Traditional POS systems have been around for some decades, meaning that small business owners are more familiar with them when compared to mobile payments, which is a relatively new system. They have also become the universal method of processing check, cash, as well as credit card payments.
Presently, mobile systems are being developed with the aim of augmenting traditional POS systems. Mobile systems may even replace traditional POS systems in the future. However, the possibility of this happening within a few years from now is quite remote.
The fact of the matter is that POS systems will continue to play a major role for many business people because they are associated with a number of benefits. However, they are also linked to a few disadvantages. Some of the pros and cons of a POS system:
– Business people are more familiar with POS systems
POS systems have been around for a considerable amount of time, and therefore business people are more familiar with them. Also, they are the most accepted way of processing checks, cash, as well as credit card payments all over the world.
– POS Systems are more secure
Traditional POS systems are known to offer consumers a sense of security, and they are also more accustomed to them. This means POS systems remain the best choice for most consumers. In addition, they store databases of customer information, thus helping enhance security. Essentially, customers are known to have more confidence in POS systems as opposed to mobile systems when handing over their credits cards because they associate POS systems with more security. Regarding security and reliability, POS systems are far ahead of wireless networks.
– They provide valuable services to business owners
POS systems are likely to stick around for a long time since they help provide important services to businesses. POS systems allow businesses to effectively track sales, maintain inventory, analyze profits and expenses in detail; analyze sales trends, and also allow business owners to manage their employees as well as store operations. In summary, the POS software has the ability to combine managerial duties, accounting, and transaction management into a small automated system that is less expensive to run when compared to hiring employees to perform these duties.
– POS Hardware
The hardware that comes with a POS system also adds to its other benefits. In most cases, the POS software is installed on a cash register unit, which is typically paired with a card scanner and receipt printer. In addition, some models come with barcode scanners while others can be used with other common types of scanners. These tools help enhance security as well as the convenience while adding professionalism to the business.
– They are less convenient when compared to mobile payments
Unlike traditional POS systems, mobile payments allow business owners to accept credit cards payments anywhere and at any time. They also allow customers to pay using various ways, which is not possible with a POS system.
– A number of mobile applications, including product discounting, payment processing, as well as social marketing, among others are not available to business owners who are using traditional POS systems.
These are some of the pros and cons of POS systems.