How to choose the right POS Cash Register for your Business
Every business requires a cash register. No matter how small or big your business is, it is important to always keep track of all the financial transactions of your business. You may be eyeing a traditional cash register or a POS register, but there are factors to consider when choosing the right POS cash register for your business.
Find out more in the article below.
What is a Cash Register and a POS Register?
In simple terms, the cash register contains a log of all the transactions related to the money that goes in and out of the business. Most cash registers, nowadays, could be set up for more functionality like credit card readers and barcode scanners.
On one hand, the POS register or the Point-of-Sale Register is similar to a cash register that also provides POS reporting on all transactions. In recent years, POS registers have also helped with inventory management, customer management, or accounting software management.
There are even other POS registers for restaurants that can organize an order or reservations system for their clients. Another POS option that has become available is the mobile POS register, which is basically a POS that can be accessed from various locations.
BENEFITS OF TRADITIONAL CASH REGISTERS
Longer Life – Most traditional cash registers can be used for 7 to 10 years and each upgrade may last for 5 years. The idea that the cost for cash registers is expensive at first is justified by the lengthy use of the traditional cash registers, which allows you to stretch the value of your purchase.
Simple to Use and Accurate – Unless you want to do the mathematics yourself, a cash register is your way to go. It is easy to use and keeps your money secure. On top of that, you can be certain that the transactions are being processed accurately to minimize errors in your accounting.
Affordable – Compared to POS registers, traditional cash registers are so much cheaper. As mentioned earlier, due to the long useful life of cash registers, it is able to produce great value for the money.
BENEFITS OF POS REGISTERS
Quick Checkout – POS registers will allow you to provide faster service to your clients because it has a quicker checkout process.
User-Friendly – POS Cash Registers have a touchscreen interface, which allows the user to operate the register easily and learn the functions quickly.
Business Retail Tools – The main difference between POS registers and traditional cash registers is that the POS register could be integrated with business retails tools. You can manage your inventory, employees, customers, warehouse, and accounting system with the latest POS registers.
Accurate and Detailed Reporting – Business owners that wish to keep track of their business performance may find the POS Register as a reliable business partner. Several POS Systems would also have the option to show Key Performance Indicators for businesses, which include net sales, profit margin, stock turnover, and others.
Benefits of Mobile POS Register
Additional Payment Options – Regardless of where your business is located, you can still accept cash or non-cash payment option. Gone are the days where businesses can‘t accept credit card payments if they’re holding a bazaar or an event outdoors. Apart from credit card transactions, Mobile POS can also accept Apple Pay, Samsung Pay, and other modes of digital payment.
Portability – Mobile POS Register is just your regular POS Register, but it is travel-size. In short, you get the same benefits of a POS Register even when you work remotely. You can use it if your business has several branches or if you have outside events, like weekend bazaars or music festival booths.
Easier Processing of Payment – The use of the Mobile POS Register allows the business owner to process timely payments using a system that processes payments quickly and accurately. There’s less hassle for clients and users of this kind of terminal since it is designed to ensure speedy data processing.
Top 3 POS Cash Registers
VeriFone VX520 Features:
- Ethernet,3G, or Dialup connectivity [with Ethernet, Serial, Phone, and USB port]
- Large backlit LCD screen [128 x 64 anti-glare LCD Screen]
- Backlit Keypad [Alphanumeric, Screen Choice, and Additional Function keys]
- 160MB of Memory [128 MB of flash memory and 32 MB of SDRAM; with an optional additional memory of 500 MB]
- Fast built-in thermal printer equipped with quick-release transparent paper door [supports 58mm paper rolls]
Ingenico IPP320 Features:
- Easy to Use [Plug-and-play Installation]
- Secure Connection [PCI PTS 4.X Certified Solution]
- Variety of Payment Option [EMV chip-, PIN-, magstripe-, and NFC-enabled]
- Backlit Keypad, LCD Display, Function Keys
- Ethernet Connection [ECR, a POS, or a PC connection]
Clover Mobile Features:
- Multiple Credit and Debit Payment Options [EMV chip, MSR, Contactless Payment, and Pin-enabled]
- Wireless Connectivity Option [May connect to 3G]
- LCD Display [7″ Antimicrobial Corning® Gorilla® Glass]
Lengthy Battery Life
- Secure Connection [TransArmor Data Protection]
- Offline mode option [Works without Internet]
What makes the POS Register or mobile POS better than the traditional cash register?
When choosing the payment terminal for your business, it is vital to take into consideration the needs of the business owner. However, when it comes to the benefits and functions, the POS Register or the mobile POS is better than the traditional cash register.
First, the functions available to a POS register cannot compare to the limited functionalities offered by a traditional cash register. The marketing tools included for POS registers could help businesses grow easily due to the detailed reports that are indicative of the performance of the store.
Here are some of the functions that are unique to the POS System:
- Generate and Track Purchase Orders
- Track Employee Time
- Handle Customer Data Sheet
- Loyalty Program
- Inventory Management
- Warehouse and Storage Management
- Tracks returns
- Connect to e-commerce website
Emily Hale of Merchant Maverick has summarized the choice in the simplest term:
‘If you only plan to accept primary cash payments, don’t have a lot of inventory, or have a small budget, you can certainly manage to get by with a cash register. However, keep in mind that you won’t get the advanced sales reporting, customer reporting, or other features that you get with a POS system. The data that you glean from tracking product sales can be invaluable when it comes time to plan and market, so keep in mind what you have to gain, too!’
The POS Cash Register is an essential item for the business, but the purchase of a unit should be thought out. Apart from the features and functions of your chosen terminal, it is important to note all the costs related to the purchase. This will include the hidden charges, such as software cost, hardware costs, and some monthly feeds. With all this in mind, you can now assess which payment terminal can truly cater for your business needs.
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