Point of sale or POS systems are part of the core of retail operations. The POS is where transactions are recorded. All the details of every purchase are entered into the system. Such a simple act results in various benefits.
An effective and efficient point of sale system will record every detail down to the last centavo. This makes accounting and recordkeeping easier. Aside from that, POS systems also take care of inventory updating. When someone purchases a product, the number of bought items is immediately subtracted from the available items. Say goodbye to manual logistics counting.
It’s a no-brainer fact that POS systems bring convenience to both business owners and buyers. But, the POS system that most people are familiar with isn’t the most efficient and useful.
The most efficient and in-demand nowadays are the cloud-based POS systems. We will discuss what it is and why it is better.
What Is a Cloud-Based POS System
Essentially, it works the same as the traditional POS system. However, it has one major advantage: its data storage. As the name suggests, the system is cloud-based. This means that all processed data is stored in the system’s secured and online storage.
Also termed as online POS, data is also accessible through any Internet-connected device. Store owners don’t need to invest in a complete PC just to accommodate the system. Laptops, tablets, and even smartphones will suffice.
Is It Safe Enough?
The common worry among business owners and consumers alike is if this online system is safe enough to store sensitive information, such as home addresses and credit card information.
The simple answer is YES.
Cloud-based POS systems are ensured safe and secure. All consumer data and company information are stored in robust cloud storage systems (such as cloud ELK), which are untouchable—literally and figuratively. If you are searching for the best tools at your disposal, look into your business’s cloud service enterprise architecture software.
The data stored in the cloud is also safe from any possible damage caused to the device serving as the hardware of the system. Even if the laptop or tablet gets stolen, the data will still be inaccessible. And the developer can acquire the data safely from their end.
Read on to learn more about the advantages of cloud-based POS systems.
1. Immediate Set-Up
Compared to the traditional POS system, setting up the cloud-based system is definitely faster and more convenient. There’s no need to set up a different device. Moreover, the installation of traditional POS systems usually require authorized technicians. This means more cost on top of purchasing the system.
On the other hand, cloud-based point of sales systems just basically require downloading and installing the system. The process doesn’t take hours, and you don’t need to book an authorized technician to get it done.
Some POS system providers, however, require a few verification steps before allowing the download. But, it can be done online or over the phone. Despite this added step, setting up an online POS system is far more convenient than the traditional ones. No time wasted at all.
2. Regular System Updates
As an online-based system, regular system updates are expected from cloud-based POS providers. Regular system updates make the software more refined over time. Like computer software, each POS system updates fine-tune bugs and other problem areas of the previous versions.
Aside from fixing pain points, system updates may also include upgrades. These upgrades may include better interface designs, new useful features, or better organization systems.
This makes cloud-based POS systems more useful because it continually changes to cater the users’ convenience better.
Plus, you don’t have to pay additional fees to benefit from these regular updates. Providing updates is one of the developer’s responsibilities towards their clients. On top of that, almost every software that we use today provides this security feature.
3. Low Overhead Cost
Both preceding items showcase how the cloud-based POS system is more cost-efficient than the traditional one. First, the system’s installation doesn’t need an authorized technician. Second, it doesn’t need a specific device or separate computer. An extra laptop, tablet, or smartphone will suffice.
There is also a lesser probability of needing to pay additional maintenance fees because of regular system updates.
Additionally, online POS systems are subscription-based. Thus, you can choose between paying an annual or monthly subscription fee. This is an excellent option for newer businesses that are still trying out on different methods without breaking the bank.
Some people might be put off by the fact that it is subscription based. But, always keep in mind that the subscription fee isn’t just a payment for the system itself. It also pays for technical maintenance, system updates, and data hosting. You will be getting more than you expect.
4. App Integration
Lastly, the main advantage of a cloud-based POS system over the traditional one is its capability for app integration.
In an era where online shopping is preferred by consumers, it’s impossible to run a business without any sort of online presence. Sure, you can do so without one, but you are at a grave disadvantage. Consumers always favor convenience.
As such, a cloud-based system can process payment transactions done through your store’s website as well. It works just the same as in-person transactions but without the personal connection of both parties.
Online POS systems are not limited to processing online money transfers too. These systems can also process card payments without a physical card reader. This is a far cry from the traditional POS system. With the in-person method, cash is almost always preferred and a separate card reader is needed when paying with debit or credit.
The Superiority of Cloud-Based POS Systems
As the retail landscape continues to change, the demand for cloud-based POS systems grows as well. No one can deny that almost every process used today uses the cloud or the internet in one way or another. And, processing payments and updating product inventory aren’t excluded from it.
Cloud-based point of sales systems is a far cry from the traditional system. It has superior versatility, catering to both in-person and online purchase transactions. It runs to be cheaper as there are different payment options and the inclusion of other security measures like regular system updates.