A point of sale (POS) system is more than just a cash register. Modern POS systems are complex pieces of software and hardware with various integrated modules and capabilities to handle all aspects of a retail business. Point of sale system modules provide a retailer with a wide array of tools to efficiently run their stores from beginning to end. Let’s explore some of the POS system key modules that make up a fully-featured POS system.
Some of the Key POS system modules:
The payments module is the core function of any point of sale system, allowing the retailer to accept various forms of payment from customers to complete transactions. This includes taking cash, and checks, and processing credit/debit cards both by swiping cards and manually entering information. The system is integrated with payment processors to connect to the card and check verification networks to approve all non-cash tenders. This POS system module may also support newer payment technologies like contactless payments, mobile wallets, and even cryptocurrency.
Sales, Promotions and Pricing:
A POS system allows much more adaptability with selling, promotions, and pricing compared to a basic cash register. The sales module ties into the retail inventory for real-time look up of item details like product descriptions, prices, ingredients, warranties and more. Retailers can quickly create special sale prices for certain items or groups of items for set promotion dates. Custom discounts and coupons may also be generated for application at the point of sale automatically based on defined rules and conditions.
Knowing what is currently in stock and predicting reorder times is imperative for retail businesses to operate smoothly. The inventory module links up to distributor databases to list every product carried in the store including important details like unit price, units in stock, and restocking thresholds. Inventory adjustments may be made manually or automatically accounted for after each transaction.
Reporting and Analytics:
Collecting sales data is useful but without insightful reporting and analytics tools, it holds little value. POS systems incorporate robust reporting functions that collate all transactional data from across different store locations and time periods into informative financial, operational, and accounting reports. Key performance indicators on member profiles, staff activities, inventory statuses, payment reconciliation, and more can be monitored by managers.
Staff Management and Security:
For retailers with multiple staff accessing the POS system, having certain controls in place is crucial for security. The staff management module enables the creation of employee accounts with granular assignment of access permissions to different functions of the POS based on seniority, job scope, and experience level. Password protection, enforced password complexity policies, and timeouts after periods of inactivity prevent unauthorized access.
CRM and Loyalty Programs:
Customer relationship management (CRM) integrated into POS software centralized valuable client details in an easily accessible interface for staff to enhance service quality. Basic contact details, order histories, product preferences, special occasions, or outstanding issues can be noted within individual customer profiles. This data informs staff of key details to foster better engagement during transactions.
The Next Evolution of POS Systems:
Point of sale system modules have evolved far beyond basic registers for processing transactions. With robust management tools, sales analytics, inventory tracking, customer engagement features, and staff productivity optimization, modern POS solutions enable retailers to gain insights and efficiently operate stores at peak performance. As retail tech continues advancing, POS systems are poised to incorporate new capabilities like loss prevention using AI, personalized real-time promotions pushed to shoppers, and predictive analytics to boost store revenues. CherryBerry ERP is providing these services to its customers and they have very effective services. You can contact us to avail all the services you need.