The business owner requires a cash management system. The computerized point of sale (POS) system or electronic cash register requires a machine to process sales.
Cash registers are a safer place to store money. It saves money, accurately keeps records and quickly processes a customer’s transaction. There are some expenses that initially deal with a cash register or point of sale system is a business to expect many years of service from the first machine they buy. Generally, the cash register is between 10-15 years with upgrades of 5-7 years.
Determination of needs
There are some questions to ask before choosing a point of sale system or cash registers:
- Taxes your business collect on a sale
- Categories that require tracking at your store
- The products you carry now
- Is it busy at your store?
- Do you accept coupons?
- Do you require more than one register?
- Do you have a loyalty program?
- Will your clerks process refunds?
- Do you give gift cards?
- The payment types your business accepts
Comparison of a POS system and Cash Registers
The new business has the choice of a cash register or POS system depending on the budget of the retailer. The responsibility of selecting a cash register should not be passed to employees or a consultant. You have to understand your business needs before selecting a cash register or POS system. The POS hardware and the cash management options are available to make your selection based on an educated decision.
Today’s retailers require the ability to run the database marketing that comes from a POS system. This makes the ability to capture customer information and their purchase history. The ability to market to a person who is likely to buy and not everyone who bought from you.
POS systems benefits
- The detailed reports
- Control and the inventory management
- Use of gift cards
- Use of Loyalty programs
- The marketing tools
- Omni-channel capabilities
- Customer relationship management
- Grows the business easily
Cash Registers Benefits
- Less components
- Less cost for startups
- Easy use of the models
- Reporting and basic functions
- Longer life than a POS
Either you have a cash register or a POS system, learn about the warranty or support that comes with the machine. Your staff will be trained in using the equipment. As you make the purchase you can stock up on the necessary supplies like a receipt paper or ink ribbons.