What To Consider When Investing In A POS System For The Retail Sector?
What is a POS System?
the POS system is the place where a customer pays for products or
services. Combining hardware and software components, the POS system
allows for any form of payment such as cash, debit cards, credit cards,
mobile, and even accumulated loyalty points.
What is a POS System for Retail?
industry that benefits largely from the modern POS system is retail.
These specialised POS systems will include a range of features that
prioritise the needs of retail owners and its respective customers.
What is a POS transaction?
is the moment a transaction is finalised when a customer makes a
payment in exchange for goods and services. For the finalisation of a
POS purchase, the customer is required to enter a PIN number, sign or
provide a fingerprint scan for authentication. This allows the bank to
either authorise or deny the transaction.
Components of a POS System for Retail
is a wide range of really user-friendly POS systems on the market,
however, they will generally require the following hardware components:
- Monitor – this could be a tablet or computer monitor which displays the product database and other functionalities.
drawer – as cashless transactions become much more commonplace, this is
likely to be phased out. In fact, by 2025, Business Insider predicts
that 75% of all transactions will be cashless. However, there are still
many cash transactions in South Africa and the cash drawer remains a
secure place to retain cash when payments are made.
scanner – this reads all the product information stored within the
barcode and adds it to the checkout total. With certain POS systems, the
sale can be integrated with inventory management to adjust stock
- Card readers – for all card payments, the POS system
can either read the card’s magstripe (swiping the card) or read the
- Receipt printer – this is another component which
might eventually disappear as email and text receipts become more
dominant. As it stands, customers do still rely on paper receipts for a
purchase overview and to return items.
Key Features for POS for Retail
on your particular business needs and budgetary limitations, there are a
number of key features associated with POS for retail. Here’s a quick
look at some of the features you can expect to find:
1. Sales Overview
POS systems for retail should give you a report of sales, the
difference being the amount of detail supplied and ease of use. Some of
the sales’ information supplied will include sales’ reports (total cost
of items sold, net profit, etc) and store sales’ performance.
2. Customer Relationship Management
customers’ data can be tracked and stored in a POS system for retail
through its Customer Relationship Management feature. This is aimed at
developing long-term customer relations by linking a transaction to a
customer, tracking customers’ purchase history, capturing personal
information and then providing personalised marketing techniques.
also able to incorporate customer loyalty programmes with the more
advanced systems, as well as setting up timed promotions for specific
customer groups. Loyalty programmes have been shown to retain customers
which is five times cheaper than having to attract new customers, so
well worth implementing. Through these programmes, customers feel
appreciated because they are rewarded for their repeat business.
3. Inventory Management
sales’ tracking, your POS system for retail can actually monitor and
even replenish your store’s inventory. Inventory is a difficult
balancing act and will directly impact your cash flow. Some of the
inventory management features include digital scanning, inventory
identification and level tracking, consolidation of purchases and
orders, and managing stock. Using real-time inventory tracking, you can
be assured your inventory levels are always accurate.
4. Multi-store Management
businesses with multiple stores, this feature allows you to support
your business growth by consolidating inventory, customer, and staff
management across all store locations. You can effectively manage your
entire business through one place while comparing store performance.
Omni’s Accounting Electronic Point of Sale (ePOS) system
of the leading POS systems for retail on the market is Omni’s ePOS
system, an all-in-one option for retail. This programme incorporates
credit and cash register sales, full cash-ups, teller sales’ analysis,
cash controls, barcode scanning, label printing, with Windows POS
supporting Windows Server (Cloud), 7, 8 and 10 Compliant.
The ePOS computer system features include:
• Full POS
• Credit card machine integration
• Back Office fully integrated into POS
• Stock Control fully integrated into POS
• Complete Accounting fully integrated into POS
The ePOS software functions include:
• Cash register sales
• Credit sales
• Sales from quotes
• Sales from sales’ orders
• Scanner ready
• Touch screen ready
• Void sales (with permissions)
• Returns (with permissions)
• Pay-outs (with permissions)
• Multiple tender types
The Omni ePOS supports a range of small-to-large business applications throughout the retail sector. These include:
• Hardware, paint and décor stores
• Liquor stores
• Plant nurseries
• Jewellery stores
• Electrical fittings
• Stationery shops
• Cellular shops
• Tyre outlets and motor spares
• Gift and Novelty Stores
• Home entertainment electronics specialists
Questions to ask when investing in a POS system
this is the first time, you’re investing in a POS system for retail,
there are certain questions you’ll want to ask the supplier before
choosing one that will work for you. Some of these include:
- Will the POS integrate with my existing software?
- Do you have a website or accounting software?
- What payment methods can the POS accept?
- What are the costs involved?
- What are the key features?
- Do I have to enter into a contract?
in retail means mastering administrative, management and marketing
skills while overseeing everything from inventory levels to contacting
customers. An efficient POS system will ease the administrative burden
by integrating relevant sales’ information, assisting in the smooth
running of your day-to-day operations.
Back to Articles