POS Systems

By Jodee Redmond

Electronic cash registers automate and speed up the manual functions on standard cash registers, including tax calculation, calculation of goods sold, inventory tracking, and other daily business and cash functions. They also help safeguard sensitive customer and business information.

Retailers have used point of sale (POS) systems since the 1970s. These days, they are an industry standard. An electronic cash register reduces the amount of daily inaccuracies caused by human error, and it can help a business track inventory with greater efficiency, as well.

These machines work in two ways, either as a stand-alone cash register or as a component of a POS system networked across the business. A register paired with a POS system works best in larger businesses with multiple customer checkouts (a restaurant, for example), while a register itself works best for convenience stores, small shops, or other types of small businesses.

A need to secure sensitive information

As the use of credit cards in transactions became commonplace, there grew a need to secure large amounts of sensitive information. Most electronic cash register merchants are industry compliant with PCI Data Security Standards (PCI DSS). PCI security standards are essential in providing a transaction trail for businesses. PCI DSS compliant cash registers include security tools that protect customer information such as credit card numbers and names.

A PCI DSS register also allows a business to separate accounting and transaction duties. Protection of information is important to customers as well as to businesses, which can be held liable for lost or stolen customer information.

Staying up to date on tax regulations

Most electronic POS systems provide transaction reports in electronic and paper formats, which are required by the government for tax reporting. The computerized CPU systems that run electronic registers allow a business to reprogram tax rates and other government fees automatically, limiting the administrative and compliance costs that often result from new regulations.

Retail POS system

Electronic cash registers are now available with retail POS systems designed with a number of helpful features, including:

• Credit card processing
• Inventory tracking
• Customer loyalty
• Employee time clock
• Scheduling
• Cash management

The system can generate detailed reports to give you data about your business based on daily receipts; you can use that information to make the decisions that are right for your operation. Retail operators will find this information especially helpful for inventory management and having an appropriate level of stock on hand.

If you are running a business that offers several types of services, the system can allow you to combine a hotel room, meals, pay-to-watch TV events, and other types of services on one bill. It also can help you manage reservations and large groups of guests with ease.

Before making a decision about an electronic cash register for your business, compare various models to choose the right one for your needs.