Just imagine an endless queue of irked customers helplessly waiting to check out their huge shopping carts filled upto the brim. Or, large pyramids of inventory waiting in the godown to be manually accounted for. Or, a chaotic office space where you are utterly clueless about the arrival, progress, and departure of your employees. Or, (we have a better one!) a topsy-turvy cash register at your store.
No, absolutely not. We are not preparing a long listicle of absolutely annoying situations at your workplace. Rather, we are preparing a long listicle of absolutely annoying situations at your workplace that can be easily alleviated by building a custom POS software.
Yes, all of the above and much more have only one solution – a custom POS software. As the name suggests, a POS software is a hi-tech version of the archaic POS system that manually records all the transactions with regard to the point of sales. Inventory, employees, customers – everything will be efficiently micro-accounted for by POS software for you.
Therefore, if you are someone who is generally of a very calm disposition but has lost their cool because of various workspace reasons (poor stock control, disorderly cash register, inferior invoicing, etc.), you need to develop a custom point of sales (POS) software for your business.
In this blog, we will discuss what POS software is, its diverse types, and features along with POS software requirements. Let’s get started.
What is the point of sales (POS) software?
In a habit of progressing linearly, we will first begin with defining point of sales (POS).
A point of sale (POS) is literally a point in the entire sales process exactly when a consumer makes payment for the purchase of a product or a service. Therefore, it is a point where the sales occur.
Now, a point of sales (POS) software automatically records the point of sales and mechanises the sales process. The POS software is a software embedded in a handy hardware that proficiently records sales as it occurs and makes synchronised changes in other automated records such as that of inventory, accounting, customers, employees, etc.
Of course, the intricate workings of one industry differs from the other. Therefore, it is prudent to build a custom POS software solution that serves the service personnels of a particular industry to conduct business in a streamlined manner.
What are the key features of Point of Sales (POS) software?
To comprehensively know what POS software is, you have to know its diverse features and functionalities. Therefore, here we present to you the dynamic features that adorn a POS software system –
This is the least you can expect from your custom POS software. The least your custom POS software must do is to scan item barcodes, offer discounts (if applicable), exhibit payment options for consumers, generate a detailed invoice, and mail/message the same to the consumer.
Inventory Management –
You will never run short of inventory, at least not with a custom POS software. A customer POS software makes accurate entries of coming and going out of inventory and assists you to manage it diligently from anywhere in the world. With POS software’s assistance, you can access inventory data and regulate movement of stocks accordingly.
Customer Relationship Management –
What if you have all your customer-related data safely sealed at one place and by customer-related data, we mean data with regard to transactions, e-commerce account activity, and feedback? More than amazing, right? With your custom POS software, you can smartly use the data to design customer loyalty programmes.
Employee Management –
Managing employees is what you would really want to use your POS softwares for. In alignment with your needs, your custom POS software can perform diverse functionalities, including tracking employees’ work duration and work log and accordingly granting increments and promotions.
Purchase Management –
Not just sales, you can also very effectively manage your purchases with your POS software. Possessing intelligence with regard to all the inventory data besides comprehensive supplier information, your POS software can facilitate optimal order placements to the right supplier at the right time.
Reporting & Analytics –
With umpteen business-related data stored by your custom POS software, do not get amazed if your POS software unleashes its extraordinary powers of data science to serve you with detailed analysis on the working of almost all business departments and insightful suggestions to improve it.
Multi-Store Management –
Managing a chain of stores can be really tricky. But what if you have a centralised POS software that furnishes you with all sorts of information – inventory, employees, sales, accounting, customers – of all of your stores at one place along with a very insightful analysis? Can life be more wonderful?
If you are about to develop a custom point of sale (POS) software for your business that performs multifarious functions, it becomes quintessential for you to have a POS software configuration that flawlessly blends all the other features to offer a streamlined experience and accelerated business operations.
What are the types of POS software?
No, there is nothing that specifically strikes our mind. There is nothing that a custom POS software cannot do. Believe us when we say that to build a custom POS software for your business is to do yourself a huge favour. So, go get yourself one!
But wait! There is one thing that you must know about custom POS software. It is that a custom POS software has around four types and you need to know all of them thoroughly before you get yourself built one. All the four types have been discussed for you below –
On-Premise POS System –
We can say that the earliest form of POS software has been the on-premise POS system. Giant-size computers and other hardware are fitted in your stores and custom/non-custom POS software is embedded in it to facilitate performance of diverse functionalities.
The on-premise POS system is a wonderful choice in particularly those areas which suffers from poor internet connectivity. However, it may pose problems if you have to access store information remotely, or you do not have money to spend on bulky terminals.
