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Ask about POS system to any retailer; they will tell you one thing – it is the hub which combines everything as the heart of your business. But a POS system is not all about one thing. A POS system combines different kinds of hardware and software components with which merchants can conduct transactions and ease important business operations on daily basis. What are the Software Components of POS System? Generally, there are two software deployment options - On Premise – It is a traditional model. Buy more than one licenses upfront and install the same on your servers or computer system. You are liable for maintaining and updating the program, which may need dedicated IT personnel for large-scale businesses. Cloud Based – Also called as Software as a Service, cloud based POS allows you to access the system over the web. In case server goes down, it will track sales and sync once it is online. Bottom Line – When choosing POS software, flexibility is the key. Make sure your vendor supports your desired payment gateway/processor, so you can control cost. If you are using application that is vital to your business, be sure it integrates seamlessly. What are the Hardware Components of POS System? POS Screen: – It displays the database. It serves other functions, such as viewing sales reports and employee clock-in. Along with iPad; tablets are the best alternative to heavy monitors. Barcode Scanners: – For automating the checkout process. Barcode scanning collects product information and adds the same to the total on checkout. When scanned, barcodes also integrate with inventory management to adjust stock levels. Credit Card Readers: - EMV-compliant and secure credit card readers are the best choice for retailers, as the EMV standard went live. Cash Drawer: - You need a secure option to store cash. In addition, no credit card fee is imposed on cash payment. Receipt Printer – Text receipts and emails are enjoying huge popularity, but paper receipts are still on trend for providing quick access of purchase. These aforementioned POS software and hardware equipments benefit retailers greatly from automation. You should find out how these POS components work to deal with certain problems. How to Choose the Best POS Systems? Since you know everything you need about POS system, what to do next? If it’s your first time in selecting a POS system for your startup, consider asking these meaningful questions to make vendors to provide all the detailed answers. Before asking these questions, consider flexibility of pricing, ease of use, data security, customer support, hardware durability, and any actionable details you need to know about the system. How much does the POS software cost actually? Does the POS system work as per your specific needs? Are there any hidden charges? Does it include proprietary hardware? Wrapping Up Be prepared to make a list of important components that your retail business must have. Start searching for solutions and be sure they cover all the important points while offering user-friendly, secure, and advanced solution.