Everything You Need to Know- POS Software Development
What is a POS System?
Point-of-Sales or POS system is a collection of devices, online e-commerce platforms, and other resources where a customer can check out the product and make payments through various methods. It is simply the ecosystem that facilitates transactions between a business and its customers. It significantly assists businesses from small cafes to large-scale outlets in making payments, printing receipts, and tracking overall sales. POS software development is one of the biggest priorities of numerous businesses.
Modern POS systems empower business owners to not only facilitate payments but to generate valuable reports and insights on sales. Along with this it also enhances the security aspects as the payments go through trusted gateways directly in the bank accounts of the owner. Some of the most common features of a capable Point of Sale (POS) system include Employee management, Customer Support capabilities, e-commerce website integration, Inventory Management, Returns Management, Online Orders Management, etc. A feature-rich POS software development can take care of all these features.
Workings of a Point of Sale (POS) System:
The basic working of a modern Point-of-sale system is to calculate the total and provide a secure payment gateway to the customer to facilitate the transaction. These POS systems also keep the logs and print receipts for consumer use. But with time and the introduction of modern business technologies like Internet-of-things, POS systems are getting more and more sophisticated. Some of the most common devices used in a Point of Sale (POS) system are as follows:
- Card Reader (Credit and Debit Card)
- Receipt Printers
- Cash Drawers and Managers
- Touchscreen monitors for both employees and consumers use
- QR codes and Barcodes scanners, readers, and providers
- NFC readers, etc.
A Point of Sale (POS) system also requires carefully developed and efficient software to manage all the devices in unison. There are basically two types of softwares-
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Legacy System:-
Also known as On-Premises software. It is installed on the Point of Sale (POS) devices at the business outlet only. It is responsible for tasks like billing, payment processing, sales logging, etc. It establishes on-premise unison between several devices.
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Cloud-based:-
This type of software is required for establishing a far more comprehensive Point of Sale (POS) system. It helps in the communication between various individual POS systems. Through analytics business owners can generate valuable insights through such software.
Types of POS Systems
There are several types of POS systems targeting the needs of a business.
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On-Premises Point of Sale (POS) System:-
This is one of the most popular and easy-to-manage types of POS systems available. In such POS systems, all the hardware and software are physically present on the site only. The hardware devices are deployed on the premises and the Point of Sale (POS) software is deployed with the help of an onsite server. On-Premises POS systems are also known as traditional POS systems or On-site POS systems. There are several software developers who can develop custom Point of Sale (POS) software for a business.
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Cloud-based Point of Sale (POS) System:-
Also known as Web POS system is a more modern kind of the Point of Sale (POS) system. It works in unison with other modern technologies like Internet-of-things. It basically differs from the On-Premises Point of Sale (POS) system in terms of where the Point of Sale software is deployed. In a Web Point of Sale system, business owners purchase POS software subscriptions and connect the hardware accordingly. It is more economical as you just have to buy the subscription to the Cloud-based Point of Sale (POS) system.
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Mobile-POS systems:-
mPOS or Mobile-Point of Sale System is a subcategory of cloud-based POS systems. In this category, such POS systems are listed that are compatible to run on mobile environments like Android, iOS, and windows. One can easily install such Point of Sale (POS) software on his mobile or tablet and can monitor the workings of different devices and nodes in the system. This alternative is the best for businesses with small inventory and fewer employee management requirements.
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Self-Service POS systems:-
Also known as Self-service kiosks are gaining popularity day by day. This type of Point of Sale (POS) system focuses on creating a self-sustaining Point of Sale (POS) ecosystem capable of handling consumers on its own. Business owners can supervise the workings of the devices with minimal effort. POS solutions are perfect for businesses where minimal employees are present.
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Open-Source Point of Sale (POS) System:-
As the name suggests in this type of Point of Sale (POS) system the Software is Open-source and the business owner can easily tweak it according to his or her own business needs. It is cheaper as compared to other POS systems in earlier stages. But one of the biggest disadvantages of such a Point of Sale (POS) is that the responsibility of constantly maintaining the software lies on the shoulders of business owners only. It is more suited for small businesses with a technical background where the team can tweak the software on its own.
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Multi-channel Point of Sale (POS) System:-
A Point of Sale (POS) system where all the data is simultaneously gathered from all different outlets and stored at a central server system. Here by different sales outlets, we mean online stores, social media stores, and physical stores. This type of Point of Sale (POS) system is extensively employed in businesses with multiple physical storefronts and outlets.
Benefits of a Point of Sale (POS) System:
There are several significant benefits of integrating such a Point of Sale (POS) system in your business. Some of the most significant businesses are given below:
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Enhanced Inventory Management:-
With sales and purchases being constantly logged the business owner has all the real-time info related to the inventory of the store. As an item is sold the quantities of the remaining ones are automatically updated by the Point of Sale (POS) software itself. Some POS systems also offer better searching capabilities as their software can also store the location of the item in the warehouse.
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Billing and Invoicing are Easy:-
After integrating a powerful Point of Sale (POS) system in your business you can easily manage all kinds of invoices and group them according to their nature. Invoices for sales, purchases, repairs, rentals, and miscellaneous invoices can be easily segregated for further accounting. The point of Sale (POS) system allows easy follow-up to the sale of a product whenever needed.
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Swift and Secure Payments:-
With a good quality Point of Sale (POS) system integrated into your store you can make the payment processes as swift and secure as possible. Employees can select the product being sold just after some clicks and swipes and consumers can easily pay either by cash or through any other method he/she finds convenient. By integrating secure Payment Gateways the possibility of a security breach is significantly reduced.
