Find out more about POS Software
What is POS Software?
Brick and mortar shops use POS software to conduct sales. They typically use a computer, cash register, or even a tablet device to input the products, determine the cost, and finally, to close the sale. Most POS solutions can track inventory levels to ensure there are enough products in stock. Most of the time, expensive POS software is used by big box retailers who prefer to have a system that is custom built to fit their needs. Smaller shops, on the other hand, are increasingly selecting cloud-based POS applications. Discover top-rated POS software apps by reading further, and check out our current topper Square Register.
Most Popular POS Software
Best POS Software
How To Choose The Best POS Software
Selecting and using the best point-of-sale software can help to make your business productive and profitable. Best point-of-sale software systems can perform intricate online accounting tasks, while others can track customer purchasing habits, reorder products, manage inventory, etc. As there are thousands of POS software apps available in the market, it can be a hard task to select a suitable one for your needs. This buyer’s guide aims to help you out by providing a list of the main features to look for in the best POS software for small business organizations, medium-sized companies, and large enteprises.
Get to know each product with free trial
It’s always a good idea to start your research of best POS tools with testing a fair number of free trials and basic user plans from reliable vendors. It will save you some time and money because you will be able to experience all important features first hand and identify any possible issues. The best thing to do when looking for the best POS software for your company is to try services that currently have the highest results in our SmartScore and Custmer Satisfaction Rating in the POS software subcategory: Vend, Square Register, Veeqo, IncoPOS, etc.
POS Software is recommendable to every business that wants to track customers and manage inventory at the same time, particularly:
Small Businesses that need to attract more customers. Having the best POS system on board is a key asset for boasting profit margins, right because it focuses on the most successful products and reveals the ones that need to be reordered. It integrates a purchasing functionality which tracks their vendor lists and manages their orders.
Large Businesses that need to control employees and inventory, and to secure retail. Large businesses can benefit of POS systems too, knowing that it introduces accountability for as many employees as necessary, and it generates reports that can identify failure and potential wrongdoing. The same systems can be used to reveal cash discrepancies, because they incorporate a strict cash control feature.
Individual Retailers that need to automate manual sales tasks. This is probably where POS systems become handiest, as they minimize the time individual retailers have to spend calculating profits and payrolls, and staying on top of compliance and administrative duties.
What are Examples of POS Software?
Vend: A very popular POS platform used for managing sales and customers. It is both customizable ad flexible to blend within your current software infrastructure.
Square Register: An easy-to-use POS app that helps companies accept payments and complete transactions using their mobile devices.
QuickBooks POS: A platform that follows your customers and sales and boosts service to the extent of meeting their most specific needs.
Lightspeed: A unique tool for single stores and multi-shop enterprises packed with features for customer retention and higher conversion rates.
LevelUp: Android/iOS app that generates creative payment solutions for businesses and their clients. It is easy to use and even easier to integrate.
Types of POS Software
There are many different POS options for businesses that range from absolutely simply processors to cloud solutions for large enterprises with complex sales schemes. Most generally, they can be divided in the following way:
Mobile POS Systems. Their main purpose is to manage payment, but in certain cases they can also do inventory tracking. Therefore, they are suitable for smaller businesses or such that have no choice but to manage business on the go. They are also recommended to individual retailers, because they are fairly affordable, while some of them are even free and can be downloaded from any app store.
Terminal POS Systems. They are most common among businesses because of advanced functionality and reasonable prices. They can be both hardware and software based, and are usually sold together with additional widgets such as barcode scanners, cash drawers, etc. Their most distinctive advantage is controlled access and cloud-based backup.
Cloud-Hosted POS Systems. These systems allow you to access POS functionalities online, using the hardware you already have (a computer or a mobile device). They are affordable and convenient for businesses of all scales, in particular starters that want to boost sales without breaking the bank.
Key Features of POS Software
There is no such thing as a universal set of POS features, since every program is trying to respond to different needs and requirements, and some are obviously more advanced than the others. However, there are few basic functionalities each POS system should be able to offer:
Inventory Tracking. Inventory tracking in an important part of POS software and can be useful if you have a warehouse or multiple branches. The POS system can tell you if you have enough stock in the shop and in other branches, and if more stock is expected. Plus, the system should be able to create purchase orders from suppliers and also transfer stock between different branches.
