What was a benefit of Square Inc that differentiated it from the other POS systems that were available at the time it first launched more than one answer may be correct?

A point of sale, or point of purchase, is where you ring up sales for customers. When customers check out online, walk up to your counter, or pick out an item from your stand or booth, they’re at the point of sale.

Índice Show

How does a POS system work at a small business?
What types of hardware and software does a POS system typically include?
Common elements of a POS system
Common POS software features
Payment processing
Inventory management
POS reports
Employee management
Customer relationship management (CRM)
Tipping support
What is an integrated point of sale (POS) system?
What are the benefits of an integrated POS?
What are the features of an integrated POS system?
Common hardware components for an integrated POS:
Common software components for an integrated POS:
How do I get started with Square Point of Sale?

Your point-of-sale system is the hardware and software that enables your business to make those sales.

How does a POS system work at a small business?

A POS system allows your business to accept payments from customers and keep track of sales. It sounds simple enough, but the setup can work in different ways, depending on whether you sell online, have a physical shop, or both.

In the past, a point-of-sale system referred to the cash register at a shop’s counter. Today, modern POS systems are entirely digital, which means you can check out a customer wherever you are. All you need is a POS app and an internet-enabled device, like a tablet or phone.

So what does a POS system do? Usually, it works like this:

1. A customer decides to buy your product or service. If you have a physical shop, they may ask a sales assistant to ring them up. That assistant could use a barcode scanner to look up the item’s price. Some POS systems, like Square Point of Sale, also allow you to visually scan items using the camera on your device. For online stores, this step happens when a customer finishes adding items to their cart and clicks the checkout button.

2. Your POS system calculates the price of the item, including any GST, and then updates the inventory count to show that the item is sold.

3. Your customer pays. To finish their purchase, your customer will have to use their debit or credit card, mobile, loyalty points, gift card, or cash to make the payment go through. Depending on the type of payment they choose, your customer’s bank then has to authorise the transaction.

4. The point-of-sale transaction is finalised. This is the moment when you officially make a sale. The payment goes through, a digital or printed receipt is created and you ship or hand your customer the items they bought.

What types of hardware and software does a POS system typically include?

Every POS system uses POS software, but not all businesses need POS hardware.

If you have an online store, then all of your sales happen on your website, so you don’t need POS hardware to help you accept payments. But if you have a cafe, you may need a register and a credit card reader. If you operate a food truck, a phone or tablet could be all you need to process orders.

Here’s a rundown of common types of POS hardware and software. Keep in mind that what you need depends on your business.

Common elements of a POS system

Touchscreen display and computer – the central piece you might refer to as a register. It allows you to calculate and process customer transactions and comes in three main forms:

Computer-based display with a computer case that might sit beneath the counter or attached to the display.
Mobile-based display hardware such as an iPad with a POS app installed and a case or stand to hold the iPad (such as Square Stand).
Purpose-built hardware with an integrated computer and display.

Credit card reader: A card reader lets your customers securely pay by debit or credit card while in store.

Cash drawer: Even if you accept contactless payments, you may still need a safe spot to keep your cash. POS software that’s connected to a cash drawer can minimise fraud by tracking exactly when the drawer is opened.

Receipt printer: A paper receipt shows customers exactly when and what they purchased and how much they paid.

Barcode scanner: A barcode scanner reads an item’s product details so you can ring it up. It can also be a quick way to check the price, stock level, and other details.

Common POS software features

Some POS solutions, like Square, include the features below. Other systems may require you to use outside software to get the features you need.

Payment processing

Payment processing is one of the core functions of a POS system. Each time a customer buys an item, your POS system processes the transaction.

There are a number of different payment types a POS system might accept:

Cash
Secure online payments through your eCommerce site
Credit and debit cards with an embedded chip
Contactless payments, which might include a contactless card that customers tap or a mobile wallet (e.g., Google Pay or Apple Pay)
Card-not-present transactions, which happens when your customer and their card aren’t actually in front of you, so you have to manually enter their card details. This also happens when customers enter their payment details while checking out online.

Inventory management

Inventory management software lets you keep tabs on all your products. Some automated inventory software can connect with your sales data and let you know when an item is running low.

POS reports

POS reports give you a quick look into how much you’re selling and earning. With clear reports, you can sell more and make better business decisions.

Employee management

[Team management software](https://squareup.com/au/en/point-of-sale/team-management”Team Management “) lets you know when your employees are working and how they’re performing. Your team can also use it to clock in and out, and some types of software can grant permissions so employees can get access to certain tasks.

Customer relationship management (CRM)

A CRM tool that’s tied to POS software lets you see what your customers bought and when they bought it. This knowledge helps you personalise your communications, marketing and customer service.

Receipts

Receipts make processing refunds easier, since there’s a digital or paper trail connected to the purchased item. They can also make your business look more polished.

Tipping support

For restaurants and service professionals, tips can add a nice boost to the daily takings. POS solutions that allow customers to add a digital tip during the checkout process make it more likely that they’ll tip.

