What is a Point of Sale (POS)?

Point of sale

What is a Point of Sale (POS), what does it mean?

Point of sale refers to the time at which a cardholder and a merchant complete a transaction. This is present in both online purchases as well as transactions carried out in traditional brick and mortar stores.

The point of sale (or POS) in retail industries uses a combination of software as well as hardware. This may include a manual or electronic cash register, scanners, weighing scales, touch screen terminals, and a wide variety of other bits and bobs. 

An example of a point of sale in a conventional brick and mortar store is the scale used to weigh goods in a traditional grocery or candy store.

Marketers emphasize the POS for their products or services because consumers are often make buying decisions at POS locations. Physical stores have traditionally placed their POS at store exits to increase impulse purchases by customers leaving the store. 

Whereas, department stores usually put a POS at varying locations through their shops. They’ve found this provides an opportunity to focus on customers looking for specific product types and to influence their purchasing decisions earlier on in the sales process.

The earliest POS systems were nothing more than written receipts, but retailers now prefer electronic POS solutions. These streamline the sales process, as well as allowing the merchant to collect valuable sales data. 

A basic POS system might be nothing more than one cash register and the software necessary to collect sales data. These can be expanded and improved upon by using additional hardware, such as barcode scanners, card readers, or other software modules.

Depending on the software, merchants can track not only their sales but also inventory levels, gross revenues, profit margins, sales patterns and a whole host of other data points. 

This data can then be analyzed to increase profitability and pinpoint areas of weakness within the sales or inventory process. Sophisticated software can even automate ordering and restocking, as well as helping entrepreneurs tailor their marketing campaigns so they're based on consumer behavior.

Top Solutions For POS Retailers

Whether you're looking for just a POS solution or an e-commerce platform that also offers a POS system, then never fear because we have a few suggestions:

Shopify POS

If you' want a Point of Sale solution that enables you to launch and market a digital store, then Shopify might be the perfect choice for you. With Shopify POS you can sell from virtually anywhere!

How Does It Work?

You need to have a Shopify store up and running to add their POS channel. Therefore, it's a natural fit for those who already have a digital shop with Shopify.

All you have to do is plug and play the necessary hardware to utilize Shopify POS (read our Shopify POS review). All in all, it boasts an incredibly simple design, just set and forget, and pick and choose the features that work best for you and your business.

What is a Point of Sale

The Benefits of Shopify POS

These days, keeping your customer's information secure is of paramount importance. You only have to look at the commotion GDPR caused, to understand what a big deal it is! With Shopify's built-in technology, you can ensure your customer's sensitive info is always kept safe and sound.

In addition to this, you'll be pleased to hear Shopify has the tools you need to sync and track your inventory. It doesn't matter if you’re selling in-person, online, or both- you can keep on top of your sales across numerous physical locations and online channels (digital marketplaces, social media, your online store, etc.)

Not to mention, Shopify's POS checkout system is pretty advanced. By this we mean, they accept all major credit and debit cards in addition to gift cards. This helps to ensure the checkout process provides a smooth and stress-free experience for your customers.

However, one of the best things about Shopify POS is that they give entrepreneurs everything they need to sell in numerous physical locations and from various digital channels (your online store, a digital marketplace, your social media platforms, etc.) This means you can reach your target demographic wherever they prefer to shop!

Last but certainly not least, Shopify POS provides users with access to 24/7 support- so it doesn't matter what time of the day or night it is, if you need help, you'll get your questions answered quickly.

What is a Point of Sale

Who Should Use Shopify POS?

It doesn't matter whether you're looking to occasionally sell goods in person (pop-ups, fairs, traditional markets, etc.) or whether you need a more robust system for a permanent retail store(s), Shopify POS provides a solution!

Try Shopify risk-free for 14 days

How Much Will Shopify POS Set Me Back?

Shopify offers a few price-packages to choose from, so hopefully one of these will suit your budget!

The Basic Shopify Plan

The Basic Shopify plan is best for smaller startups and new digital businesses- especially those who don't have any experience with in-person selling.

This is the cheapest of all the packages, and only costs $29 per month. With this package, you're entitled to support for up to two staff members.

You should note: you'll need a card reader and Shopify's POS app, to start selling in-person.

The Shopify Package

Now, this payment plan is best for business owners who want to open one physical retail store with a permanent cash drawer and receipt printer. Unsurprisingly, this is a little more expensive than the basic Shopify plan.

However, it's still reasonably priced at $79 per month and entitles you to support for up to five of your team.

You can also get a better insight into your business. The sales, customer, and marketing reports offered in this upgrade are fabulous-  After all, knowledge is power!

