If you own any kind of retail establishment ‘from a kiosk to a store or from a restaurant to a movie house’ you’re familiar with the cash register. Once the lights go on and the doors open, the cash register becomes the central point for almost all business activity. However, if you’re still using one because you consider it an integral part of your business, you are making a big mistake in retailing.
The Evolution of Cash Management
Every retail business owner needs a cash management system to run their business. When the cash register was first invented by James Ritty, a saloon owner in Dayton, Ohio, after the American Civil War, it was a mechanical device that worked like a safe box to prevent employees from pilfering than a way to organize purchases.
In 1906, Charles F Kettering, an employee of the National Cash Register Company, created the first electronic cash register’a register that was run by an electric motor. As the electronic cash register improved over time, it worked remarkably well as a cash management system because it was relatively inexpensive for a new shop owner to purchase, easy to use for sales clerks, offered basic bookkeeping functions, and generated reports.
When IBM introduced the 3650 and 3660 store systems in August 1973, the cash register became a computer with a point of sale (POS) software system. Now it was possible to have a more accurate system, create more detailed reports, and track inventory better.
Unfortunately, this is where most retailers have settled when it comes to using technology for efficient cash management.
The Tablet-Driven Cash Register
The iPad POS is the next big step in retail. Unlike cash register-based POS systems, which need big, complex terminals and that run software with limited functions, an iPad POS is mobile, cost-effective and has highly robust software.
This revolutionary breakthrough works well for small to medium businesses because it does not cost as much as the tradition POS systems. It also offers more functionality. However, even large businesses are starting to use the tablet-based POS system because it allows for line-busting, making it easier to checkout customers without long lines forming.
Features of iPad POS
An iPad POS system offers a number of benefits:
- It is mobile, making it easy to use anywhere in a store.
- It is small and does not take up the space used for traditional checkout counters.
- It is easy for managers to check up on the progress of the store at any time of the day. A report can be generated in a few seconds by pushing a button.
- It has a time card system for the staff is integrated into it, making it easy to schedule shifts and to generate payroll.
- It makes an inventory check because the software is intelligent and self-managing.
Despite all these features, it is less expensive than a bulky terminal that offers fewer functions. These terminals are expensive not because the software works better because of the cost of hardware. While a cash register with all its related equipment can cost up to $1,000, a wireless Apple iPad will cost half that amount.
In addition, data is more secure because on an iPad because it can be stored on a cloud. What’s more, the software can be customized for different types of retail operations.
Benefits of iPad POS
There are at least 5 reasons how an iPad POS can improve your retail business, especially if it is a small one.
- It is much easier to train new sales clerk with it as it is more user-friendly with an intuitive interface.
- It can be synchronized with other tablets around the store to share important information.
- It makes it simple to administer the business with employee time cards, inventory management, payroll generation, and report production.
- It enhances the shopping experience for customers. Customers can get checked out faster by sales clerks approaching them rather than a long line at a single counter, and customers can even can order products not in the store but on the business website and have it delivered to their home address.
- It is the most effective cash management system – one able to manage receipts, store credit card information, and accurately process cash or credit card payments and calculate variables like coupons, discounts, and sales tax.
What makes the iPad POS revolutionary is that can be used to improve customer service and boost the bottom line for all types of retail establishments. Kiosks and shops can use it to bust long lines and restaurants and bars can use it to turn walk-in customers into regular buyers through built-in marketing tools. In addition, business administrators can improve the sales process, keep on top of inventory, and keep a tab on staff hours, pay and performance.