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Whatever business you have, you need to take advantage of all the assets you can get, and one of them is a reliable point of sale system.
When you have this system in place, you’ll enjoy seamless transactions and a higher chance of standing out in today’s competitive business landscape.
Brands that do not have a POS system may miss out on numerous business opportunities and cost savings, as well as ways to improve their customer service.
If you are curious about what a POS system is and how it can make your operations more hassle-free, keep on reading.
What is a POS?
A point of sale or POS system lets your business accept payments from your customers and keep track of your sales at the same time. While these two benefits may seem straightforward, their setup may differ depending if you have a physical store, whether you sell online, or both.
For physical stores, you can have a POS terminal and system that will be used to process payments. For online stores, the POS could be a cloud-based system.
In a lot of ways, a POS system is like having an upgraded cash register. But how does it work?
First, a customer will decide to buy your product or service. If you have a physical storefront, they can ask your staff to ring up their bill, and for online purchases, the customer can simply add items to their cart and proceed to checkout.
Then, your POS system will calculate their total bill, including the sales tax. After that, your inventory will be updated to reflect the items sold.
Finally, the transaction is finalized. The payment is received, a receipt is created, or you hand the consumer or ship them their order. This is when the sale is officially made.
The customer’s data is then stored and used to give them tailored advertisements and newsletters. All the information stored in your POS system can also aid you forecast trends.
Features & Benefits of POS
Before you decide on a POS system, here are some of the most integral features you need to look for.
Billing and order processing
Your POS system’s most basic function is billing and order processing. It should be able to bill orders by scanning the barcode of items and capture various payment modes.
A good POS system must also generate an invoice with the order details.
Inventory and stock management
An inventory management system must give complete visibility at all times with your inventory, SKU transaction, and other inbound and outbound movements.
Stock management also includes alerting you when you need to make adjustments.
Monitoring and reporting
Two of the most important features of your POS system include detailed monitoring and reporting. It must generate a sales report weekly, daily, monthly, or annually.
This will enable you to understand whether or not your business is successful. Aside from that, it will also let you gain valuable insight and forecast sales trends.
Cross channel management
Facilitating refunds and returns will not be a hassle anymore if you have a great POS system.
Your system must be able to capture the details of the return or refund such as amount, name of customer and salesperson, and other remarks.
You’ll be surprised at how having an excellent POS system can help you improve customer relationships and experience by storing data including their purchase history.
This important information can be used to give your loyal customers a personalized experience when it comes to advertising.
Many POS systems give you the benefit of managing multiple stores within a single software. This is a big bonus for franchise owners, corporate networks, and other buying groups.
With this feature, you can customize each store easily according to its needs and manage it in one platform. This will greatly reduce the amount of work needed.
Best POS Providers in the Philippines
When it comes to product tracking, billing processing, and everything in between, here are some of the best POS providers in the country we recommend.
PayMaya One is one of the most well-recognized POS systems in the Philippines, and there’s a reason for that: convenience.
It can give you everything you need in just one portable device that you can access and take wherever you go. The device is also very easy to use thanks to its intuitive interface which can easily be customized based on your business branding.
- Digital receipt
- Real-time transaction management
- Customizable terminal
Cost: Starts at Php799 per month, plus 1.5% to 3.5% per transaction
How to apply: Register here
If you’re a small business looking for a straightforward and reliable POS system, GCash QR is an amazing option. With its competitive price tag and full features, this point of sale service provider will make your job easier.
GCash QR allows you to easily accept mobile payments from customers through top-notch technology that boasts security. Customers just need to log in on their app and scan their QR code to transfer payment.
- Transaction reports
- QR code-based transfers
- Transport & logistics
- Professional services
- No setup fee
- Merchant discount rate equivalent to 2% of all approved payment transactions through the Scan to Pay Service
How to apply:
Fill up the registration form and send it to firstname.lastname@example.org with the header QR Application/Inquiry – [Your Business Name] + [City].
Include email, contact details, and office address in the email, and wait for a representative to confirm your application.
One of the best POS providers for businesses who want to start accepting cashless payments is BDO miniPOS.
It comes with a wireless terminal that accepts debit and credit cards, as well as mobile wallet payments.
- Compact and portable device
- Easy set-up
- Secure transaction
- Online reporting system
- Php8,990 for the device
- Merchant Discount Rate information unavailable
How to apply:
Accomplish registration form and requirements.
Imonggo is a web-based POS platform that allows business owners to enjoy multiple management tools in just one click.
- Inventory and sales management
- Business reports and analysis
- Chain stores
- Free (for Standard Package)
- $30 per month (approximately Php1,510)
How to apply: Register here
Globe Cloud POS
An excellent choice for businesses who want to have a hassle-free digitized management system, Globe Cloud POS stores data online which can be accessed on any mobile device.
- Real-time data access
- Cost monitoring
- Electronics and technology
How to apply: Accomplish online registration here
This powerful platform will grant you all the tools you need to manage your business. This app can be used by merchants to sell products in person and accept payment through different methods.
- Accepts popular credit and debit cards, and digital payment methods
- Integrates mobile POS and hardware accessories
- Centralized product and order management
- Staff roles
- Manage forecasting
- Fulfill local pickup and delivery
- Online and offline selling with omnichannel features
- Analytics and reports
- Online stores on Shopify with physical stores
- Food and beverage
- Free plus 2.4% for in-person credit card rates
- $89 per month (approximately Php4,480)
How to apply: Register here