The Advanced Shopify Package

This is the best option for those looking to expand their businesses- i.e. if you're looking to open and run two or more physical retail stores. You'll get support for up to 15 staff members, and you can access a plethora of selling tools- including more advanced reports.

Although this is the most expensive option- ($299 per month), you can enjoy Shopify's best transaction rates.

What is a Point of Sale

Vend

Over 20,000 retailers from around the world have enjoyed the benefits Vend has to offer.

In short, Vend provides an all-in-one system enabling users to manage their POS across numerous retail stores. The beauty of this software is that you can access it anywhere at any time via the cloud, which means you can even sell to your customers without using the internet!

Business owners selling in the following niches have reaped the rewards Vend has to offer:

  • Fashion and Apparel Stores
  • Homeware and Gift Stores
  • Jewelry Stores
  • Health and Beauty Stores
  • Toys and Hobby Stores
  • Sports and Outdoors Stores
  • Shoe Stores
So pretty much, as long as you're not running a restaurant or cafe- you're good to go!
What is a Point of Sale

The Benefits of Using Vend

If you're anything like us, you'll be pleased to hear that Vend is incredibly easy to use- even the more advanced tools. This means you can access handy tech to support your business, without having to boast many tech-y skills!

You can choose from several integrated payments. Unlike other POS systems, you're not locked into using one specific payment provider. That way you're free to use whoever's offering the best rate. Alternatively, you can connect Vend's POS directly to your bank.

On the subject of transactions, Vend gives your customers the option of putting their favorite items on layaway or to pay for their goods via a split payment or credit they've accumulated on their customer account. With great ease, you can look up a consumer's balance via Vend's central customer database.

If you opt for Vend's Pro or Enterprise payment plans, you can use brandable gift cards. These are amazing for acquiring new customers and for boosting revenue- especially around holiday seasons. Did you know customers are likely to spend more than the value of their gift card?! So, this is something you should capitalize on!

Plus, there are plenty of apps to choose from; these are fabulous for creating a more customized platform to suit your businesses needs. Below are just a few of the integrations on offer:

This is especially handy if you're already using any of the above tools to automate your business!

For many business owners, expert customer service is essential. With Vend you can enjoy award-winning support, around the clock! Vend's won the Customer Service award at the Stevie Awards four times! So, needless to say, they're more than equipped to handle any questions or queries that may arise. With a team of over 200 people located in numerous time zones, there's always someone on hand to help!

In addition to all the above, you can search for both products and customers with great ease- which saves a ton of time and effort! Just type your keywords into the search bar or use the barcode scanner. Alternatively, to find customers use either their name or telephone number.

Vend’s reporting features are also somewhat impressive. This kind of data works wonders for enabling business owners to make better decisions when it comes to managing stock and developing marketing campaigns.

Not to mention, if you boast any coding skills, you can craft your own custom extensions on Vend's API. That way you can craft a POS solution that complements and fulfills your exact needs.

Last but not least, you can add notes to your customers’ receipts. This is a simple yet incredibly effective way of boosting the perceived value of your brand. Whether you're providing care instructions, offering a special discount, or highlighting another targeted offer- customers love it when you go the extra mile!

You can also customize receipts with both your brand logo and website address. This works wonders for boosting traffic to your online store. Plus, depending on your business model you can opt to either email or print customers receipts.

What is a Point of Sale

How Does Vend Work?

All you need is a Mac, a PC or an iPad to hit the ground running. The program is ever so simple to use, so you'll be able to train your staff next to no time.

You can even create custom buttons using Vend's Quick Keys tool.  This enables you to save popular products which then appear in the format of a button. Needless to say, this massively speeds up the checkout process and provides an all-around smoother shopping experience.

In addition to all of the above, you can pair Vend Display with the Vend Register iPad app so customers can see everything that's going on at the point of checkout. If transparency is a big part of your brand, this feature is an absolute must. Plus, using the same tools, you can also store customer details as you serve them at the till. This is one of the easiest ways for a brick and mortar store to build their email list!

Manage Your Staff

With Vend you can create user accounts for each of your staff, here you can register the level of access you've granted them on the system. That way you can enjoy the peace of mind that comes with knowing that any sensitive information of yours or your customers, is kept safe, secure, and only seen by those who really need to access the info.

You can also track the performance of your employees, which also serves to boost accountability and therefore the overall standard of customer service.

Who Should Use Vend?

If you want to grow and scale your business, Vend's a fabulous choice. The software helps entrepreneurs to develop their brand quickly and cheaply. You can enjoy an increase in profits in no time whether it's adding new staff, installing a cash register, experimenting with different sales channels, or opening a new physical store. You can have everything synced in just a few clicks.

