A point of sale (POS) system is the heart of every retail business. These solutions give you better control over your business operations. They permeate the world in different types of industries including retail (food, clothes, shoes, entertainment, books, electronics, home goods, etc.), hospitality (housekeeping, wedding services, bakeries, travel agencies, flight attendants, etc.), consumer services (This sector refers to any services that you receive instead of a commodity, for example, a hair or nail salon), multi-service businesses (As the name implies, these businesses offer different types of services including health, nutrition, and entertainment, for example, hospitals, or stadiums). A recent report stated that “retail sales in Australia rose by 0.9% mom to another record level of AUD 33.9 billion in April 2022, unrevised from the flash figure and after a final 1.6% gain in March”.
Statistics show that as of June 2021, “Australian consumers had access to over 940,000 POS devices Australia-wide”.
POS Sales Australia, an online supplier of POS hardware, software, and accessories are among the high-end businesses competing in the competitive retail and point of sale (POS) market. We cater to different business types including restaurants and cafes, F&B services, grocery and convenience stores, fashion and apparel stores, etc. Our inventor comprises a premium point of sale (POS) bundles such as Vend POS bundles , Square POS bundles, TouchBistro POS bundles, Shopify POS bundles , and others.
This article talks about the point of sale (POS) system and the components of the point of sale (POS) bundles.
Let us begin!
What is a Point of Sale (POS) System?
The place where customers make payments for the chosen products/services and the merchants issue a purchase receipt after accepting the payment is referred to as the point of sale or point of purchase, for example, the checkout counters at a retail store.
To complete the transaction process, a combination of hardware and software components is used, known as the point of sale (POS) system. Traditional point of sale (POS) systems referred to the hefty cash registers which eventually evolved into the modern-day point of sale (POS) systems that are entirely digital and multi-functional.
What are the Components of a Point of Sale (POS) System?
Point of sale (POS) systems comprise of two essential components:
- Hardware: The physical devices that facilitate the transaction process are called the hardware components of a point of sale (POS) system. The key devices include:
- POS Monitor : These devices are called the heart of a point of sale (POS) system as all the other hardware components are integrated via the software on these devices. Therefore, store owners or employees can access any product-related or business-related information on these devices. Also, some of the cash drawers are usually connected to the point of sale (POS) monitors.
- Barcode Scanner : These are the most important devices in a point of sale (POS) system, as they help in automating the checkout process. All you need to do is, point the barcode scanner at the barcode label and the device scans, reads, and decodes the product-related information from the label and displays it on the connected monitor. These devices are also beneficial for tracking and managing inventory and can efficiently adjust stock levels.
- Payment Processor : To offer an excellent customer shopping experience, you need to offer them their preferred modes of payment. With digitisation on the rise, customers prefer making cashless transactions and using debit/credit cards to make payments. Also, third-party payment apps are quite trending these days. As a retail business owner, you need to ensure that you are equipped with all the trending modes of payment to provide your customer with a seamless shopping experience.
- Cash Drawer : Even though most people prefer cashless transactions, paying through cash hasn’t phased out yet, and would probably never go out of trend. To store cash payments and other important bills and slips, you need an aesthetic cash drawer with compartments for you to arrange the cash, coins, and other bills systematically. VPOS, NEXA, POSIFLEX are some of the popular POS cash drawers in Australia.
- Receipt Printer : Even though e-invoices are trending these days, paper receipts are still important. These receipts contain purchase-related information like product name, date and time of purchase, amount, tax, etc. that maintains transaction transparency with the customers. These receipts are also useful for customers if they wish to return/exchange certain products. To print these invoices, a device called the receipt printer is used. There are two prominent types of receipt printers- dot matrix receipt printer and thermal receipt printer. Epson TM-U220B Dot Matrix Receipt Printer and Star Micronics SM-S220I Mobile MFI Receipt Printer are a couple of popular receipt printers in Australia.
There are a few other point of sale (POS) hardware components such as scales, customer-facing displays, self-service Kiosks, and label printers (used primarily to print thermal transfer labels ).
- 2.Software: The point of sale (POS) software is the operating system that stores and maintains business-related information and offers an extensive range of features such as billing and processing orders, monitoring and reporting sales, tracking and managing inventory, and building and maintaining customer relationship, and more. Some of the key features of the point of sale (POS) software are:
- Inventory Management
- Managing Customer Orders and Suppliers
- Analysing and Managing Reports
- Multi-store Management
What are the Types of Point of Sale (POS) Systems?
Primarily, there are two types of point of sale (POS) systems - on-premise point of sale (POS) systems and cloud-based point of sale (POS) systems.
On-premise Point of Sale (POS) System
- Involves purchasing one or more licenses.
- Software is usually installed on a particular computer system which needs to be maintained and updated from time to time.
- May require assistance from certified IT professionals for enterprise businesses.
- The upfront cost is high.
Cloud-based Point of Sale (POS) System
- Users can access information from any remote location, at any given time. All you need is a stable internet connection.
- Software updates happen automatically and do not usually require any manual support.
- Managing the software is easy and requires not more than a couple of individuals.
- The upfront cost is comparatively low.
What are the Advantages of Using a Point of Sale (POS) System?
- Using a robust point of sale (POS) system saves time and a lot of manual effort.
- Helps in providing an accelerated and convenient shopping experience to customers, thereby building a strong customer relationship.
- Offers detailed customer information that in turn helps retailers provide a personalised shopping experience to customers.
- An efficient point of sale (POS) system generates reliable and accurate sales reports that help in analysing the overall performance of the business and make necessary modifications if and when required. Also, the availability of a cloud-based point of sale (POS) system provides accurate and real-time data.
- One of the key advantages of using a point of sale (POS) system is automation which makes businesses efficient and accurate.
- Simplifies business operations by managing
What are the Point of Sale (POS) Bundles?
As the name suggests, point of sale (POS) bundles include all the essential components a business requires to get started with a point of sale (POS) system or add items to the existing point of sale (POS) system. These bundles are designed based on industry-specific needs and should therefore be picked after proper research.
Some of the popular point of sale (POS) systems in Australia are-
- Vend Compatible Hardware: This is considered the best point of sale (POS) system for retailers; however, the solution is a tad expensive for small-scale businesses.
- Square Register Compatible Hardware : This point of sale (POS) system is easy installation and use, cost-friendly and feature-rich, and is extensible with apps and hardware add-ons.
- Shopify Compatible Hardware : Perfect for eCommerce businesses, this point of sale (POS) system has easy setup and is durable. It involves an industry-leading app user interface (UI) and user-experience (UX); however, this solution is not equipped to take card payments in offline mode.
- TouchBistro Compatible Hardware : An all-in-one point of sale (POS) system and restaurant management system, designed specifically to make running a restaurant convenient. It is fast, reliable, easy to use and supports all the features that a restaurant business needs to boost sales and deliver excellent customer service.
Express Compatible Hardware
This robust cloud-based retail point of
sale (POS) solution is designed with advanced, enterprise-level integrations
and features and is available at a competitive price. It is the perfect option
for single-store, multi-store and enterprise retailers.
If you are looking for a premium quality point of sale (POS) system in Australia, POS Sales Australia is your go-to solution. Our extensive array of the leading point of sale (POS) hardware, software, and accessories, available at the best prices, and teamed with personalised professional assistance, will give you the perfect shopping experience.
For more personalised assistance with your shopping, get in touch with our experts who will help you make an informed decision.