables smart decision making that’s backed by data from real customers.
High labor costs and employee turnover has made it very challenging to keep businesses afloat through effective employee management. The top POS systems offer you the kind of help necessary to better schedule your employees, monitor their daily inputs, and pay them accordingly.
Better Integrations and Add-ons
You know you got the right POS cash register for your business if you can easily integrate it with new and existing software to further enhance its uses. Some of the main systems you can integrate into your cash register include payroll and marketing. Hence, these greatly influence seamless business management.
Choose a POS Cash Registers
If you are shopping for a POS cash register that offers you all the best features a modern-day business can ask for, we hope these retail and restaurant management tips and guidelines will help you decide on the best fit for your business.
A well-built POS cash register system offers a modern and comprehensive solution to many companies in the retail, salon, cafe, bar, and restaurant business.
Also, you’ll find affordable payment plans that ensure you get both the point of sale package of your dreams and the means to pay for it.
To determine the best POS cash register for your business, you need to take a lot of factors into consideration. However, two paramount factors are your budget and the needs of your business. There are several websites for comparing POS solutions like Posvice that you can use to help make a better decision.