Retail sales are increasing every year, with an average of 482 transactions made by each store on a monthly basis. To manage all the financial exchange and to keep your business running smoothly, it’s imperative to equip your store with the right kind of tools. And that’s where secure payment systems come in handy.
Payment systems lie at the heart of a retail business. Whether it’s a traditional cash register or a modern POS system, every shop needs a payment management system to process sales. But deciding which one is the perfect match for your business can be tricky.
Here are some characteristics that can help you find the right payment system for your retail store.
Point-of-sale, commonly known as a POS system, provides complete details about your inventory, sales patterns, and re-orders. It shows all the payment details for the convenience of merchants. A POS system is connected to a network of terminals and requires a server to keep a record of all the details of customers. This varies from personal information to sensitive data, such as credit numbers and account details.
On the other hand, a traditional cash register only calculates each transaction and saves the cash and other precious items in a drawer. A modern cash register provides a receipt of items purchases and a few other details related to your payment; however, there’s no way to store an extensive amount of data.
A cash register is a simple equipment that only allows you to tally your sales. It’s operated by employees of the store and doesn’t sync sales registers. This increases the risk of human errors and requires well-trained staff to handle the transactions.
But POS systems help manage critical data such as managing inventory to handling the flow of cash. This collection of accurate data helps you grow your business by developing targeted marketing strategies.
The latest updates in a POS system help meet the growing requirements of a modern retail shop. Nearly 26% of retailers have upgraded their systems over the past couple of years and the rest are actively looking into the idea. These updates provide modern ways to make transactions such as contactless payments, EMV cards, and mobile payments. This also attracts more customers who are looking for smooth and quick payment solutions and helps you compete proactively in the market.
A cash register has been the same from ages. If you wish to make credit card payments through a cash register, you need to integrate a standalone credit card machine. A cash register, though inexpensive than POS systems, comes with limited payment options.