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Types of POS System

A point of sale system is a software or hardware used for tracking sales, monitoring inventory and orders. It is primarily designed to register transactions from a cash register, however it may also be used to track inventory and orders. Some systems are mobile which allow store owners to take their store around with them.
There are several types of POS Systems. First, there are hardware-based systems where information is saved on a machine. Second, there are cloud-based systems where information is saved on the internet, typically accessed through an app or web browser. Third, there are virtual systems which use software that runs on traditional hardware but does not actually require the purchase of any new equipment because it accesses an existing system's hardware.
Cash Register POS System
A cash register is the most common type of POS system, often found in small businesses like retail stores, restaurants and medical offices. This is one that requires a payment to be processed through physical transaction with actual money. These are still used today because they are familiar to customers and there is no need to spend money on a new system. The drawback is that there can be some lag time in processing data from the transaction to the register making it difficult if information needs to be added into multiple accounts, such as inventory and sales.
Virtual POS System
A virtual point of sale system operates using a traditional hardware set-up but saves data onto a server. This is typically used as a back-end for cloud based systems or as a complete system that accesses electronic transactions.
Self-service kiosk POS System
A self-service kiosk, also called an automated checkout machine, is used in areas without human cashiers, such as parking meters and laundromats. The machine functions as the cash register and the customer swipes their credit card, enters an amount or scans a barcode on the item they wish to purchase. It prints out a receipt and keeps track of purchases.
Mobile POS System
A mobile point-of-sale system is used by individuals who travel around to sell goods and services. This allows a person to accept credit cards wherever they go. They can also use it as a mini inventory management system and keep track of what's been sold and the price.
Cloud POS System
A cloud-based point of sale system is accessed through an app or browser on a computer, tablet or smartphone. In some cases, the data is stored on the cloud while in other cases, only access to the data is stored on the cloud.
Chip Card Reader POS System
A chip card reader is used with credit cards that have a magnetic strip and an embedded microchip for added security.
This type of POS system can also accept contactless payments, such as Near Field Communication (NFC) and Apple Pay.
Processor-based POS System
A processor-based point of sale system is a hardware device which accepts payments from cash, cards, mobile wallets and other digital forms of payment. The data can then be used for accounting or inventory management software to keep track of the different transactions that have been made.
Cashless POS System
A cashless or cash-free point of sale system is designed for businesses that want to encourage customers to use electronic forms of payment rather than physical money. Cashiers can still accept some types of payment like cheques and printed vouchers, but they do not need to be able to make change. Sometimes this type of POS system can encourage more purchases because it does not require a customer to have the correct amount of cash.
Star Micronics TSP100 futurePRNT POS System
A Star Micronics TSP100 futurePRNT is an economical choice that connects to a computer, tablet or smartphone using bluetooth, USB or Ethernet for data transfer. It has a 3.1" color touchscreen, can print in two colors and has an optional Bluetooth printer for mobile usage.
Posiflex Cash Drawer POS System
A Posiflex cash drawer is designed to work with most POS systems that have a USB port allowing you to just plug it into the computer and it will automatically be recognized allowing you to use the front or rear cash drawers. It can also be converted into a bill acceptor and has optional printer accessories.
iPad POS Systems
An iPad Point of Sale system is an increasingly popular choice for businesses with Apple products, such as iPhones and iPads, because of its familiarity and compatibility with iTunes. Many come with their own cash drawers while others can be used with existing ones.
Android POS System
An Android point of sale system is designed to work on any tablet that runs the Android operating system. These don't typically come with their own cash drawers but some are compatible with third party ones for an added cost.