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Point of Sale which is abbreviated as POS is also referred to as Point of Service because of numerous additional services it offers. POS can be described as a digital network controlled by primary data processing machine and connected to various checkout terminals. The term POS has been identified with locations or places such as retail stores or shops, supermarkets, restaurants, industries, petrol stations, hotels, and much more where a transaction can take. POS terminal is new computerized technology that has taken the place of the cash register in a few years ago. Point of Sales (POS) system has the capability to connect to network systems, take the record and track customer orders, manage inventory, process debit, and credit.
A POS terminal mainly has its inbuilt computer which is equipped with application software and input/output devices based on the environment or the business it will serve. However, out of different brands of POS, RedTech Point of Sales System Package by Red Zone Solution has been found to stand the test of time in offering the best and comprehensive package to be applied to different environments of businesses. RedTech Point of Sales is equipped with Point of Sales software, a thermal printer, a laser scanner printer and a heavy duty RJ11 cash drawer.
Point of Sales System technology at a glance
In the half of 20th century, the earlier cash register for the transaction was improved upon through Point of Sales system. NCR models were the examples of such cash registers which were controlled by a crank and lever-operated Burroughs registers. These types of cash registers made use of the principle of recording data on paper or journal tapes with additional transcription of the information uploaded to the retailer’s accounting platform. The technology was upgraded from mechanical to electrical system with NCR Class 5 model as an example. NCR 2150 and IBM3652 Store System computer operated were induced into business in the year 1973. UPC/EAN barcode readers were also introduced in the same year with Point of Sale Systems integrated system. IBM 4683 was then introduced in the year 1986, equipped with POS systems based on Personal Computer (PC) technology.
With the introduction of POS, all the transaction such as credit and debit card processing has been integrated into one device to give stress-free business operations. Retail Point of Sales System was among the most advanced and easy to use commercial computer networks in the recent time. The tasks of this POS system are more than mere ‘Point of Sale’ function. Many POS systems such as tier 4 & 5 retailers are fully equipped with but not limited to inventory tracking and management, service management, accounting, customer relation management, and much more. The new POS system can perform even more with its full acceptance in the retail stores, restaurant and other related locations. With Point of Sale system, the following can be possible:
Credit and debit card processing for smooth transaction
Figure and data of sales of goods can be easily analyzed
Purchasing levels can be analyzed accordingly
Sales history can be monitored for prompt decision taking on procurement trends
Pricing accuracy of transactions.
Important Features of POS system
Point of Sale system has been found useful and relevant in operation in the retail shops. However, there are important features needed to be considered when selecting the best POS system for your services. They are as discussed below:
Sales information entry: Inventory codes can be entered either automatically or manually through barcode scanner equipped in the POS. With this feature, the systems easily call up the sales price or the standard of the item of which its inventory was entered. Inventory codes can be manually entered for easy search based on the description, partial product number, and vendor or manufacturing code. In operation, once an inventory code is entered, the system communicates with the entered code, compute the price on the quantities and come up with the resulting total for the transaction.
Ease of use: Point of Sales systems are designed to be easily operated. When deciding on your POS system for your business, go for the one with user-friendly software graphical interface. This enhances ease of use by your personnel.
Product information update: A typical Point of Sales system must automatically update account and inventory records once a transaction is entered.
Pricing: Pricing is crucial in a business transaction. There are various ways on POS systems for price tracking. These include add-on amounts, margin percentage, cost percentage and custom formulas which have made item pricing easy for the users. If volume discounts are offered, for instance, multiple prices can set up for each item without error.
Taxes options: Value Added Tax cannot be toyed with in this current economy state if a mail order business is being run for more than a state. Much Point of Sales systems is equipped with tax-rates support to handle taxes related issues.
Security: One of the essential functions of the Point of Sales system is cash security to prevent theft. The systems are equipped with audit trials so that any problem can be easily traced in your transactions.
Sales tracking options: Because of the natures of some service or repair outlets, various businesses are paid in a number of ways and sales tracking options are very paramount to their transaction based on their open invoices for uncompleted works. These kinds of services require systems that can put sales on hold to allow the work to complete before the transaction can be completed. Another example is an outlet or store that sells expensive goods and offers payment to make install-mentally say on a monthly basis, a loan calculator that payments on a monthly basis will be beneficial. Also, rent-to-own business will require a system that can perform the function of rental sales.
Advantages of POS Systems over Cash Registers
The world is moving and advancing every day with formulation cashless policy to ease business transaction in the present economy situation. Before now, cash registers were the only practice option use for business operations, but today businesses have many options to address the issues of theft. Since the take off of POS systems to replace those old-fashion cash registers, there have been many advantages recorded by the development. Herewith but not limited to these are the advantages of POS systems over cash registers
Point of sale systems offers faster and hitch-free services than outdated cash registers from credit card transaction authorization to customer receipt print-out.
Pass transaction can be easily checked with specified time, day, week, month and year with the use of POS systems.
POS systems simplify the accounting process, unlike cash registers where accounting officer need to sort through thousands of cash receipts.
POS systems can be used to eliminating additional step required in the ordering process by creating personal purchase orders
Inventory management system is another significant advantage offered by POS system over cash registers. Favorite sellers can be easily tracked to reorder the selling products when getting low in stock.
User errors are considerably cut down by the point of sale systems with inbuilt checking option equipped in POS system for information accuracy.
The receipts authorized by POS systems are more detailed than that of cash registers for both buyers and sellers.
Point of sale systems repair and maintenance are cost effective compared to the loss suffered in cash registers.
POS systems have eliminated the need for hand counting with its virtual real-time inventory displays.
Why choosing RedTech Point of Sales System Package?
Indeed, Point of Sales systems has been benefited the business in many ways with their secure transaction processing and inventory management. However, it is paramount to go for the best quality Point of Sales system that will give the best and reliable business transaction to tackle the cashless policy and other advantages offered by POS systems. RedTech Point of the sales system package is suitable for the use of any kinds of retail store sales such as mini market, retail store or shops as well as restaurants, hotels, and other outlets. The RedTech Point of Sales System Package comes with unique software, a receipt printer, scanner as well as heavy duty cash drawer. The following are the important features that make RedTech Point of Sales System standout among other POS systems:
Software training and support are included in RedTech Point of Sales System package
RedTech Point of Sales System us designed with unique interface for easy use and learning
It is user-friendly equipped with user-defined shortcut function key for fast input
It is accommodated with barcode scanner for convenient transaction entry
It is designed to support promo price program with date validity
RedTech Point of Sales System supports matrix for items that have colours, sizes, etc.
It can sell goods in various units
It supports different loyalty programs
It makes sure the cash tally by keeping cash tracking in the drawer
RedTech Point of Sales System is equipped to support multi-store management
It is GST ready such as GST-inclusive pricing, simplified tax receipt, and tax rate configuration
It is cost effective for easy maintenance.
Point of Sales system has drastically reduced the overall costs and inaccuracy due to human errors. Let’s imagine the world without this improvement, the stress involved in order processing and the danger involved in the keeping cash in the business environments. POS systems have contributed immensely in fulfilling order processes, easy inventory management as well as supporting different business schemes. RedTech Point of Sales System Package even does more to give the best service ever. It is recommended to visit http://www.redzone2u.com/redtech-point-of-sales/redtech-pos-system-package-software and get it at an affordable price.