How Much Will Vend Set Me Back?

Just like Shopify, there are plenty of packages to choose from. All of the below bundles benefit from the following features:

  • Secure cloud backup
  • Integrated payments
  • Automatic updates
  • Unlimited products
  • Unlimited users

What is a Point of Sale

However, as you can see, Vend's more expensive than Shopify:

The Lite Plan

If you're only a small retailer (i.e., you're running one physical outlet, one cash register, and generating no more than $20,000 a month), then your operations are probably more basic.

If that sounds like you, you could benefit from Vend's Lite Plan. This costs users $99 per month (if you opt for annual billing), or you can choose to pay a monthly fee of $119 a month.

You'll also enjoy the following benefits:

  • A real-time inventory management system
  • 24/7 telephone and online customer support
  • Reporting features
  • Access to the Xero Accounting extension
The Pro Package

This is best if you have an established brick and mortar store, or if you're a multi-store retailer. You'll be billed $129 per month if you choose to pay annually- alternatively, you'll be charged $159 for monthly billing.

With this package, you'll enjoy all the benefits of the Lite Plan. However, there are no limits placed on the amount of turnover you can generate.

You also get access to advanced reporting and analytics tools, all Vend's plugins and e-commerce channels, the use of promotions and gift cards, and API access.

The Enterprise Plan

This is the most comprehensive package of all Vend's pricing bundles- so it's better suited to huge multi-store retailers and franchises. However, you'll need to contact Vend directly to get a quote. This is a tailored package that works wonders for business owners who have six or more outlets using more than one cash register.

In addition to everything offered in the pro package, you'll also be assigned a dedicated accounts manager.

Bindo POS

If you're looking for a POS System you can run from the convenience of your iPad, then Bindo might be the perfect solution for you. Just like Vend, this is a cloud-based system that enables you to manage your business and take payments efficiently from your customers.

You can enjoy over 300 features to help run your store- they offer everything from invoicing tools to time clocks.

Plus, you'll be able to peruse a wide array of hardware options after you've signed up. They have everything from barcode scanners to cash tills, for you to choose from (and all in an array of colors).

This is amazing for improving the visual strength of your brand. Alternatively, if you already have your own hardware, there's a good chance Bindo will support it. However, it's better to be cautious and contact them directly to see if your equipment integrates with their system.

How Do I Get Going with Bindo?

You can get up and running just three simple steps:

  1. Sign up for your free trial
  2. Set up your shop on Bindo's dashboard
  3. Download Bindo's app onto your iPad

It really is as simple as that!

What is a Point of Sale

The Benefits of Using Bindo

One of the best things about Bindo is their inventory management system. This instantly fills your library with all the info you need to monitor and track your stock. That way you can keep track of what locations have which merchandise- this is the kind of info you need to place stock orders on time!

With Bindo you can upload and edit your entire inventory in just a matter of minutes! You can assign product matrics, add taxes, transfer and reserve stock across all the locations you're operating in.

Bindo also has tools to help you manage your shifts. Their cash management features enable you to take a look at all your transactions after each shift and predict your earnings by the end of the day.

There are also plenty of resources for managing customer relationships. You can quickly create customer profiles at the point of checkout by capturing and storing their names, orders, and other personal info. This data is terrific for customizing your marketing campaigns.

You'll also have the option of providing customers with store and gift cards. Did you know that over 70% of gift card users usually spend more money than the original value of the card? In fact, on average an extra $20?! This is why you should take full advantage of this feature; you can even customize them with your company logo!

Other Advantages of Bindo…

Bindo enables business owners to offer a fantastic loyalty program; this works wonders for enticing new customers and for building rapport with current clientele. They offer a multi-tier loyalty feature which permits business owners to track how much their customers spend, and offer rewards as they seem fit.

As many as 69% of shoppers say they choose shops on the basis of what they can earn in loyalty rewards.

You can structure your loyalty scheme in any of the following ways:

  1. The number of orders,
  2. The number of visits,
  3. The number of products bought by a customer,
  4. The total spent,

This gives you the flexibility you need to tailor an award scheme to suit your businesses needs.

What is a Point of Sale

Easy Credit Card Processing

Bindo can accept as many as 99% of credit card processors, so there's a good chance your customers can use a payment method that suits them. Consumers want a smooth shopping experience, and being able to pay for their goods certainly falls within this bracket!

Plus, you can process these transactions safe in the knowledge that Bindo is PCI compliant. All sensitive info is kept completely safe and secure.

 

Become an ecommerce expert

Enter your email to get the party started