POS Systems vs. Cash Registers
Cash registers are quickly becoming a retail relic. In most cases, point of sale (POS) systems do the job of a cash register more efficiently. They also offer many additional features on top of payment processing.
The good news for business owners is that POS systems are now more affordable than ever. Any ambitious business will benefit long-term from substituting the traditional cash register for POS.
Don’t just take our word for it, though! Here are five areas of the payment process that you can improve by transitioning to POS systems.
1. Smoother Transactions
Waiting at the tills is the biggest pain point for most customers in retail. With the latest POS systems, you can make checkout a stress-free experience for your customers.
Having a barcode scanner that’s integrated with your inventory makes for a swift transaction process. Customers don’t wait to be kept waiting by manual key-ins that usually come with a traditional cash register.
The automated nature of POS transactions also makes things easier for checkout staff. Human error is minimized as product prices and quantities are generated by the POS software rather than the employee. This means fewer cases of customers being under or overcharged.
By taking the thought out of the payment process, POS speeds things up. As a result, you get more people through the tills and, ultimately, more money.
There’s nothing worse than a pileup at the checkouts. Whilst cash registers are generally fixed to a till, most POS systems allow staff to process payments on the move using tablets and smartphones.
This is a great way to lighten the burden on the main checkout area. Mobile payment kiosks can be placed in busy or high-value departments to fast-track customer transactions.
Some of the more recent POS systems even allow customers to process their own transactions through app or web-based integrations. This is highly recommended for restaurants where customers value a contact-free method of payment.
3. Variety of Payment Methods
Many cash registers, particularly older models, are ill-equipped for today’s diverse payment landscape. Most POS systems, on the other hand, are capable of processing any payment method.
The latest POS hardware recognizes all types of credit and debit cards, contactless payments, and mobile wallets such as Apple Pay and Android Pay. Mobile wallets are a fast-growing method of payment. Whilst cash registers accept most card payments, the increasingly popular digital payment methods are often beyond their capabilities.
As a business, it’s ever-important for your sales system to accept the full variety of payment methods that the contemporary shopper now has at their disposal. Failing to do so can be frustrating for your customers, and may push them away.
4. Staff Monitoring
POS systems provide a more sophisticated level of staff monitoring compared to cash registers. This is useful for two reasons.
Firstly, it helps to guard against employee theft. The unfortunate truth is that an estimated 75% of employees have stolen from their employer, according to the U.S. Chamber of Commerce. POS keeps a lid on this by flagging up any inconsistencies in the system.
For example, employers are better able to view voided sales with POS. These are one of the most common causes of employee fraud. Similarly, you can also track the till value before and after shift changes. These systems not only improve your ability to pick up on employee theft, but also act as a deterrent for dishonest staff members.
On a more positive note, you can also use POS insights about your employees to incentivize good work. POS reporting gives employers access to data including the number of payments processed or items scanned per minute by a specific employee. This can be used to reward top-performing staff.
As you can see, it’s not all about your customers. POS also provides valuable insights into your employees that help to build a more trusting work environment.
5. Simplified Reporting
With POS, account reporting is no longer such a time-consuming operation. Any transaction put through the POS system is registered immediately and automatically forms a part of the daily, weekly, or monthly sales reports.
This also means that you can view important data in real-time. In other words, with just a few clicks, you’ll be able to monitor your KPIs at that exact moment.
With traditional cash registers, performance reporting is always on a time lag as you have to sift through customer receipts manually and update the accounts yourself. That’s a whole lot of time that could be invested elsewhere!
As you can see, the difference between POS systems and cash registers during the payment process is night and day—and that’s only scratching the surface of what POS can do for your business.
If you think it’s time to invest in POS, get in touch for free quotes now!