Today’s business world is all about being faster, more effective, and highly customizable.
As these attributes begin to take form at the center of most business practices, certain tools begin to become outdated. One staple of business exchanges that has been used for decades is the cash register. New technologies in software, data collection methods, and the introduction of Omni-channel – (a seamless shopping experience between online and offline), have changed the way we purchase from a retailer. The foundation of these techs has led to a necessary update in cash register technology. This modernization is called the Point-of-Sale system and it is making tills more efficient and effective than ever before.
However, these Proprietary-POS systems can get quite pricey. The average proprietary POS system can far exceed $5,000. That’s just for the hardware, and for just one till! Thankfully there doesn’t have to be a choice between an uber-expensive POS with all its great features and the dusty cash register. Cloud-based POS software has made POS systems accessible for small businesses and have completely replaced the functionality of the cash register.
The POS software can be run on any tablet device and features all essential attributes that an enterprise-grade POS system would have but for a smaller retailer. The diagram below shows how this shift in technology could change what’s on your tills:
The tablet POS has completely obsoleted the cash register and is challenging the proprietary models by making its functionality more efficient while piling on more features that make this tool essential. Here are five ways tablet-based POS systems could be better for your business.
Lower transaction errors
Point-of-Sale Systems can benefit your business by cutting unnecessary costs and saving on lost funds. Human error can be one of the most expensive and unpredictable blunders that happen at a till. Inputting transaction data manually into a cash register often leads to higher transaction errors. With a tablet POS, built-in features such as total checking, product SKU barcode scanners, and automatic electronic accounting services reduce the number of mistakes that occur from manual input.
Easier, less costly inventory counting
Accounting for your financials is hard enough, but manually accounting for your inventory on a regular basis can cost you a fortune. Only employing a cash register means staffing more of your team for an inventory count and equipping 3rd party tools to record your stock numbers. A tablet POS system, on the other hand, tracks your inventory numbers as they go out of the store. Having inventory management features built into your POS system can translate into fewer and cheaper stocktaking days.
Create purchase orders
As the tablet POS system tracks the count of items in your store inventory, it can alert you when stock reaches a critically low level. Often enough, you will be able to create and send a purchase order directly from your POS. Now imagine doing this with a cash register, you just can’t. Less guessing as to when to create and send purchase orders, it is time to upgrade to a Point-of-sale system.
Informative receipts, accurate past transactions, and easy refunds
Data storage and processing have to be the most affecting missing piece for cash registers. Introducing this capability into your tills with a tablet POS system allows your clerks to bring up an extensive, detailed transaction history. Keeping these detailed records empowers your store to provide easier and error-free refunds. Leading with the facts aids in avoiding awkward conflicts with customers in the future. Misunderstandings are further reduced when you take into account that a POS has this ability to use its data processing to create informative receipts. With a more detailed receipt, customers have a quicker reference if they run into any complications with their purchase.
Able to process gift cards, coupons, loyalty program
Web and mobile marketing have become great tools to harness in a retail store today. Processing gift cards, coupons, and even incorporating a loyalty program like Starbucks is easily managed at your POS. Sending out digital discounts like those listed above are a great way to spike some sales and interest, that just aren’t that realistic for a small business owner equipped with only a cash register.
The Tablet-POS is an amazing tool that can make your front-of-store practices faster, personalized, and more integrated into the management of the store. A final and eye-opening fact about the tablet-POS system is that you may already have the hardware necessary to change your cash-point. Anyone with an iPad or other tablets that are usually associated with day-to-day use technically wields the power of a POS-system. All that is necessary is to download the necessary POS application, and you can now manage business transactions and inventory.