Sales Reporting & Analytics. This feature will allow you to capture and analyze vital sales data, including not only the products that are being sold, but revenue rates and ROI too. I such way, you get to focus on products which genuinely boost your sales, and draft better money-making decisions.
Customer Management. You can use your POS system to attract valuable customers, since the customer’s full purchase history will be displayed on your screen and you will start prioritizing between valuable and most valuable customers.
Employee Management. The way how you manage employees is the way your business will look, which is why you have to employ your POS system even for this purpose. The idea is to keep track of when and what your employers are working on, to reduce overhead, and to manage their commissions accordingly.
Robust Reporting. It is important for retailers to make use of a POS system with robust reporting features to gain the information and insight needed to make the right business decisions. The software should enable you to track sales by customer, product, branch, and rep to enable you to sell more.
Mobile Access. Physical software restrict work to a specific terminal and it can be technically difficult to get sales data from them. On the other hand, accessing information in cloud offers many advantages such as increased transparency and flexibility. All you need is a stable internet connection.
Powerful Integrations. The POS system should smoothly integrate with the other business systems and apps you use. For example, you can integrate your POS system with your accounting app to eliminate double data entry and minimize errors. If you are planning to launch a website store, make sure the POS system is capable of integrating with e-commerce solutions. This will enable you to centrally manage orders and accurately maintain stock data in real time.
Benefits of POS Software
This being said, is it really the time for you to shift towards a POS system? The rule of thumb says it’s never bad to make life a bit easier, and there is no entrepreneur who would disagree with it. So, let’s see exactly what a good POS system can do for you:
A more accurate business. Dealing with numbers, multiple clients and products at the same time can hardly pass without human error, if that’s even possible. Instead of double-checking each customer’s order, you can use the POS system to manage inventory and analyze sales patterns in a more accurate manner. Needless to say, you get to save a lot of money.
Analysis. Having data displayed in a comprehensive manner wouldn’t make sense without a powerful analytics and reporting system, where that data can be closely examined to reveal trends and solutions. Accompanied with robust reporting, the analytic features of POS systems can be the trigger of your most powerful and smartest business decisions.
Networking to other terminals. How about managing sales from a single platform? With POS systems this idea is absolutely feasible, as the system can be networked to other terminals and expanded with handheld devices for tracking operations from any location.
Shrinkage Security. This is probably the most distinctive advantage of POS compared to other sales software, as these systems offer powerful SKU reporting and follow time periods, promotions and orders, and pay specific attention to the performance of each employee.
Affordability. Even with all those outstanding features we mentioned, POS software doesn’t belong to the most expensive sales software categories. Depending on your business, you can probably opt for a free plan too, and be completely satisfied with what it has to offer.
List of POS Software Companies
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Our Score Read More
FinancesOnline uses our special SmartScore™ approach to test all the applications in the POS Software category so that we can help you get the best possible app. It compares and contrasts the following elements: core components, collaboration features, customization, available integrations, ease of use, customer support, how secure a software is, support for smartphones and tablets, ratings in media. Currently, Miva Merchant is the leader in this category and we gave it the highest score in our tests. Following thorough evaluation it got the best results among its competitors and we strongly suggest that you consider it as one of the choices for your business.
User Satisfaction Read More
A summary of overall user satisfaction with the solutions in our POS Software category calculated using our unique algorythm that collects client reviews, comments and opinions across a broad range of social media sites in order to help you make an informed purchase choice.
Pricing Read More
Every vendor in the POS Software category will have a different group of pricing packages for its service and every package will include a varied set of features. Below we list the general pricing for the cheapest package offered for each service. Please note that advanced features may cost extra.
Devices Supported Read More
A summary of what type of devices and operating systems are supported by all B2B services in the POS Software category, including mobile platforms and web-based solutions.
Laguages Supported Read More
Find out what languages and countries are served by the top B2B solutions in the POS Software category, including spftware designed for international markets and created for multi-cultural groups of employees.
Pricing Model Read More
Examine what pricing plans are offered by the vendors in the POS Software category to check which one suits your business requirements and budget best. Note that some services can offer free or freemium accounts for you to test first.
Customer Types Read More
A brief look at what groups of clients a selected B2B service in the POS Software category aims for, from small businesses and non-profits to big enterprises.
Deployment Read More
A summary of what styles of service deployement are supported by every B2B vendor in the POS Software category. Even though most of modern SaaS services are cloud-based some solutions might offer an on-site deployment model too.