What is a POS system? Everything you need to know

What is a POS?

POS stands for ‘point of sale’. It’s that moment in business when a transaction is completed. A Point of Sale (POS) system is a combination of hardware and software that allows you to do more than just complete a transaction. 

Having a POS system helps you manage all your business processes from one place, such as accepting payments, tracking inventory and keeping on top of your finances. With all your important data together, POS systems give you full control of your business.

How do POS systems benefit your business?

When it comes to integrating a POS system with your business, there are tons of advantages. Having the tools to manage payments, employees, and tracking with ease means more time to dedicate to your customers and grow your business.

We’ve come a long way since old-school cash registers, where we were limited to accepting cash payments and printing receipts. Now, modern POS systems act as a complete sales solution, with easy-to-use technology that accepts all kinds of payment methods. So, how exactly can a POS system elevate your business?

Accept all payment methods

The way we pay is always evolving, so it’s important that as a business you accept all types of payment methods. Cashless payments are the new norm, and a good POS system allows you to have a variety of payment options such as integrated card readers, invoices, vouchers, QR codes and more. Offering such a wide range of payment options makes your business accessible to a wider customer base, including tourists and international visitors. 

Keep your store well stocked  

Keeping track of your inventory is an essential step in running a successful business. Running out of stock mid-sale isn’t ideal for you or your customer, so POS systems can keep track of stock in real-time to make sure you’re always clued in. You can also create and update your very own product catalogue, with pictures and product descriptions to speed up and simplify your checkout process for everyone. 

Develop better sales strategies

Modern POS systems can track your daily sales and turn that data into easy-to-follow reports, giving you insights into the trends of your business. Valuable info such as your most popular products and your busiest periods can be used to increase sales and serve your customers in the best way possible.

Manage your team with ease

Managing your own team can be tricky if you don't have the right tools. Using a POS system can help track the performance of your employees, as well as provide them with a practical and stress-free system to work with. Keep a record of working hours, total sales, targets reached and more to help you make the most out of your business. You can also add user profiles with specific access to make sure your team can work smoothly together. 

Connect with your customers

Customers are the backbone of your business, so it's important to make that extra effort to build strong and long-lasting relationships with them. 

Use your POS system to track customer data such as purchase history, preferred payment method, and personal information. These insights can then be used to develop marketing strategies such as making product suggestions, designing special promotions or building loyalty programmes for your regular customers.

Keep on top of finances 

Keeping on top of your finances can be tedious and complicated, but getting your hands on a modern POS system can be a huge help when tracking business revenue. Your system can take care of recording daily transactions and cash flow, providing ready-to-use reports. This eliminates several manual tasks and frees up your time to focus on the more exciting stuff. 

Get dedicated support

Choosing the right POS system for you also comes with choosing the right provider. Providers like SumUp offer a dedicated support team who are easily reachable and can guide you through any issues or queries you have regarding your new system. 

Our POS partners

SumUp’s range of payment solutions can be integrated with the best POS systems out there, offering businesses a winning combination of easy-to-use tools to make sales and accept payments. Here are some of our partners whose POS products work alongside SumUp in the UK.

Goodtill by SumUp

Goodtill by SumUp is the perfect all-in-one POS system for hospitality businesses. Goodtill keeps things simple with a multi-feature platform for iPad, where you only pay for the functions you need. 

• Comprehensive reporting: Keep up to date with real-time data through sales reports, product performance and stock control.

• Extensive product management: Customise your stock, create new products and add any variations and modifiers you need. Upload product images, display names and introduce new colour schemes in a matter of clicks.

• Customer management: Create an extensive list of your registered customers with the click of a button and use your tailored customer insights to inform your future ventures through marketing campaigns, future promotions and more.

Loyverse

Loyverse POS works hand in hand with your iPhone, iPad, Android smartphone and tablet. This easy-to-use POS system is ideal for gastronomy and retail businesses, with an extensive range of functions that better manage your sales, staff and stock. 

• Offline mode: Even when your internet connection is weak or unstable, you’ll always be able to make a sale. Your data is automatically synced once your connection is restored.

• Multi-store usage: If your business is spread across multiple branches or locations, you can manage all of your sales, inventory, employees and customers in one place.

• Smart analytics: With integrated analytics features, you’ll be able to see your best-selling items as well as your sales growth compared by day, week or month.

AirPOS

AirPOS is a go-to POS software for retail businesses, with an easy-to-use interface and a range of practical functions. Small UK retail businesses are at the heart of their product goal, with no fixed contracts or hidden fees. 

• Reward customers: Create individual customer accounts that easily track what customers are buying. Customers can also avail of loyalty points or payment plans where they can pay for their purchases over a chosen period. 

• Save time: With a simple layout and quick search functionality, you can speed up checkout times and keep your customers happy. You can also sort your products into categories, so they’re always only a few clicks away.

• Customised setup: AirPOS software is compatible with iPad and Android devices as well as Windows POS hardware. You can also choose from a wide range of hardware accessories to build the perfect setup for your business.

Want to work with SumUp?

We want our customers to have full control in uncertain times, so there’s no minimum term or binding contracts when it comes to joining SumUp. Do you think we’re a fit for your business? Get in touch with our Sales team for more info and a custom offer via the form below.