What is a POS? (Point of Sale System)

Published on
November 9, 2020
retail business model

Everything You Need To Know About Point Of Sale Software

The shift from traditional methods of selling goods and services to making them available to the masses in different ways through the internet was a boon to shoppers in the 21st century. As the world continues to adjust to the “new normal” instated by the Novel Coronavirus, significant changes have been observed in various sectors of the economy. Brands have adapted to social distancing norms in an attempt to exhume their revenues and maintain their market position. One of the most common ways to adapt to the “new normal” for brands and retailers was to go digital, not only to keep in mind the safety of their customers but also ensuring value addition in the post-COVID era. Rolled out by IBM, the first point of sale system was introduced in the 1970s at a stationery shop, with a computer, a barcode scanner, and a printer for the receipts. Mobile and computer-based point of sale systems had the customers’ convenience at heart while also aiming at covering a more extensive section of the target audience in terms of market penetration. Evolving with the significant advancement in technology, POS is now available in the form of mobile applications wherein users are allowed accessible functionality, all in the palm of their hands. 

Here are the basics of this system which will help you understand what is POS software

What is POS software?

Point of sale systems are essentially the place where customers pay for the goods and services offered by your company. The point of sale software system allows you to ring up sales and accept payments. Hence, to put it in simple words, every time a consumer makes a purchase at your store, they complete a POS transaction. Being the central component of your business, the point of sale software serves as the hub where everything merges, including inventory, sales, and customer management.

Point of sale software systems are generally divided into three categories, namely, hardware, software and payments. The traditional POS, which included hardware, has now been taken over by various POS apps which allow you to go digital with just a smartphone. mPOS is a phone or a tablet which functions as an electronic point-of-sale terminal wirelessly.

POS apps like Bech allow you to go digital and conduct your business transactions in a more versatile manner, without being tethered to a single location. Most suited to hybrid businesses, Bech is the first POS app which enables retailers to extend their presence online while also allowing them to have the option of buying from local wholesalers from the app. Establishing the complete business ecosystem through a smartphone, Bech is not only beneficial to the customers but also a boon to the retailer and wholesalers since they can continue their transactions more efficiently. Along with your offline store, Bech allows you to extend your arm into the digital realm, with benefits of streamlined business reporting, transaction summary, and much more just through a smartphone. 

Different businesses have different profiles; hence their needs for a POS may vary. However, there are two primary types of businesses that need to have a point of sale software system in place. There is a huge need for digital transformation in the retail industry and the hospitality business, such as restaurants and hotels. 

The Indian retail business has a different landscape as compared to other countries, wherein there are certain “traditions” followed, which maintain the relationship between the customer and the retailer. One such commonly used term is “Udhaar”, meaning credit, which is often extended from the retailer to a regular customer based on the mutual trust between the two. Keeping in mind the various customs followed during the transactions, Bech was born as a necessity during the Coronavirus pandemic. This new POS app by SignCatch is designed to keep small and medium-sized businesses afloat while also helping them establish their stores online. Bech allows businesses to set up an online shop within minutes so that their customers can get purchase products online without any hassles.

The Bech app is India’s few POS app to offer the system of “Udhaar'' or customer credit or khaata facility. Extending the concept of customer loyalty to the realm of online stores, Bech aims to bring a sense of comfort from neighbourhood stores to digital stores. Bech is a self-sufficient POS app that helps the owner keep track of “Udhaar'' by sending an SMS reminder to the customers for pending credit and accepting payments from anywhere. The app allows you to set up your store online with a ready catalogue so that the process is hassle-free for business owners. Furthermore, it is equipped with features like UPI/digital payments, customer discounts, pickup and delivery, and much more. 

Advantages of Point of Sales Software:

Having a point of sales software system has become a necessity for many businesses today. Regardless of whether you are a small, medium, or a large business, the streamlined process of sales and inventory helps you stay organised while maintaining a good footfall of customers online.

Here are some advantages of having a point of sales software system in your business:

  • A positive impact - Having a POS system in place allows you to have more control over your business since you are aware of which products you have sold on a daily basis, which products are available in stock, and how many sales you have made.
  • Better bookkeeping - Accounting and tax filing can be complicated during the heavy traffic of customers. This is where a POS system comes in for help. POS apps such as Bech enable you to track every sale while also offering GST ready reports and custom reports. Bech also allows you to balance settlements and track sales growth which helps you manage your business’s finances. 
  • Increased efficiency - By enabling digital bookkeeping and reports, POS systems save time and streamline the store management. Managing bills and orders, and sales figures or reports are made extremely efficient and convenient.
  • Added features - POS apps such as Bech are designed to adapt to the various needs of the Indian business owner by offering features such as regional language support, staff management while also being functional without an internet connection. While keeping the convenience of the customer at heart, Bech also offers a salient feature for the shop owner where they can easily make purchases from local wholesalers and also compare prices for the best deals. 

Having a POS system integrated with your business will only prove to be beneficial since it enhances the efficiency and allows customers to continue to shop within the comfort and safety of their homes. It is also a great boon for the shop owner during a global pandemic as it addresses the issue of low footfalls in stores and enables the business to keep operating online.

If you are looking for a POS system that has a hassle-free process of set-up and offers to operate without an internet connection as well, the Bech app is your best option. Click here to download the app now!

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