Now that you have a better understanding of POS systems, you’re ready to find the right one for your business, no matter what or where you sell.

As business needs evolve, you may find that you need an integrated, all-in-one point of sale for your business. We’ve prepared these tips as a guide of what to look for in an integrated point of sale system, and how it can benefit your business.

What is an integrated point of sale (POS) system?

An integrated POS system is a combination of hardware and software (such as Square Register) that helps businesses process sales, handle payments, and manage inventory, employees and customers. Compared with traditional cash registers, integrated point of sale systems enable businesses to run more efficiently by reducing manual data entry and errors, improving inventory control, and providing real-time data and reporting.

What are the benefits of an integrated POS?

Faster checkout. Implementing an integrated POS will speed up your checkout process, allowing you to serve more customers. Whether you use a barcode scanner or touchscreen, with prices pulled automatically from the backend, there’s no need for manual data entry and less chance of pricing errors.
Access real-time reporting. An integrated POS lets you view valuable real-time data and assess your business’s performance at a glance. Whether you’re accessing a customer’s sales history to create a targeted promotion or want to see which staff are selling the most of a certain product or special offer, an integrated POS will let you make informed decisions.
Better customer experience. An integrated POS allows you to serve your customers faster while providing them with a more personalised experience. With real-time access to customer information and sales histories, your frontline staff can engage with buyers and provide a differentiated customer experience that results in great word of mouth and increased sales.
Fewer payments vendors: When one solution combines the services of POS software and managed payments, there’s fewer invoices to manage and fewer numbers to call when you need support. Square also offers a range of other integrated payments solutions - including Square Online, self-serve ordering using QR codes, and Square Invoices.
Improved stock control. A point of sale system that integrates with your inventory management software will give you better visibility and control. You’ll be able to view stock levels across your store(s) at a glance and set up alerts for when stock levels of a particular SKU are running low, giving you confidence that you’re always holding enough stock.
Reduce costs. Streamlining your checkout and inventory management processes will save you time and money. Faster transaction processing and less data entry reduces labour costs and stocktake becomes more efficient and less time-consuming with your POS syncing automatically with your inventory management software.

What are the features of an integrated POS system?

Point of sale systems include both hardware and software components. The right POS hardware and software for your business will depend on your size, sales model (brick and mortar, online or a combination of the two), the number of locations you operate from, and more.

When comparing POS systems, look for a solution that will be able to grow with your business. While you might not need every piece of hardware or software on this list initially, integrated POS systems often include the following components.

Common hardware components for an integrated POS:

Display. You might choose to manage sales from a countertop monitor or opt for a tablet to give you mobile flexibility. Standalone displays are one option - for instance POS systems like Square Register come with two screens; one for the employee and the other for customers. However, solutions like Square Stand share the same screen (the iPad) between employees and customers with a simple swivel.
Barcode scanner. A barcode scanner will help you to reduce transaction times if you sell a variety of physical products.
Card reader. With cashless the payment method of choice following COVID-19, you’ll need a credit card reader that supports fast, contactless payments. Square lets you accept chip and PIN payments using Square Reader, Square Terminal and now Square Register (which allows you to accept payments right on the built-in customer-facing display).
Integrated payments. Solutions like Square Register seamlessly link what’s shown on your POS screen to the card reader to accept payments (which also doubles as a customer-facing display), so that you don’t have to manually key in the cost of a sale on a card terminal when you’re accepting a payment.
Receipt/order printer. Sending digital receipts via email or SMS saves you the cost of receipt paper rolls, but some customers still prefer to receive a paper receipt. Kitchen order printers are a popular addition to integrated point of sale systems at restaurants.
Cash drawer. Many start-ups don’t have a cash drawer initially, but it’s something you may want to add to your integrated POS in the future.

Common software components for an integrated POS:

Website integration. A POS system with website integration will allow you to sync online orders with your inventory in real time.
Flexible payment options. Make it easy for your customers to pay you by accepting payments by card, Apple Pay, Google Pay or gift card.
Inventory management. A POS that integrates with your inventory makes managing stock easy. Square for Retail lets you view stock levels, manage vendors, send purchase orders, create low-stock alerts and more.
Customer relationship management. An integrated POS can give you valuable customer insights and help you to create and manage a tailored customer loyalty program via your point of sale system.
Employee management. Use your integrated POS to manage staff clocking in and out, monitor sales performance and assign system access.
App integration. An integrated POS should streamline your operations from the sales counter to the back office. A point of sale that integrates with your accounting, appointment scheduling and delivery software will support you as your business grows.

How do I get started with Square Point of Sale?

Square Point of Sale is a customisable POS system built to support businesses of all shapes and sizes. It’s simple to set up and use, offers advanced integration with a range of software and hardware solutions, and there are no setup or monthly fees. Visit the Square website to create a free account and start selling in minutes.

Plus, Square Register offers a comprehensive integrated POS system for your business - learn more about Square Register.