Cloud-based POS System –
While the on-premise POS system is completely offline, cloud-based POS systems need cent percent internet connectivity. The cloud-based POS system harnesses the storage space of an external server for POS software services. The data stored is readily accessible on payment of a monthly/annual subscription.
Besides ready accessibility, the perk of using a cloud-based POS software is that you are not responsible for its upgrade. You would rather be offered day and night support in case a glitch arises. However, it is not a viable option for you if internet connectivity frequently crumbles in your office area.
Mobile POS System –
If you have witnessed a restaurant staff coming to your table and taking your order on a tablet, then you have a slight idea what a mobile POS system is. Obviously, it uses cloud technology, but on a mobile device – such as smartphone, tablets, etc. – in order to furnish you with POS software services.
You can not ignore a sense of ease that a mobile POS system offers to its users with its highly mobile and safe devices that can be used to take orders, make reservations, accept payments, manage workspace, and augment the consumer experience.
Self-Service Kiosks –
The word we would like to use is ‘impossible’ if you tell us that you have not played with those self-service kiosks to place an order at one of the fast food chains. At first, it can be intimidating, but then when you get a hang of it, you thank the world for making things pretty simple.
Not just your customers, self-service kiosks hold huge benefits for your business as it replaces the additional staff that you would have to hire if it were not used. Therefore, it helps you to reduce costs and at the same time, improve efficiency of the business.
What are the various custom POS software requirements?
Given below are the important custom POS software requirements without which your POS system will not work. They are listed as under –
On-Premise Software Installation –
On-premise software installation can be a nuisance because it lines up an endless number of tasks for you which includes buying essential software licences, installing those softwares, their timely maintenance and upgrade.
Cloud or SaaS –
A reason why businesses are switching to cloud POS software is the sheer ease it offers to access and use it. All you need is full bars of internet to subscribe to to essential SaaS service in exchange of payment and use it optimally for all POS services.
What are the diverse custom POS software requirements for hardware?
For your POS software to function properly, or just function at all, it needs POS hardware. Therefore, if you are someone who is aspiring to build a custom POS software, you cannot take a step further without properly knowing the essential POS software requirements specifications for its hardware part.
Given below are the key POS software requirements specifications of its hardware components and the functions they perform –
Barcode Scanner –
The primary function of a barcode scanner is to obviously scan the barcode of a product to get product-related information. The product-related information can be communicated to the customer, added to his invoice, or added to the inventory records.
Cash Drawer –
You cannot think of doing without a cash drawer if you are in a retail business. A cash drawer holds immaculate storage space for cash (of course!), credit card receipts, invoice receipts, etc. for safe storage, easy accessibility, and better customer service.
Card Payment Terminal –
The essential point in a sales transaction is the point when the consumer makes payment and it cannot be made more seamless without the service of a card payment terminal, which swipes the cards of the customers and free them of the headache to find enough cash.
Label Printer –
Your products lack identity until you offer them one with a label that includes a unique barcode. A label printer functions by printing adhesive labels that contain crucial product information along with a barcode that can be scanned to access more.
POS Register –
A POS register takes the form of a computer, tablet, or a smartphone that is used to enter information with regard to sales, supplier purchases, inflow and outflow of the inventory, employee arrival and departure timings, employee work logs, etc.
Receipt Printer –
A POS software without a receipt printer is the same as a blueberry cheesecake without blueberries. A receipt printer is a crucial component for a POS software as it prints in-person receipts for customers as well as for maintenance of crucial business records.
It is to be noted that the POS software requirement specifications for hardware is not limited to the above-stated components. Rather, there are a range of hardware components, such as touch screens, kiosks, etc. that you may include in your POS system in order to increase its functionality.
How much does it cost to build a custom POS software?
Determining the cost to build a custom POS software is tricky because there are innumerable factors to consider while doing so. For your reference, we have stated those factors below –
- Number of basic and advanced features and functionalities
- Number and types of hardware and software components
- Number of locations where hardware is to be installed
- Number of third-party integrations
- Type of POS system to be installed and implemented
- Type of subscription model to be chosen for the POS software
- Number of additional features you want to add in your basic POS system
- Payment transaction fee to be paid on every customer purchase
Based on the factors given above, the cost to build a custom POS software ranges between $ 35000 to $ 85000. The range includes development cost from basic to advanced custom POS software system.
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As far as building a custom POS software is concerned, none is able to match the unbeatable standards of iTechnolabs’ SUNMI POS software development services. Our POS software developers have served a broad range of businesses with refined and streamlined custom SUNMI POS software solutions with the objective to revolutionise their key business operations.
iTechnolabs possesses a team of highly professional consultants who are well-versed with the newest technology in the POS software arena and will anchor you in the apt direction for your POS software needs. Our pricing models have been designed to keep your POS development costs well within your budget. Get in touch with our consultants today!