We operate in a digital age where anything is available with just a tap or click. Establishing efficient workflows and processes are critical to managing a business successfully, given the competition created from online sales and other local businesses. A crucial piece of efficient workflows is processing payments and tracking inventory. While cash registers and POS systems share a similar goal, it is critical to understand their differences to best suit your business and customers’ needs. Whether you own a local retail business or multiple locations, you can choose from traditional cash registers or a point-of-sale (POS) systems.
Even though cash registers were revolutionary in their time as the only option for integrated payment processing, today, fewer people use cash regularly, with only 16% of Americans carrying cash daily. Given the decrease of consistent cash payments, it would make sense that there is a need for something to take the place of cash registers.
Literally speaking, a cash register is a machine that solely calculates and records transactions. But if you want additional features like credit card readers, barcode scanners, or scales, you’ll need to invest in other hardware that can add up in expenses. However, cash registers have a low initial cost and primary functions to run a business. They may last up to ten years, but you may be missing out on benefits and modern technology.
Meanwhile, a POS system can do everything a cash register can perform but more! A digital POS system automatically calculates and records transactions with everything related to the item purchased. Not only do POS systems handle financial transactions, but they can act as the core operation of your business. From automation on tracking inventory to management. No additional parts are needed with the all-in-one software and hardware solution.
Additionally, POS Systems can record multiple data points critical for modern businesses. POS systems will help you understand more information about your business like:
On top of the analytics provided by POS systems like ours, payment processing is also taken to the next level. Another advantage provided by POS systems is the allowance of companies to accept various payments, including the ever-changing landscape of contactless and mobile payments, which can make paying for products or services more convenient for your customers.
Depending on which features you need, you can choose a simple POS system or one with advanced capabilities tailored to your business. At Peak Utility Brokers, we offer a wide range of customizable solutions to cover all of your payment processing. There are different price points in POS systems, which can be affordable and fit your budget. Call us today for more information or questions!