It can be easy to confuse a POS system with traditional cash registers. Many cash registers can look like POS systems and even process contactless payments, but there are some key differences that separate the two. In this blog, we’ll dig into the differences between a POS system and a cash register and explore how integrating True POS services with your business can create the perfect partnership.
The Cash Register
A cash register is a way to process a sale or transaction between a customer and a seller, and that’s its primary function. Although registers were a revolutionary invention for modern retail, when technology advanced, the lack of functionality, customization, and versatility made simple cash registers for small businesses practically obsolete. Cash registers eventually evolved to process more than cash payments. However, as data became a driving factor in informing better business decisions and operations, retailers needed a better solution to provide a better transaction experience for consumers and business owners.
The POS System
A POS system is a retail technology solution designed to streamline seller and customer interactions. Traditional cash registers are built for sales and sales alone, but a POS system is a network of software and hardware that essentially acts as the nervous system of your business. It processes sales data and delivers analytical information that enables owners to make informed decisions regarding their businesses. With new software solutions, cash handling and retail cash management is smarter, and the introduction of retail automation allows POS systems to carry out tedious tasks a business owner would have to perform manually after a sale.
Although a POS system can take the form of a cash register, a cash register cannot stand alone as a POS system. A simple cash register processes a single transaction and keeps track of how much money you’re bringing in. A POS cash register can make that same sale, update your inventory list, and store the detailed sales information in its memory as a data point on a timeline.
Because a lot of a POS system’s functionality occurs over wireless connections, it can also track sales made outside the brick-and-mortar store. Online marketplaces can be integrated into the POS network, making it easier for business owners to track website purchases alongside in-person sales.
Essentially, a POS system can do everything a cash register can do, but it takes payment processing a step further by informing you about how you can maximize your sales.
The Benefits of POS Systems
As cashless transactions become more common, a POS system is an efficient way to track and process card and digital payments. These user-friendly systems make it easier for businesses to process payments and offer efficient payment methods for their customers. Most standard cash registers are bulky and may require additional hook-ups like scanners or card readers. However, a POS system acts as a consolidated, all-in-one system that can process any payment method a customer wants to use.
Beyond convenience, POS systems also provide businesses with reporting and analytics tools that can keep track of customer information, process sales data across all POS hardware in a business, and maintain inventory control. Ultimately, business owners can use their POS systems to inform future decisions and optimize their business operations.
Your POS can collect business insights to determine:
- What your most popular products or services are (and which ones are not).
- Who your most loyal consumers are for customer loyalty programs.
- Which products need to be restocked for inventory optimization.
- Which staff members are generating the most sales for employee management purposes.
Compatibility is the name of the game when it comes to POS systems. They are extremely versatile and do not rely on a cash register to process sales. Everything from a tablet to a smartphone can be implemented into a mobile POS system to process payments, making it ideal for businesses that rely on pop-ups or start-ups that don’t have a physical store yet.
Perform Complex Retail Point-of-Sale Tasks Such As Dual Pricing
True POS takes advantage of the versatility of the POS network and specializes in offering dual pricing programs. The dual pricing program from True POS Solutions empowers businesses with the ability to eliminate additional fees associated with credit card payments and incentivize cash sales. Using the power of POS, a small convenience fee is applied to all credit card transactions, while those paying with cash are given a discount. This improves cost savings in the long run.
The TruePOS Difference
User-Friendly:
True POS designs solutions with ease-of-use in mind. You don’t need to be tech-savvy to integrate True POS into your business. We’re here to help you with set-up assistance, ongoing maintenance, and reliable support.
Secure:
True POS is dedicated to the security of every transaction that goes through your system, so you can run your business without worrying about the mishandling of sensitive information.
Efficient:
Built for enhanced productivity, True POS provides unrivaled functionality, meaning our systems are easy to operate and quickly process payments to optimize efficiency.
Contact True POS and Simplify Your Transactions
Payment processing is an everyday task at almost every small business, and retail cash management can be a real issue if you don’t keep up with it. Whether you need better sales tracking or improved inventory accuracy, we’re here to help you along the way and meet all your POS needs.
Toss the traditional cash register and let True POS do the work so that you can focus on what matters most: the customer. Request a free quote for a custom POS plan for your business and get started with True POS today!
