“Quick Summary” Retailers have a couple of fundamental choices regarding their checkout process: cash registers or point-of-sale (POS) system. Each has its pros and cons, so which is right for your business? In this blog post, we'll take a look at the key features, the difference between POS and cash register, and the benefits of each system to help you decide.
Cash registers are the traditional option. They are a piece of computer hardware used by retail businesses to record sales transactions and calculate the amount of money due to the business.
In addition, some cash registers have built-in scales that can weigh items being purchased, allowing the business to sell items by weight instead of at a set price.
The importance of cash registers lies in the fact that they are relatively affordable and easy to set up, and most include basic features like inventory tracking and sales reports. The downside is that they can be limited in functionality, and upgrading them can be expensive.
The retail cash register also has an "end-of-day" button that calculates how much money is due to the owner based on all sales made during the day. The display shows all the transactions made during the day and the amount of money due to the owner.
The term POS is short for Point of Sale. It refers to the device used by retailers to record and process transactions made in their stores.
The POS system also provides retailers with various functions to manage their businesses effectively. These include inventory management, order processing, customer relationship management (CRM), staff scheduling, financial reporting and analysis, and business intelligence.
POS systems are available in different types depending on the size of the retailer or restaurant owner and the number of transactions that need to be processed. The system allows businesses to have a physical presence even when they are not at their place of business.
You can consider a mobile POS the most recent modern cash register revolution. A business owner can process transactions at different locations with a mobile POS. It uses an ideal combination of software and hardware to help businesses manage their daily operations effectively.
It can be used by businesses that sell products online and those that need to make payments in person. Mobile POS software is designed to make it easy for businesses to accept payments from customers on the go. Businesses can use this software to manage every aspect of their operations, including inventory management, customer relationship management, and sales.
Mobile POS software is a powerful tool that helps business owners improve their bottom line by streamlining processes and automating many tasks.
A retail cash register is a small machine that prints receipts and tallies up the day's sales. At the same time, a POS system is a more complex piece of equipment that allows you to run your business more efficiently. A POS system has features like inventory management, managing customer loyalty programs, gift card processing, digital marketing tools, and reporting capabilities.
Cash registers are usually used in smaller stores where only one or two employees are on duty at any given time. Smaller businesses may also use cash registers for their simplicity and reliability. They can be very affordable, as low as $50. POS systems are often used in larger businesses with more employees and several locations.
Let us dive into a deeper comparison between the two!
Related Blog: How to Use Touch Screen Cash Register?
A POS system has far more features and functionalities than a cash register.
A POS can:
A POS system helps you send emails to customers when they buy certain products, update selective information on your website, etc.
Moreover, POS systems have advanced reporting capabilities to analyze sales trends by product, time of day, day of the week, etc.
Meanwhile, Cash registers do not offer these features and capabilities. The functionalities that they offer are pretty limited as compared to POS!
You can choose a tablet-based system or a more traditional desktop-based one for POS systems. These options are very portable and can be carried from place to place with ease. Another advantage of a POS system is that they are designed so that anyone can use it. Even if you're not very tech-savvy, a POS system is something that you can easily use.
On the other hand, a cash register for small retail businesses is an elementary device that is only designed to be used by cashiers. There's no flexibility because you can't use it for anything else. For example, you can't use a cash register to keep track of inventory or customers' names and contact information.
POS systems are the new back end of your business. They are connected to apps and can handle virtually any type of transaction. They're also likely to have built-in inventory management, CRM tools, etc. That means they can save you a lot of time for data entry and analysis.
While you cannot integrate cash registers with other apps, they're built to run independently. While they can handle various transactions, they cannot do so in real-time.
The type of business you run will determine whether you need a cash register or a POS system.
If you have several employees and operate multiple locations, it's probably a good idea to invest in a POS system. But if you're a small business owner and work out of one place, it may be cheaper to use a cash register.
To sum up, it would be fair to say that in the war of point of sale vs. cash register, the former is the winner because of its next-gen features and efficiency! With OVVI, you can always consider stepping into the next-gen technology world, automating the tasks that erode your time and efforts, and laying the foundation of a successful business. Contact OVVI today at (346) 767-6884 or [email protected]