Starting up a business that accepts payments directly from customers for example cafes, grocery and the likes ? You will need a POS system that fulfills business operations in Malaysia.
What is POS System?
Point of Sales System, commonly known as POS System, is a digital network that handles the transaction between the customer and the cashier. Primarily from the barcode scanners to the payment terminals. It functions similarly to a traditional cashier that manages inventory and product stocks, printing receipts, and payment handling from cash to e-billings, such as credit cards and debit cards.
POS System allows businesses to do almost everything a traditional cashier does, but more efficient and convenient. It supports several checkout terminals, which pertain to the consumers. These are linked to the main computer, which the business personnel controls.
Types of POS System
Similar to the variety of businesses in Malaysia, POS System also targets different business domains. To exemplify, grocery businesses need to use a POS System designed for grocery stores to meet the market needs in terms of inventory, sales, etc. The same goes for restaurants, bakeries, pharmacies, etc.
Aside from that, there are two types of POS systems, mainly Cloud POS System and Windows Based or Server Based POS System. Despite offering nearly identical operations, the main difference that distinguishes them from one another is the accessibility and internet dependence.
Cloud POS System
The cloud POS system requires a reliable internet source to function smoothly. It is accessible through several devices, including mobile phones.
Server-based POS System
In contrast, the server-based POS system works even without internet connectivity. Still, security and back-ups need to be handled manually. For some, it requires IT for maintenance.
Why Your Business Needs POS System ?
Despite the differences and specificity of POS Systems, the functions, and operations of how these business innovation works are understandable, even for people with technological difficulties.
How does POS System work?
The basic form of POS System is the cash register. It comes with a built-in receipt printer, manual price encoder, barcode scanner, and a cash compartment. POS System works similarly to a cash register, but with enhanced and added functions. POS System can do inventories and computation in contrast with a cash register, which needs a person to manually operate.
For online stores, the consumer chooses the products, adds them to the cart, computes the total cost of the items, and pays. The system automatically processes the order in the inventory and business cashflow. It clearly lessens workload and human error through its automated system.
Benefits of POS System
Increased Productivity
Since POS System offers automated software, inventories, price changes, deliveries, and sales reports are easily managed throughout the database. It reduces manual and the least productive tasks of employees to save more time and perform other activities. As per the consumers, they can easily view the details about a product through the system. For some, sellers can immediately provide the information the consumers need through browsing the POS System.
Accuracy
Updates, and reports are automatically programmed throughout the database. With this, human errors are significantly reduced made from the manual input of information. It is helpful to prevent customer confusion with the prices and stocks of products. Most importantly, business cashflow is automatically generated, providing ease for the employees and reduced mistakes.
Employee Management
Since POS System provides excellent accessibility, employees are granted access to their sales performance and further objectives to be accomplished. It provides awareness for the employees and supervision for the business owner. It protects businesses from employee thefts and traces their works individually.
Centralized Data
POS System ensures that the information provided for the consumers, employees, and business owners are similar. Not only this lessens technical and accounting errors, but it also provides accuracy and ease for easier communication and sales reports.
More Payment Options
Aside from cash, POS System enables contactless payments such as credit cards and mobile payments like Samsung Pay, providing a wide payment option for the consumers. Since the introduction of cashless systems in Malaysia and in most countries, it promotes smoother transactions. It lessens the trouble of customers in cash withdrawals.
Reward Systems
Point reward systems and gift certificates are easier to handle through POS systems due to their digital software and innovative interface. It allows the consumer to view their points and another available promo. Aside from that, reward systems are also applicable for employees. Bonuses can be acquired through achieving milestones the business-owner will set.
What to Consider in Choosing a POS System?
With the various types and specific functions of different POS System, choosing the right system for an enterprise is an overwhelming decision to perform, especially for start-up entrepreneurs. The following are some of the things to be considered to choose an appropriate software that meets the needs of a business.
Type of System
Despite the advantage of Cloud POS System, choosing which type of POS System falls to be a case to case basis. It is perfect for entrepreneurs who need access to the business database anytime, anywhere, or simplified as business-on-the-go. It requires reliable internet connectivity to function efficiently with its centralized database, security and backups, and sales and stock updates.
Server-Based POS System is suitable for action-oriented and direct entrepreneurs since the database is not accessible to several devices. Moreover, it does not require good internet connectivity to function. It works offline, but backups are performed manually. Also, some of these software needs a specialist like an IT to maintain and protect the software.
Features
Different POS System offers various specialized operations. It is essential to evaluate the needs of the company before purchasing software. If you are running F&B business, we have another article talking more deeply about POS system for F&B establishments.
For instance, StoreHub offers great functionality in terms of employee management and loyalty programs. If a company comprises of many employees, StoreHub might be an appropriate choice.
Best POS Systems in Malaysia
The following are some of the most popular and most reliable POS System in Malaysia.
IRS Software
IRS Software belongs to the most popular and most reliable POS System in Malaysia. Since 2002, it continuously improves and offers different POS systems for different kinds of businesses. With its versatility, it gathered multiple awards, and it is credible to use. It is an all-around POS Software and targets almost every need. IRS Software provides frequent software updates and is one of the most advanced POS systems even in the international market.
StoreHub
StoreHub is a competitive POS System globally, but not yet well known in Asian countries like Malaysia. It offers a variety of remote access, such as attendance monitoring for employee management. It has an easy-to-use interface, and it is available in many languages. Despite providing great and flexible services, it only works during specific hours daily.
POS Market
POS Market is comprehensive for businesses as it covers several business functions, particularly inventory management, cash transactions, receipts, employee management, etc. It is a cloud POS system suitable for different establishments like food stores and specialty stores.
Xilnex
It is a Cloud POS System, which offers commendable remote features, particularly the basic operations such as employee management and even reports automation and creating promotional materials. Additionally, one of the best features Xilnex offers is its collaboration with Shopify, which makes it an excellent e-commerce system. However, you will need to familiarize with the system’s interface which is slightly more complicated.
Genius POS System
This POS System is an iPad compatible cloud POS System suitable for restaurant and food establishments. Easy-to-use interface and low-cost maintenance is it’s main strength. It is one of the leading iPad POS System in Malaysia. It works best with employee and table management, as well as an updated and centralized menu.
Conclusion
In choosing a POS system, it is crucial for an entrepreneur to comprehensively assess the business to determine its strength and weaknesses. A well informed decision will ensure the business goes a long way.