By Eric Fairbanks
No retailer can thrive without a good cash management system. Historically, the primary function of a cash management system has been to prevent theft. At its most rudimentary this could be that flea market classic, a lockable metal cashbox, but most retailers now use at least a digital cash register, with more and more turning to the robust functionality of a full-featured point-of-sale (POS) system.

Benefits of a POS System
• Simplify and speed purchase transactions.
• Streamline inventory management.
• Improve cash control.
• Boost customer satisfaction through shorter lines.
• Pays for itself through improved efficiencies.
• Analyze sales trends and buying habits, which improves marketing.

POS Hardware: Tough, Durable, Dependable
The basic point-of-sale system is composed of a cash drawer, computer, receipt printer, barcode scanner, and flat screen display.

Your local business regulations might dictate that every register use a pole display. This is the small LED read-out, usually on a short mast, that shows the customer the price of the transaction. Not only will a pole display keep you compliant, but it’s also a good business practice.

The reader speeds credit card transactions, and some can read any other information delivered through a magnetic stripe card such as gift cards and driver’s licenses.

You might want to include an attached magnetic stripe or credit card swipe reader. The reader speeds credit card transactions, and some can read any other information delivered through a magnetic stripe card such as gift cards and driver’s licenses. This will speed the transaction process and enable better sales tracking.

A smart option to pursue might be a touch screen LCD. Touch screens make transactions quicker and cut down on operator error. Despite costing a little more than conventional flat displays, they realize economies of efficiencies that may make the extra investment worth your while.

POS hardware sold through a reputable dealer should give years of flawless service. What drives the system, though, is the software, and the software will be the most important consideration when it comes to making your buying decision. Here’s a quick overview.

POS Software: Many Choices, One Right Answer
The system is run by one of the many software programs specially designed for retail cash management, and is the core of the entire POS system. Point-of-sale software (also sometimes referred to as “retail management software”) can range from simple code that totes up quantity, cost, and sales tax to powerful, robust programs integrating inventory tracking, gift card programs, accounts receivable and payable, and even payroll. With the thousands of POS software programs available to choose from, you’ll find the perfect POS solution for your business, but it could take time.

Can this software grow with your business? Can it serve multiple stations?

One aspect to think about is the scalability of the software. (“Scalability” is a handy tech term describing the ability of a system to expand.) Can this software grow with your business? Can it serve multiple stations? Will the inventory management tool integrate with your e-commerce website (you will be building one, right?) to provide real-time inventory reports? Obviously, when you’re choosing a POS system it’s important to take the long view.

Signing on for a service contract is a good idea. A dead POS system leads directly to lost sales you can’t afford. Most POS companies will offer on-site technical support. If your system goes down, a tech will come out and get it up and running.

It’s better to buy your POS system as a hardware/software package to ensure that all the components work together. Mix and matching hardware and software isn’t a good idea since not all scanners and credit card readers are compatible with all computers and POS software. Buy a package and you’re assured that everything works together, and with the right software to command it.

Given the complexity of finding the right POS for your business, it is very important to consult a POS professional before making a purchase. In fact, we will not sell one of our POS systems without having the retailer speak to our staff POS expert first. Learn more about our complete line of POS systems here or call 1 (800) 454-4844 to speak to our staff POS expert.