Best Point of Sale Software 2021 - Products :: Chart View

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Point of Sale (POS) software is a system that can process retail transactions online or via mobile apps on smart devices. A POS system will calculate the amount owed on a sale and provide options for customer payment, invoicing, and receipt. 

Once a sale is recorded in the database, POS software can perform all kinds of backend operations to provide managers with information to make their businesses more efficient. Some of the key functions of a POS are:

  • Manage and record all sales
  • Track customer behavior and individual customers
  • Help manage inventory
  • Handle bookkeeping and accounting
  • Handle discounts and coupons
  • Minimize losses

A typical POS solution will consist of POS terminals at the checkout counters, barcode readers, POS printers, POS cash registers, credit card readers and customer displays. Some of these can be combined together - the keyboard or the monitor could include the magnetic card reader for example. Touch screen enabled POS systems have become commonly available, improving employee productivity further.

The main types of POS software include:

  • Basic POS: Basic POS solutions support up to 5 terminals and are suited for small businesses that have about $3 million in revenues. These solutions are often sold together with the accompanying hardware.
  • SMB POS: These solutions are for businesses that want to deploy up to 40 terminals and that have revenues of about $50 million annually.
  • Large businesses POS: These usually deploy up to 200 terminals and are used by companies that have revenues reaching $250 million
  • Enterprise POS: Enterprise POS are used by businesses that have large revenues and need to deploy a large number of terminals across several locations.

The top features of POS software are:

  • Create and print bills
  • Customer support
  • Market reputation and user feedback
  • Handle credit cards
  • Handle gift certificates / cards
  • Handle customer loyalty cards
  • Support frequent buyers
  • Create and manage customer records
  • Calculate sales commissions
  • Manage promotions and ad campaigns
  • Compliance with PCI (Payment Card Industry) standards
  • Managing returns and exchanges
  • Tracking employees
  • Inventory management
  • Accounting and bookkeeping
  • Integration with other software and reporting solutions
  • Peripheral support
  • eCommerce support
  • Managing promotions and ad campaigns
  • Industry-specific features and functionality

The benefits of a POS system include:

  • Decreased transaction costs
  • Increased sales
  • Improved efficiency
  • Easier and more streamlined shopping and payment experience for customers
  • Quicker sales transactions
  • Improved customer service and experience
  • Increased efficiency in monitoring sales and inventory
  • Enhanced reporting

POS software can enable many types of companies with payment processing capabilities for sales transactions. There are a variety of POS systems on the market, including those that are pre-configured with industry specific tools and features for restaurants, retail, and more. Choosing the best POS system will depend on researching options and features and understanding exactly what your company needs for processing sales transactions and accepting payments from customers online or offline.

Top 10 Point of Sale Software
  • Erply
  • Lightspeed
  • SalesVu
  • Vend
  • Retail Pro
  • Bindo
  • Cashier Live
  • Revel
  • Square
  • LivePOS
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Learn more about Point of Sale Software

What is Point of Sale (POS) Software?

Point of Sale (POS) software is a system that can process retail transactions online or via mobile apps on smart devices. A POS system will calculate the amount owed on a sale and provide options for customer payment, invoicing, and receipt. 

What Does POS Stand For?

POS is the acronym for “Point of Sale”.

What Is a POS System and How Does It Work?

A POS system is the hardware and software used to process sales transactions for customers, either in store or online. POS systems work by calculating how much a customer owes on their purchase and then provides payment options. Sales are tracked and customers receive proof of purchase. Essentially, a POS software is a digital cash register. 

How Does a POS System Work at a Small Business?

A POS at a small business works by enabling sales transactions and customer payments. POS systems can work in store via terminals or online in a digital store as well. POS processes, tracks, and records all sales which makes it easier for small companies to sell products without investing in complex payment processing infrastructure. 

What are the Common Features of Point of Sale (POS) Software?

The common features of Point of Sale (POS) software include:

  • Sales transaction processing
  • Sales tracking and reporting
  • Billing and orders
  • Inventory management
  • Product lookup
  • Employee management
  • Loyalty programs
  • Gift cards
  • Returns, credits, and refunds
  • User permissions
  • Terminals or mobile registers

What is the Purpose of a Point of Sale (POS) System? 

The purpose of a POS system is to facilitate in-store or online sales transactions with payment processing options and sales tracking tools needed to accept payment from customers.

What are Main Types of POS Systems? 

The main types of POS systems can include:

  • Smartphones & tablets
  • Terminals
  • Mobile POS 
  • Card/Chip Readers
  • Computer Screens
  • Kiosks
  • Barcode Scanners
  • Printers for Receipts

What are the Benefits of Point of Sale (POS) Software?

The benefits of POS software are:

  • Easier and more streamlined shopping and payment experience for customers
  • Quicker sales transactions
  • Improved customer service and experience
  • Increased efficiency in monitoring sales and inventory
  • Enhanced reporting

Who Uses Point of Sale (POS) Software?

Point of Sale (POS) software can be used by all types of online or brick and mortar merchants that need a seamless, cost-effective way to process sales transactions and accept customer payments. However, POS systems are very heavily relied upon in the retail and hospitality industries, to the point that there are POS systems customized to these types of businesses available on the market. 

What are the Challenges with Point of Sale (POS) Software?

The challenges with POS software include:

  • Security
  • Failed transactions or payment issues
  • Incorrect reports
  • Promotional sales tracking
  • Mobility
  • Connectivity

What are the Common Problems with Small Business Retail POS Systems?

The most common problems with small business retail POS systems are:

  • Managing inventory accurately
  • Utilizing reporting and analytics tools effectively
  • Managing employees on the POS system
  • Training 
  • Choosing the wrong POS system or tools for your business

What are the Disadvantages of POS?

The disadvantages of POS can include:

  • Access or connectivity issues if the POS is dependent on an internet connection to process sales
  • Costs for upkeep and maintenance on the POS system
  • Expensive upgrades for POS 

How to Buy Point of Sale (POS) Software?

You can use the following checklist to help you determine how to buy the best Point of Sale (POS) software for your business:

  • Focus on business needs and growth goals driving the decision to get a new or upgraded POS system.
  • Plan for data migration, implementation costs, IT involvement, and any downtime that may impact ongoing sales and promotions.
  • Make a plan to support user adoption through training.
  • Understand the payment processes you’re looking to streamline and improve.
  • Don’t skip the product demos offered by POS software vendors to show features and functionality.
  • Understand reporting and analytics needs for sales transaction processing and customer payments.

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