Is Cloud POS Profitable to your business?

Cloud POS has come up as a great move from a client-server platform that most of us know. But it doesn’t turn down the merchants. According to a survey, over 6 in 10 merchants are ready to move to cloud POS systems. This system has a lot of benefits over traditional POS. 

About Cloud POS 

Cloud POS totally redefines the way we think of the POS process that is used by merchants to do card transactions. A traditional POS simply connects your POS terminal to the server. This way, you can catalog and capture transaction details, payment details, and other information for storage. 

The system depends on a vast network of routers, wires, and other devices to keep the pieces connected together. However, it may have some issues. For example, you need a lot of hardware components. In addition, a complex system is more vulnerable to errors, malfunctions, and even hacks. On the other side, cloud POS comes up with a lot of benefits – 

Cost-effective

Cloud POS is simply a software-as-a-service (SaaS). You don’t have to pay for license fees, hardware, and terminal fees. You can get regular updates and support from time to time for monthly subscriptions. 

Simple 

You don’t have to bear the maintenance of networks, in-store servers, and equipment. You just have to download the software and you can accept orders right away. You will simply get the updates from your SaaS provider.

Flexible 

A lot of small businesses consider native POS overpriced and limiting. On the other side, cloud POS is easily available with a limited budget. 

Security 

Instead of keeping all the payment details on a single server that can be lost easily, you can back up the information with cloud POS to a remote server. This way, it adds up security and protects your business and customers as well. 

Are there any drawbacks?

There is another side of the coin. You may find a lot of myths related to cloud POS. For example, there is a fear that the cloud is a ‘digital NO Man’s Land’ or unsecured. Irrespective of this belief, cloud POS is even more secure than native on-premises POS. Of course, there are worries of internet connectivity. But your data is still secured if you lose connectivity. You can simply backup whenever the connection is restored.  

Bottom Line 

In the end, cloud POS really overpowers the traditional POS when it comes to benefits. A lot of businesses will enjoy lower costs, improved processes, and better management of data and processing by switching to cloud POS. No matter how information is handled, you need to do everything you need to control risk to prevent fraud. All in all, opting for cloud POS can be one of the best choices for your business success. 

What do you need for a Complete POS Setup?

POS System is actually a combination of software and hardware system which is used widely in a POS store for billing. Basically, it has different units to display product weight, total orders, and other details. It has a printer for receipt printing, cash register, and scanning barcodes. You need to set up the software, hardware, and POS terminal to set up a POS system. 

Hardware setup

There are two components of POS hardware, which include a display unit and a barcode scanner. You need both of these devices to view transactions and scan a product. Here are some other products to look for – 

  • Power – If you prefer to install the complete POS system, you should also invest in a UPS to avoid loss of data in case of a sudden power cut. 
  • iPad POS – There are some POS programs that work through an app or a browser. If you prefer using an iPad as hardware, some apps support scanning through the camera. You can use Square for making payments and combine all components in one. 
  • Connection – You may want to connect all the hardware parts to the web and to one another. You must have internet access in case of cloud POS. 
  • Receipt printing – You can connect the POS system or iPad to your desired printer, pick a template for receipt printing, and print. You can just email the template if you want to save papers. 

Choosing POS Software 

Whether you prefer a cloud-based product or native POS system, follow these steps – 

  • Cloud POS – The process is a lot easier if you go with a cloud-based program. You don’t have to worry about the backend and you just have to integrate the database of your store with POS software. 
  • Native POS – Software vendors usually send their executives to your location to set up the POS system and give you a demo. 
  • iPad POS – If you prefer iPad POS, you will simply need to log in to your account and choose templates and update inventory on the iOS app.  

POS Terminal Integration 

Attach the card reader to your POS system with the same or different internet connection to set up your POS terminal. Better inventory management is one of the major advantages of moving to a POS system. Take your time to update your inventory details in POS to do the following things – 

  • accept payments for orders with various terminals 
  • for order processing in the store 
  • get up-to-date stock and inventory information 
  • figure out how much you are going to sell over a time period 
  • plan purchase orders on the basis of your needs in a retail store 

If you are planning to invest in a POS system, consider the above things you will need for your business. 

How NFC-enabled POS Terminals can Future Proof your business?

Mobile payments have been constantly moving through the fastest growing sectors like fast food, retail, and transportation. Near-field Communication (NFC) is one of the technologies used by many businesses for mobile payments. A lot of them are looking forward to adopting NFC-enabled POS systems to offer this payment option. 

According to experts, wireless transactions are going to be the next big things in future payments. According to Taiwanese research and tech firm, TrendForce, mobile payments can easily cross around $620 billion by this year’s end. In this guide, we are going to discuss how NFC works and how it helps in mobile payments by integrating it to POS terminals.

How does NFC work? 

NFC enables devices to connect with one another in real-time without any ports or cables. Transfer of photos or links between two different devices is a common example. NFC supports mobile payments or contactless payments in retail environments. When conducting wireless transactions in the checkout process, a digital wallet is used by customers like Apple Pay, Android Pay, or Samsung Pay, which has debit or credit card information of the customer. A customer just has to move his smartphone near the NFC-enabled POS system and payment is transferred in a few inches of the radius.

It is really a very convenient medium and a lot safer than carrying physical cards or hard cash all day. In addition, customers won’t have to give away their card details in the checkout process because all the details are stored securely in the mobile wallet. In addition, a lot of merchants adopt mobile payments in their POS systems and offer incentives like loyalty programs and promotions for new customers. 

Providing Completely Digital Experience 

You can definitely make your business future-ready by investing in an NFC-enabled POS terminal. Samsung Pay, Apple Pay, or other apps simply give a notification to customers entering your premises that you accept NFC payments. You should invest in an NFC-capable POS terminal for doing that. It can offer a smooth experience to the customers in the checkout process. 

With a focus on small companies and restaurants, these systems could be helpful for processing transactions more efficiently and quickly. These systems can be helpful for employees with a focus on small companies and restaurants for processing transactions more precisely. The transaction is automatically recorded after completing the payment in POS. It can be added to rewards programs and in monthly sales reports. Your staff can forward a copy of receipt through email to your customers. 

Bottom Line 

Keep in mind that NFC enabled terminal can work only when you integrate it with your POS system for wireless payments. You can easily manage payments with mobile POS, i.e. by conducting and accepting transactions digitally. The POS system should also have staff and customer management features which are helpful to consolidate or simplify complicated workflows.