What is Cloud-based Pos Systems and Things to Consider before implementing Cloud-based Pos Systems?
Definition — What does Cloud-Based Point of Sale (Cloud-Based POS) mean?
Cloud-based point of sale (cloud-based POS) is a kind of point-of-sale system where data for transaction processing comes from a remote cloud service. In common, POS refers to the point where buying happens, for example, at a cashier’s kiosk or at a hostess desk (or side table) at a restaurant.
One reason that cloud-based point of sale (POS) is getting such an influence in retail surroundings is that numerous firms are recognizing the comfort and advantages of utilizing mobile devices as modern cash registers. This is driving a huge transformation in retail and, in numerous cases, to the obsolescence of legacy systems that include specific cash register machines at the POS. In an expanding number of business conditions, these are being replaced by the usage of a smartphone or a mobile device running modern POS software.
The POS software on mobile devices is usually composed of cloud-based POS solutions. Cloud computing providers allow Web-delivered retail financial services for POS systems, where the information is adequately backed up in remote vendor servers. For numerous corporations, the overall advantages of cloud-based POS are evident — security, data storage, and many other features of the software development can be outsourced to vendors. However, it is necessary to check the service level agreement to refine uptime and other service provisions.
Many investigators demand cloud-based POS to proceed to proliferate in various different industries. Replacing old cash registers with mobile devices operating cloud-based POS can make a batch of sense because it streamlines the asset claims for retail business — in different words, instead of purchasing registers, the business can utilize personally owned or otherwise combined mobile devices in the store during business hours as required.
Things to consider before implementing a cloud-based POS system
Matched with the traditional POS system that has been approximated since the 1970s, the cloud POS system is a new class of technology that, despite being almost young, has shown dramatic growth over the past few years. According to Research and Markets, the global cloud POS market size is projected to rise from USD 1.34 billion in 2018 to USD 3.73 billion by 2023, at a combined annual growth rate (CAGR) of 22.7%.
A cloud-based POS system has brought about various positive developments to businesses, simplifying multiple methods, providing excellent flexibility, and performing a broad, helpful range of functions that traditional systems could not adequately accomplish. Whether you’re a businessperson planning to obtain a cloud POS system for your personal retail store, or just completely needing to completely understand this kind of technology, this article is just for you. By the end of this article, you’ll discover the solution to the question of what to consider before implementing a cloud-based POS system.
I. Costs of cloud-based POS system
As a matter of truth, the first cost of a cloud POS is cheaper than that of a traditional POS. Instead of spending hefty fees for setup, licensing, and maintenance, which is the case of traditional POS, traders opting for cloud POS only require to spend a monthly subscription for access to the software. This offers cloud POS a practical choice for small, newly-established companies.
However, just like any buying decisions to be performed when operating a business, there are a number of factors that a business owner should keep in mind. First, see for the plans allowed by the POS merchants that stay within your budget. A cloud POS can cost you any expense between $20 and $200 per month. After you have narrowed below your choices, search the features that occur with your preferred plans in more detail. You’d require to learn if the merchants charge more for add-ons such as loyalty functionality, 24/7 customer service, or attaching third-party services. Another point to examine is whether to sign a long-term service contract with the merchant, as the amount can be decreased for committed consumers.
Business owners also require credit card processing payment selections. With various processors come various prices and benefits. Make sure to pick the best fit for your company which gives you open credit card processing charges, dependable customer support, and no demand for long-term contracts.
II. Functionality and features
However pleased you are with the convenient price you’ve accomplished to trade with the merchant, or with the highest customer service, if the system can’t work as you assumed, then your investment would mean zero. Functionality and features are positive of the key factors before buying a cloud POS system, yet it’s nearly too simple to overlook these essential factors. Below are some general questions to address:
1. Is an open application programming interface (API) blended into the cloud POS?
Open APIs provide a bond between all the programs that customers require to drive their business. They help with many business assistance taking place throughout the POS, such as accounts, inventory, sales, orders, loyalty, tracking, tables, mobile, or online ordering/payment and delivery. As the business grows, business owners can streamline a special method by developing specific apps using open APIs.
2. Which advanced integration is available?
Modern technology has created it possible for traders to combine an amount of advanced business and marketing functions into their cloud-based POS systems. For instance, any consumer can make a fee from anyplace within a business premise and not just at the head counter as they’d have to do including a traditional POS system, and then get receipts via their cell phone. External accounting, digital loyalty programs, and premia systems can also be combined into the cloud POS.
3. In which language is the software written?
For the system to work accurately and to assure ease of integration with third-party merchants, look for providers who give software written in a modern, cloud-native language and steer clear of those utilizing the no-longer maintained legacy code.
4. Is it possible to upgrade existing systems or do I have to entirely replace them?
Numerous merchants are not accurately willing to obtain rid of their current devices which have priced them thousands of dollars. Therefore, instead of driving them away, vender can investigate cost-effective upgrading selections to improve the current systems to advanced cloud POS systems.
5. How much offline functionality do I retain if network connectivity is unavailable?
Cloud POS is mostly internet-based systems, and as connectivity problems occur from time to time, your cloud-based software will also be affected. Therefore it’s essential to have your merchant explain what will happen in case of a disrupted Internet connection. Ask the merchant if you’ll yet be capable to access data, make sales or achieve other business duties; when and how will the knowledge be backed up or synced, and if additional fees are needed for offline solutions.
III. Data security risks
Getting your POS to the cloud indicates having to convey your data to a remote server, and to several business owners, this doesn’t sound very appealing. The company’s information is among the most important assets and it’s important to keep data security a prime superiority. You’ll be required to recognize how your data will be conveyed, what risks are associated, and what answers the merchants have to assure the safety of your data.
IV. Customer service after executing the system
Although cloud POS systems make a batch of a business method much easier, that does not surely mean that working this system will forever be plain sailing. Difficulties might occur along the process, and this is where consumer service comes in. Make assured that you’re operating with a reliable vendor who is able to provide you powerful and timely assistance. Study their maintenance options, learning if they allow a written user guide, live chat assistance, or how much time it needs for an answer, etc. Don’t believe the provider’s self-advertised, impeccable consumer service right away. Sometimes you require to check reviews or even test out the consumer service before electing to sign a contract.
Though relatively modern compared with traditional POS systems, cloud-based POS has attained important market penetration and will proceed to grow exponentially, giving superior answers that support companies streamline methods, operate with higher performance, and ultimately yield a greater profit. The Cloud POS system appears to be a classic choice, notably for small business owners. However, before you choose to use your POS to the cloud, it’s only fair to fully realize the benefits and gauge all the perils that come with cloud technology.
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