Point of Sale System VS Traditional Cash Register
Cash management system is the lifeline of any retail store. It is something that a business owner cannot do without to process sales, it can be the traditional cash register or computerized POS system. Both a traditional cash register and POS system is essential for a store's smooth check out.
For a short overview, the cash register is a safe place to store money. It has the ability to quickly process a customer's transaction, save money, and accurately keep records. It is the lifeline of smaller shops and businesses where advanced features are simply not required. POS systems, on the other hand, is an alternative to the old and manual approach of cash registers, designed to perform multiple complex operations. Hence, POS system doesn’t simply handle financial transactions, it also tracks inventory, improves the quality of interaction with customers, records many types of business data and much more. In a nutshell, the biggest difference between a traditional cash register and a computerized POS system is the flexibility and efficiency. View Shopify POS
Meeting Today’s Business Challenges
One of the biggest challenges for a product-based business is keeping the items customers want in stock. On top of that, taking inventory can be one of the most labor-intensive and time-consuming tasks especially with so many stocks in hand. The larger the business, the more crucial it is when it comes to managing the business. A POS system fixes the problem by providing easy access to the inventory tracking systems.
The traditional cash register, on the other hand, keeps tabs of every item sold. If the item is necessary, an order can be placed to restock the item immediately. Small, start-up business can survive with just a traditional cash register since all the inventory information is narrowed down with a simple accounting system.
Shifts in Business Trends
Today, businesses have racketing demands that even if cash registers have evolved throughout the years, they are being used less and less by business owners. Due to the fact that cash registers function solely to set up to record sales. Because of this, a POS system is innovated to meet these demands such as keep track of inventory, staff-time management, marketing information, stock control and other business operations. Now, more and more business owners opt to invest in a good POS system to leverage their business as it offers flexibility and efficiency in the business work flows.
On top of that, online shopping has now gained its popularity on both business owner for its lucrative market as well as the consumers for its efficiency and flexibility it offers. Today consumers can now simply consult on their own mobile devices while making a physical store or online purchases. Because of this, POS systems have evolved with its innovative software to meet the new trend, whereas a traditional cash register is no longer capable more than its simple accounting system.
Meeting Industry-Specific Needs
Since a point of sale system is made up of an interconnected system which includes hardware, software and other third party elements designed to facilitate a better control of the business management. However, not all POS systems are the same since POS will vary from each kind of industry. A restaurant and a product-based retail shop service have totally different needs. For this reason, a one-size-fits-all way of recording data isn’t logical. Unlike cash registers, POS systems can be customized to meet the needs of business owners which are beneficial for them.
In today’s competitive market, businesses demand to be efficient and flexible. This is one reason many business owners are getting rid of their cash registers and now investing in POS systems.