Evolution of POS Cash Registers and The Retailers’ Options

POS system

19 February 2020

Evolution of POS Cash Registers and The Retailers’ Options

posvice user

James Chumley

The traditional point of sale system is among one of the most recognizable pieces of hardware in retail. However, due to their limitations (compared with the modern POS cash register), many small businesses now choose their software-based counterparts. Now, shop owners can easily track sales totals, check out customers quickly, and store cash securely with the all-in-one solution POS systems provide. 

To help patrons grow their retail business and use the best POS system hardware, the electronic cash register has undergone several tech upgrades. Hence, today’s post will address some of these upgrades. Also, we’ve covered what makes the POS cash register of today unique and different from its traditional counterparts. 

So if you’re ready, let’s begin looking closely at the POS cash register. 

What is a POS Cash Register?

The modern electronic cash register, more popularly known as the point of sale (POS) system, is becoming indispensable in many business settings. Retail businesses use the POS cash drawer to manage cash flow and efficient sales reporting. As many companies would have it, the modern POS cash drawer comes with a host of other features. Some of these features are financial reporting, and inventory management, to name a few. 

Depending on the particular type of business you have, and it’s size, you’ll need to get a matching POS system. Usually, they come in varying levels of sophistication to meet the demands of different types of businesses. Hence, you have to do your homework before choosing any particular POS solution for your business. 

In this regard, it helps when you know the distinctions between the modern POS system’s cash register and the traditional cash register. 

The POS System vs. Traditional Cash Register

  • There was a time when the traditional cash register was an absolute necessity for every business that dealt with paying customers. Retail cash registers enable users to securely keep cash in a drawer, store receipts, calculate, and ring up sales. 

In some cases, traditional cash registers can take additional hardware such as card readers and barcode scanners, provided owners are ready to pay the extra cost. However, the traditional cash register is relatively less expensive. Prices begin at about $100.  

  • A POS cash register offers all the functionalities that your traditional cash register has and more. However, it also comes with multiple options for enhanced business management. If you consider the types of POS systems in the market, you’ll observe two distinct categories. These are mobile POS systems (mPOS) and traditional POS systems. 

Distinctive Factors

pos cash register

The retail industry has known the traditional POS system for many years. Usually, they comprise a server on-site to save and retrieve data. Your traditional POS system will include hardware like a desktop computer and a touchscreen device. However, you can choose to add more hardware to get more from the system. Some of the usual addon hardware items include card readers and printers. 

The average cost of these systems is at least $1500 for every terminal your traditional POS system operates. 

On the other hand, tablet POS systems support simple and compact hardware such as Android tablets or iPads. They are mostly cloud-based. Hence, you don’t need a desktop computer to store all your data. Neither do you have to install any server related software on your PC. 

Though the two options come with both advantages and disadvantages, many prefer the cloud-based mPOS because of restricted access to data from any physical location. In addition, some of the more advanced mobile POS registers allow you to work offline. Hence, in the event of no internet connectivity, your data is stored locally and synced with the cloud the moment you’re back online. 

These systems usually offer monthly subscriptions to users due to the SaaS business model they offer. Besides, you also need to cover the cost of any hardware the POS vendor provides to work with the POS software. Examples like a cash drawer and a barcode scanner you have to pay for. 

Advantages of POS Systems

You know you have one of the best POS cash registers if your device offers you the following benefits: 

Efficient Inventory Management

You can’t afford to be ignorant of the level of your stock at any point in time. At any time, you need the right tools to be aware of the level of each item in stock. The advanced POS cash register offers automated and real-time updates concerning the products in your inventory. 

This way, you know which items to reorder to avoid losing sales due to product shortages – especially in times of peak demand. Also, you don’t offer perishable stock products, which might lead to wastage. Those in the restaurant industry appreciate this feature most. 

Sophisticated Data Collections and Analysis

Competition in business today is all about making smarter decisions. This is only possible with the right data and proper analysis. In both cases, the best POS money registers excel at performing reporting and analytics functions. With these reports, you can make better recruitment decisions and launch effective marketing campaigns. 

Better Workforce Management

The cost of labor is one of the highest expenses for most businesses today. Thus, it only makes sense that many managers and owners seek to save money by better managing their staff. With the top POS system for retail businesses, you can improve scheduling for large groups of employees and observe their productivity on a daily, yearly, or weekly basis. 

Integration and Addons

The best point of sale register will allow users to easily integrate your software and hardware with one another. This will enable you to have a more comprehensive management solution. Some addons like payroll, reservation, and marketing management are the few systems that readily integrate with the POS cash register for seamless business management. 

Better Marketing

ipad pos system

So you run a small business, but this doesn’t mean you’re excepted from marketing your products and services. Hence, the right point of sale cash register offers you loyalty schemes and the ability to collect email addresses. 

The Top POS Cash Registers

As mentioned earlier, a small business stands to gain a lot from using the ideal POS cash register systems. Apart from affordability and ease-of-use, you can rest assured that the smoothness of business operations will easily be attainable. 

All these are ideal if monthly subscription fees aren’t too much of a problem for you. Remember, you’ll be charged every month. Some providers give you the option to pay annually, usually for a discount. All things like pricing, functionality, and design are of the highest standard when you consider the top POS registers available. 

Below, you’ll find seven of the top point of sale cash registers for your small business:

  • Square
  • Toast
  • Sygnio
  • Vend 
  • QuickBooks POS
  • TouchBistro
  • ShopKeep

You can take a closer look at these seven in our full POS reviews to determine the best fit for your business. Or you can visit the home pages of systems like Sygnio that’s explicitly designed for the retail industry. 

Final Thoughts

The ideal POS cash register for retailers will be determined by your budget and what your business needs. Hence you can use our POS comparison tools to tell which solution best fits your criteria. 

Get free POS advice