Imagine when you have a tool that non only records sales transactions and accepts payments but also provides you with insight to make better business decisions. That’s what the point of sale system offers you. It simplifies your daily operations, increases efficiency and ultimately boosts your revenue.

A POS, or point of sale, is a comprehensive combination of software and hardware that enables you to process payments and log transactions. It also has many features and integrations that can streamline your operations such as inventory monitoring, online delivery, and others.

Understanding Point of Sale

The first point of sale was invented in 1879 by James Ritty, a saloon owner in Ohio. Concerned about the cash safety, Ritty created a mechanical device that could record sales transactions. Later, in 1884, National Cash Register Company (NCR) acquired Ritty’s patent and then introduced receipts and cash drawers.

Nowadays, POS has been evolving to the modern era. It has a cloud-based POS system, mobile version, omnichannel integration and advanced analytics. Let’s understand more about this system together. 

Usually the system works like this:

1. Customers decide to purchase your product or service

2. POS system calculates the price

3. Customers pay

4. POS records the transactions and accepts the payment

During that process, it is essential to understand all of the necessary components which include both hardware and software.

Hardware

Touchscreen display and computer

A touchscreen display and computer are integral components of a POS system. The touchscreen display that you usually see is mobile based display hardware such as iPad and a stand to hold it. Other than that, you can also find some businesses that use their smartphone or integrated computer and display, depending on their needs. Together, the touchscreen display and computer function create a seamless and efficient POS experience that enhances both customer satisfaction and operational efficiency.

Receipt printer

It is a very important element because not only to provide transaction documentation, it also can be part of customer service function, inventory tracking and marketing opportunities. With receipts, you can include return policies, loyalty programs and promotional messages. More than that, printing receipts helps with inventory management by ensuring each sale is recorded and reducing discrepancies in stock levels.

Barcode Scanner

By automating the entry of product information with barcode scanners, it speeds up the checkout process and reduces human errors. It is also a better and faster way to check the price, stock level and other details. Barcode scanner allows the POS system to collect detailed sales data that can be a good insight and create trends for the decision making process.

Cash drawer

Cash drawer gives a convenient place for cashiers to securely store cash, coins, checks and receipts during transactions. It is connected to the system and opens automatically when a transaction is completed. At the end of business day, it is used to reconcile the total cash on hand and sales recorded by the system.

Payment terminal

Do you need seamless and secure electronic transactions that allow your business to accept a variety of payment methods? Then you will need a payment terminal. The main function of payment terminals is to process payment transactions made with credit, debit and prepaid cards. It reads card’s information through a card’s chip, magnetic strip or via NFC technology for contactless transactions.

Customer Facing Display

To make your transaction process more seamless and convenient for both cashier and customer, the integration of customer facing display and point of sale system can be an option for you. It reduces errors and misunderstandings by allowing customers to review their purchase. In addition to displaying transaction details, the customer facing display can be used to showcase promotions, loyalty rewards or other offers.

Software Integrations and Features

Online Ordering Delivery

Online ordering and delivery features revolutionize the way you hand your customer orders. It allows customers to place orders online through a website or mobile app that later automatically synced with your POS system. It can grow your business and enhance customer satisfaction.

QR Code Table Ordering

Increase your business operations efficiency by having QR Code table ordering. With this system, customers are able to browse the menu, place their orders and make payments without a server. Through the POS system, it will be directly sent to the kitchen. It reduces wait times and improves table turnover.

Inventory and Procurement Management

Do you want to easily create and manage purchase orders, track incoming shipments and maintain supplier transactions? Then this feature will be a lifesaver for you. With all inventory and procurement data centralized in your POS system, you gain complete visibility and control over your supply chain, leading to improved efficiency, reduced costs, and better overall business performance.

Reporting and Analytics

Reporting and analytics integrated with a POS (Point of Sale) system provide powerful tools that transform raw data into actionable insights, helping you make informed decisions to drive your business forward. This feature allows you to generate detailed reports on various aspects of your operations, such as sales performance, inventory levels, customer behavior, and employee productivity

Accounting Software Integrations

Accounting software integrations with a POS (Point of Sale) system streamline financial management by automatically syncing sales data, expenses, and other key financial information directly from your POS to your accounting software. This seamless connection eliminates the need for manual data entry, reducing the risk of errors and saving valuable time.

Get to know Point of Sale from Abacus by Liven

A cloud-based POS software built in Australia for Australia. Abacus is an advanced system built for the hospitality business. It's simple, intuitive, and refreshingly easy to use. Efficiently streamline your restaurant operations with the most feature-rich POS system available today.

Abacus POS is suitable not only for small businesses but also franchise and enterprise size businesses. The native integrations with any software your business needs makes the cost more affordable. The complete features offered by Abacus can streamline your business operations and cut your software costs by 70%.

It offers three customizable types of POS systems to meet your specific needs. Alongside the iOS software for your iPad POS system, it also includes android and mobile options, giving you flexible choices for your business.

Do you want to know more about Abacus POS Software by Liven? Book your free demo here and meet our representatives now!