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Customer Management is Easier:-
POS systems empower business owners to collect valuable data and improve customer management through insights. One can easily understand how much a product is popular among the customers and the relation of various aspects like inventory placement, discounts, etc. can be analyzed accordingly. With customer details, you can send personalized discount offers directly to the customers on specific items they regularly purchase and increase sale possibilities.
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Easier Warehouse and Purchase Management:-
A thriving business relies on constant purchases being made regarding inventory refilling or for other purposes. A Point of Sale (POS) system is capable of logging such expenditures of a store as well. It also enables the business owners to keep a track of all the purchases from the suppliers. One can easily log all the expenditures and generate the necessary insights. These insights help in minimizing future expenditures.
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Better Overall Security:-
A Point of Sale (POS) system significantly enhances the security aspect of your retail stores. A thriving retail store or a business constantly generates valuable data that can be sensitive as well. With a Point of Sale (POS) system, you can make sure the data doesn't get leaked and is managed by authorized employees only. A cloud-based Point of Sale (POS) system further enhances the security as through it the data will be stored remotely over cloud servers.
Important Features in a Point of Sale (POS) system you should look for:
With several types of POS systems in the market sometimes it can become overwhelming as to which one is the most suitable. Here are some of the most important features one should look for while buying a Point of Sale (POS) system.
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Sales Monitoring Capabilities
The Point of Sale (POS) system must be able to monitor all the sales and generate important reports for the same. These reports are crucial for understanding the profits a business is making. With such reports and insights, a business owner can prepare his business for seasonal trends, etc.
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Invoice Preparation and Management:
Generating and managing invoices during sales is one of the most important features you should look for. Automatic billing capabilities can benefit your business by providing more customer satisfaction and better logging opportunities. It should be able to group the invoices according to their nature.
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Inventory Management:
Inventory management is one of the most laborious tasks in a retail store. You should invest in a Point of Sale (POS) system that can do this for you automatically thereby significantly reducing the labor. There are POS systems that can log all the purchases and manage the inventory and stocks automatically.
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Returns and Replacements Management:
Returns and replacements are a significant part of the daily proceedings of a thriving retail store. One must look for a Point of Sale (POS) system that can manage such return and replacement requests on its own. It must be able to capture details like the reason for return, date and time of return, name of the salesperson, etc. This can help the business owner to minimize such instances in the future.
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Employee Management:
One must definitely look for Employee management capabilities in a Point of Sale (POS) system. Such systems have features to track an employee's performance, working hours, and overall productivity. This provides an opportunity to find the hardest and the most honest worker in the store and incentivize him accordingly to promote better work.
Why are POS systems on the rise?
With significant advancements in technologies like the internet, payment devices, and Point of Sale (POS) software capabilities, one can easily see the constant rise of POS systems in today's market. There are several reasons behind such a fast-paced boom in the Point of Sale (POS) system market. Some of the most significant ones are listed below:
- Increased digital payments with constant push from the government and several fintech companies working for a seamless digital payment experience.
- The significant boom in the e-commerce industry and the increased reliance of customers on online shopping platforms.
- Technological advancements in the Point of Sale (POS) industry focus on the integration of the latest technologies like UPI, NFC, MST, biometrics, and internet-of-things.
- Shift in the mentality of entrepreneurs as they have started considering the modern POS solutions as an integral part of any business.
How much does it cost to develop a Point of Sale (POS) software system?
The costs of developing a capable Point of Sale (POS) software depend on the nature and the extent of the Point of Sale system. In a small-scale business with a need for basic POS software with basic Point of Sale (POS) devices, the development costs can range between $4000 to $6000. In large-scale businesses, these costs can go up to $12000 onwards depending upon the necessities of the business.
Step-by-step guide to setup a Point of Sale (POS) System
Step-1:- The first step is to start researching online. Research a little and understand the terms related to POS systems. Think about your budget and the needs of your business.
Step-2:-Decide what type of Point of Sale (POS) system you will need. What devices will you be requiring in your business setup? What will be the possible payment methods you will be accepting?
Step-3:- Decide whether you want to go for subscription-based POS systems or DIY POS systems.
Step-4: In the case of a DIY Point of Sale (POS) system with custom POS software, you will have to choose the developer for your Point of Sale (POS) software. We highly recommend you should talk to the expert Point of Sale (POS) software developers at PineSucceed to get the best-in-class assistance.
Step-5: Share your software needs and necessities with your developers. Wait for the development and share your feedback on the prototypes we provide.
Step-6: Set up your POS system. Connect all the devices and integrate them with Point of Sale (POS) softwares with the help of the technical team from the vendor. Choose payment gateways and methods. Add the items in your inventory and start your business.
Why choose PineSucceed for Point of Sale (POS) development?
PineSucceed has always been at the forefront of POS solution development. We have developed quality Point of Sale or POS systems for countless clients. For us, the satisfaction of our clients matters the most. Our dedicated Point of Sale (POS) developers are the best in the industry. They have successfully completed hundreds of projects.
We understand the needs of our clients through comprehensive communication and build a project blueprint accordingly. We respect the deadlines and deliver several prototypes in the process. After the successful development of software, we deploy it on-site and provide affordable maintenance and support plans. Our service makes us the best in the industry. Come, and share your plans with our expert Point of Sale (POS) developers now and get valuable insights.
Final Thoughts:
The Point of Sale (POS) system has transformed from being a business novelty to a necessity. In order to set up a thriving business, no matter how big or how small, every merchant needs a capable Point of Sale (POS) system. So, investing in a quality Point of Sale (POS) system development solution can help a business outgrow its competition. It is crucial to contact a reliable POS software development company with expert POS software developers to get quality assistance and answers to everything you need to know.
