With the transition from cash to card-based or digital transactions, it’s essential for payment solutions to advance. And with digitalisation being at the forefront of growth strategies, businesses need to keep up in order to stay competitive. Hence, the adoption of point of sale or POS systems are a convenient and effective way to increase productivity and scale up.
Need a quick refresher on what a POS system actually is? Read this Dummies Guide to POS Systems before you continue!
But somewhere along the way came some misconceptions that have incited hesitancy or even fear about adopting a POS system into business processes. Don’t worry, we’ve busted 5 common myths you may have thought about POS systems that are totally wrong!
5 POS System Myths: Debunked
Myth #1. There’s no difference between POS systems and cash registers.
Many people think that POS systems are just a fancy, new version of a cash register. In actuality, they are more than that. While the basic function of a POS system is to enable transactions, they also have a wider array of specialised features that can help your business grow. A POS system can automatically update and manage your inventory, keep track of customers, and generate reports based on sales, purchases and customer data. Moreover, cloud-based POS systems mean your data is saved online, allowing you to sync your data and view it anytime, from anywhere.
Learn more about the differences between POS systems and cash registers here.
Myth #2. POS systems are too complicated.
POS systems are like any technology where the complexity, design and functionality can vary. Most POS systems are built to be extremely user-friendly so anyone, regardless of technological knowledge, can easily operate them. When you are researching POS systems, you’ll need to find one that has a clean, user-friendly interface and easily accessible processes so you minimise training curves for your staff. This allows your staff to work faster and reduce errors. In any case, most system providers will offer technical support, and even on-site or remote training to help your staff learn the system and how to use it.
Myth #3. POS systems are just for big businesses.
While it’s true that many of the features found in POS software are suited to big businesses, nowadays POS systems are designed to scale with your business. Regardless of if you are a small mom-and-pop shop or a multi-outlet business, POS systems have specialised solutions that’ll fit the size and needs of your business.
Mobile and tablet POS systems are also available for smaller or mobile businesses that require a bit more flexibility with their systems. For instance, EPOS offers options of a tablet POS system or an all-in-one POS system that lets you scale your business with you.
Myth #4. Only retail businesses can use POS systems.
That’s not true! Many businesses other than retail can also benefit from a POS system and many vendors will provide features that suit the type of business. While POS systems are more commonly used by retail or F&B businesses, other industries can also find value in investing in one.
A POS system helps businesses manage their day-to-day processes, sales and inventory, which is useful to any type of business. It can also help you grow your business with data analytical tools and actionable insights. For example, EPOS offers POS systems that are suitable for retail, F&B, minimarts and other businesses like gyms, salons, schools and more.
Myth #5. All POS systems are the same.
Depending on the provider, each POS system can have differences in features, capabilities, scalability and affordability. The provider may also have various optional features that you can choose from depending on your business’s needs and requirements.
For example, you may need features like
- advanced data analytics,
- customer relationship management (CRM) modules,
- multi-outlet management,
- accounting integrations, or
- QR ordering, just to name a few.
When doing your research, verify your requirements with each provider to understand the possibilities and limitations of the POS system’s hardware, software and functions. If there are any free trials or demos available, use those to your advantage to find the right solution for your business’s needs and growth strategy.
There we have it, 5 myths about POS systems demystified! Clearer on POS systems now? We hope so!
While there are several things you still need to consider when purchasing the right POS system for your business, advancements in POS software have transformed it from a simple cash register to a tool that can help your business thrive. Do your research, compare your options and don’t be afraid to ask POS vendors what they can provide for you.
Meanwhile, explore some other common myths about Cloud POS systems in Part 2 of this series!
• Written by Adrija Chakravarti
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