An introductory guide to point of sale (POS) systems

Read our introductory guide to choosing the best POS sale systems for your business.

Choosing the point of sale (POS) systems is crucial in planning for your business's future. POS systems allow your company to accept payments and provide analytical data on your business's sales. This is why we've compiled this short guide to choosing the best POS sale systems for your business.

Point of sale system (POS) - explained

POS systems refer to payment gateways where clients make a payment for goods or services. POS systems consist of POS system hardware, enabling your business to accept payments, including things like cash registers or self-service touch screens, and POS system software, allowing the hardware to operate. POS sale software has many functions - it eg generates sales reports, creates customer engagement features and stores inventory records. The POS system is a network including a main computer linked with tools to be placed in your retail store (eg checkout terminals and a barcode scanner).

Contactless payment with phone
POS systems refer to payment gateways where clients make a payment for goods or services.

Advantages of having a POS system

Having a POS system as a (small) business owner enables you to record and track sales easier. Your POS system would supply layers of data for you to analyze eg buying habits of your customers. Modern POS systems can assist with inventory management. By recording the data on each sale, they can eg send alarms when you are running low on a specific product or even inform you how to improve buying patterns for your retail business. Your POS system can also save client data which helps you create better-targeted marketing and ultimately increase customer loyalty. A good POS provider can help manage your paperwork more effectively. Having individual aspects of a business management function, such as bills, orders, sales data, and inventory in a central system tends to prevent errors.

Man paying with VISA card
Having a POS system as a (small) business owner enables you to record and track sales easier.

Which POS system is best for me?

  • Payment types: Ensure there is a variety of payment types available through your POS system. It is advisable to include modern types of payments, such as digital wallets, mobile payments, or contactless cards.
Receipt being printed
Ensure there is a variety of payment types available through your POS system.
  • Inventory management: As one of the main selling points of POS, inventory management can have many different functions, such as digital scanning, stock management by variation, unique serial number identification, and tracking of multiple transactions.
  • Customer management: Some customer relationship management features may be part of your POS system (eg records of customer purchases and demographic information). In some cases, you may even get built-in loyalty and rewards programs.
  • Sales reporting: Your POS system should be able to generate sales reports. In these reports, a new POS system should break the numbers down by net profit, cost of items sold, profit percentage, and gross margins. Also, a good POS system will allow you to look at your business's sales performance using visual charts.
  • PCI compliance: Ensure your POS software complies with the Payment Card Industry Data Security Standard (PCI DSS) and other regulations on processing, storing, and transmitting payment card information.

You may also want to consider factors like the setup cost and monthly processing costs, employee performance tracking, or the fees for your POS software.

Wallet and phone on a table
You may also want to consider factors like the setup cost and monthly processing costs, employee performance tracking, or the fees for your POS software.
Watch the Webinar Recording

Start Your Free Trial

Let informed predictions and powerful reporting guide your business. Be ahead of the curve with Futrli.

Get business advice here

Our blog holds tips, how to’s and general business advice.

Futrli News

Futrli's February 2024 Release

This is some text inside of a div block.

Heading

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat.

Futrli News

Futrli's February 2024 Release

Accountants

3 Apps to beat accounting blues and scale your firm

Chris Downing catches up with three accounting app innovators to discuss the apps that they have developed that directly help accountants.

Accountants

Where most prediction software falls short

Tread carefully when looking for prediction software. Find out how to dig deeper into your predictions with the tools that count.

Small Businesses

Cash is King! 4 ways to keep your cash flow healthy.

Cash flow is essential to your business’ survival. Read our top 4 tips for taking control of your cash flow.

Small Businesses

10 Common Cash Flow Forecast Hurdles

If there’s one thing that all small and medium-sized enterprises should prioritise, it’s their cash flow. Read on to find out the top 10 most common issues.

Accountants

Empowering Accountants: How to Embrace Uncertainty with Futrli

The future is far from certain. Find out how Futrli helps accountants wade their way through murky, grey, “This might happen”-type scenarios.

Small Businesses

Inflation affecting your hospitality business? Take back control with these three steps.

Acting quickly is key to ensure you can ride out the incoming storm. Find out more in this article.

Small Businesses

Why cash flow forecasting helps businesses survive downturns in trade

Learn how cash flow forecasting is crucial for surviving slower trading periods.

Accountants

The 7 reasons why SMEs struggle with cash flow management

Find out the 7 major reasons why your clients’ businesses struggle to achieve a positive, healthy, consistent cash flow.

Accountants

Take clients from compliance to scenario planning in five steps

Scenario planning helps your clients imagine different environments or realities in the future, guiding the plans and decisions your clients make.

Accountants

Flash reports and why to build them

This short guide covers what Flash Reports are and how you could use them as a speedy solution for your clients’ reporting needs.

Small Businesses

Head of Accounting and Futrli COO discuss challenges and solutions for small businesses.

Read Dan and Helen’s thoughts on how SMEs can protect themselves during what is set to be a challenging year.