What is a Point of Sale System?
A common question that new business owners ask is, “What is a point of sale system?” More accurately business owners want to know how a POS system can help improve commerce for their business. There are many benefits from a transactional and financial standpoint that new or existing business owners should know. This is specifically true for retail and hospitality businesses where tracking inventory and multiple customers simultaneously is critical for operations. For a basic overview of what a point of sale system is and the three (3) most common configurations be sure to check out our Point of Sale page. For a more in-depth look at restaurant and retail POS along with a look at POS hardware and software check out our series of posts starting below. What is a POS System? POS is an acronym for Point of Sale and is often used interchangeably with the term Point of Purchase (POP) or checkout. However typically when the term POS or Point of Sale is used the user is referring to the hardware and / or software configuration used at the place of commerce. While historically this was the only option, even today it is common to see a basic manual cash register. However with the advent of bank cards and credit card processing, the need for electronic components such as a credit / debit card terminal became necessary. This has led to the development of fully integrated Point of Sale configuration or ePOS setups which today can be anything from a full computer station to an iPAD and custom app. Point of Sale configurations vary widely depending on the application. What is used in a restaurant or retail environment can be very different than what is needed for mobile or online merchants. While the basics are the same, the specific requirements of the merchant can change the solutions drastically. For more information on the different type of point of sale configurations use one of the following links to navigate directly to a POS specific page. POS defined and basic modern configurations – Point of Sale Overview Advanced and integrated solutions – Dedicated Point of Sale Systems For more specific information about point of sale in both a restaurant and retail environment as well as hardware and software applications use the links below. You will also find consumer friendly information on this site including “How to Choose the Right POS” and top brands among other topics. Point of Sale Further Defined (Click Link Below) Guide to Retail and Restaurant POS POS Evolution: Retail and Hospitality Point of Sale Software Point of Sale Hardware How to Choose the Right...
Read MorePoint of Sale (POS) Reviews
What is the Best POS Solution? Many small business owners ask “What is the best point of sale system?” This largely depends on the type of business and the scope of transactions. The first determining factor that an owner must look at is the industry that their company competes in. There is a large difference in the type of POS needed for the following industries… Hospitality: (Restaurants, Nightclubs, Quick Service, Fast Casual, Take-Out Food, Hotels) Retail: (Grocery, Convenience Stores, Clothing, Boutique, Shops, Consumer Goods) Mobile: (Home Delivery, Contractors, Repair, Technicians, Painters, Plumbers) Online: (eCommerce) For the most part, the need for point of sale is the most critical in hospitality (restaurants) and retail due to the need to track inventory and multiple customers simultaneously. Mobile merchant typically have custom needs and online merchants can typically handle their needs with a robust shopping cart software solution. When it comes to the basic local merchant there are a few standout software solutions that are the best. We highlight and review these two solutions, Dinerware for restaurants and Cash Register Express for retail, in detail at BestPOSSystem.com our partner educational site. These two solutions were picked not based solely on amount of features but a combination of price, functionality, features and ease of use. For more details be sure to check out Best POS...
Read MoreSecure Online Accounting Explained
Secure Online Accounting Defined Secure online accounting, which is often referred to, as cloud accounting is a service that removes site level bookkeeping from personal computers and hosts it securely online. This creates protected accounting information, allows for multiple-user access and gives bookkeepers, accountants and financial professionals more efficient access to business financials in real time. Some of the ways in which online accounting mitigates data loss risk is by keeping sensitive information securely hosted off site and backed up in multiple ways regularly. Examples of how online accounting removes the risk of data loss include the following: Eliminates loss of data due to computer malfunction and tampering Removes the risk of data loss due to on-site disaster or theft Creates redundancy by data being hosted in more than one location Adds security of daily and weekly backups to multiple sources Cloud accounting also provides an ease of functionality and convenience for the business owner in several ways, including: Full access to accounting information in any location at any time Full access for bookkeepers from any location Real-time accounting updates for the business and bookkeeper Multiple-user access affords the ability to instantaneously review client data and update books Removes the hassle of file exchange between business owners and financial professionals Cloud accounting is a no-brainer for any business but is often not thought of during business development. It is an easy low cost solution that every business owner needs but is overlooked frequently. It is an easy fix for those who spend countless hours at the end of year and at tax time consolidating financial information when it could be avoided with some simple planning and implementation of a virtual accounting program. Wouldn’t it be better to spend minutes throughout the year, instead of hours or even days at the end of the fiscal year? Cloud accounting also integrates seamlessly with POS systems and credit card processing allowing the business to eliminate non-value added man-hours manually importing and exporting data. If you are interested in exploring this business solution further follow the link below for a free trial. Click here to sign up for a your 30 day FREE trial of secure online accounting (clouded...
Read MoreTimeline of Major Events in Payment Processing
As we learned in payment processing, electronic money has a long and varied history. From Western Union’s advances in the late 1800’s to the release of the Google Wallet in 2011, the world has seen vast changes in the way that commerce is conducted on both a local and global scale. With advances in mobile technology and the continued prevalence of the internet, there is no limit to where payment processing can go in the next 140 years. Timeline of Major Events in Payment Processing 1871 – Western Union introduces money transfer 1914 – Western Union introduces first charge card 1918 – Federal reserve banks begin to move currency via telegraph 1939 – Concept of automatic teller machine created 1950 – Dinners club releases first plastic card limited to 27 restaurants in NYC 1958 – Bank of America realease the BankAmericard 1964 – IBM & American Airlines develop online reservation process 1968 – Modern ATM conceptualized 1973 – First ATM installed into the Chemical Bank in NYC 1979 – Michael Aldrich developed predecscorr to online shopping 1981 – Thomson Holidays, UK is first B2B online shopping 1982 – Minitel was introduced nationwide in France and used for online ordering. 1985 – Nissan UK sells cars and finance with credit checking online from dealers’ lots 1986 – Discover Card is unveiled at the Super Bowl 1989 – Visa adds electronic signature capability 1990 – Tim Berners-Lee writes the first web browser, WorldWideWeb, using a NeXT computer. 1994 – Netscape is released promoting online ordering and the needed for SSL encryption 1995 – Amazon.com launched by Jeff Bezos 1998 – PayPal and the idea of the eWallet developed 2000 – Dot.com bust 2002 – eBay acquires PayPal for $1.5 billion 2004 – Antitrust court ruling against Visa and MasterCard initiated 2006 – The Payment Card Industry Security Standards Council is formed 2008 – Groupon redefines how customers shop for discounts 2010 – Durbin Amendment introduced; aimed to reform credit / debit card fees 2011 – Google releases Google Wallet If we have missed any major milestones you feel should be added, please let us know by leaving it in the comments section below…...
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