Cloud POS

March 23, 2023 By: Jonathan Abasto

Businesses may manage and utilize their point-of-sale (POS) software from any internet-connected device using a cloud-based POS system. They are often provided by businesses on a subscription basis with a number of features. There are several different cloud-based POS solutions available. The ideal choice for your company will rely on your unique requirements and financial constraints. We’ve examined the top cloud POS systems across countless data points to help you select the best option.

A Cloud POS System: What Is It?

A point-of-sale (POS) system known as a cloud POS leverages the cloud to store data. Since they enable businesses to access their data at any time and from any location, cloud POS solutions are advantageous. 

As there is no need to buy or maintain hardware, they are often more economical than traditional POS systems. Nevertheless, many cloud POS systems do include hardware for those that desire it.

A cloud POS system may be advantageous for a wide range of sectors, including dining establishments, retail stores, golf shops, and more. Inventory management, reporting, customer loyalty, and marketing are just a few of the capabilities that can be added or removed from cloud POS systems to suit the requirements of every company.

11 Advantages of Cloud POS

A cloud POS system is a wonderful option for businesses of all sizes since it has several benefits over a conventional POS system. The following are a some of the main advantages of a cloud POS system:

• With the help of a cloud POS, you can keep track of your inventory in real time, allowing you to always know what’s on hand and place orders for more as necessary.
• Cloud POS solutions have integrated payment processing to assist you in accepting payments and accelerating payment. Conventional POS systems frequently use a third-party processor, which can delay the processing of payments.
• Accept money transfers from any gadget. A cloud POS enables you to collect payments from any device with an internet connection, whether you’re in a pop-up store or on the road.
• As compared to a conventional POS system, a cloud POS system is more scalable. As your business expands, you can quickly add users and locations.
• You may access your data with a cloud POS from any location in the world. If you frequently travel or have various locations, this is practical.
• Control several places from a single dashboard. A cloud POS makes it simple to handle several locations from one central place without having to spend money on additional software. You can access sales information, inventory tracking, and more from anywhere.
• It is simple to combine a cloud POS with other programs, like CRM, accounting, and marketing applications. This enables you to oversee all aspect of your company’s activities from a single platform.
• Get information about your company. A cloud POS offers useful company information including sales statistics, customer patterns, and more. You may use this knowledge to make wise business decisions.
• Lower prices In general, cloud POS solutions are less expensive than conventional POS systems. This is due to the lack of a purchase or maintenance need.
• Cloud POS solutions include analytical and reporting tools to assist you keep tabs on your sales, clients, and other information. These functionalities are generally absent from conventional POS systems.
• Your information is protected by data security safeguards in a cloud POS system. Data breaches are more likely to occur with traditional retail POS systems since they store data locally on the premises.

Essential Characteristics to Seek For

A cloud POS system should have a few important characteristics that you should bear in mind when shopping. Before moving on to POS-specific components, let’s first examine the fundamentals.

Data protection

A cloud POS system keeps data on the cloud, thus it’s crucial to ensure the security of your data. To secure your information, look for a system that supports data encryption and security measures.

Affordability

As there is no need to buy or maintain hardware, many cloud POS solutions are less expensive than traditional POS systems. Some cloud POS systems do, however, charge a monthly fee. Before choosing, make sure to evaluate price possibilities.

User friendliness

You shouldn’t have to spend a lot of time teaching your staff on how to use a cloud POS system because it should be simple to use. Look for a system that has a drag-and-drop feature and an easy-to-use UI.

Let’s examine some POS-specific features to look for in a cloud POS system right now.

• Reporting. To assist you keep tabs on your sales, clients, and other information, a cloud POS system needs to have reporting options. A useful tool is a system that provides reports that are clear and succinct.
• Inventory control. You need inventory management to keep track of your merchandise. Look for a system that can instantly alter inventory levels if a product is purchased offline or online.
• Processing of payments integrated. Instead of depending on a third-party processor, a cloud POS system should provide built-in payment processing to let you take payments and be paid more quickly. Moreover, your system should enable NFC and EMV/chip cards.
• Marketing. A cloud POS system should have marketing tools to aid in the promotion of your company. Invest in a system that enables social media integration, email marketing, and campaign analysis.
• Customer devotion. You may develop ties with your consumers by using customer loyalty features. Choose a system that includes gift cards, incentive programs, and a CRM to keep track of customer interactions.
• integrating software. You may enhance the capability of your system and streamline your operations with the aid of software connectors. Look for a system that integrates with systems for CRM, e-commerce, and accounting.

Conventional POS Systems vs. the Cloud

In comparison to a typical POS system, a cloud-based one has a number of benefits, including cheaper costs, more scalability, and data security. These are some of the main distinctions between cloud-based POS systems and conventional POS systems:

• While traditional POS systems store data locally on premises, making them more susceptible to data breaches, cloud POS solutions offer data security safeguards to secure your information.
• As there is no need to buy or maintain hardware, cloud POS solutions are often less expensive than traditional POS systems.

• These POS solutions have integrated payment processing to assist you in accepting payments and accelerating payment. Conventional POS systems frequently use a third-party processor, which can delay the processing of payments.
• Cloud POS solutions include analytical and reporting tools to assist you keep tabs on your sales, clients, and other information. These functionalities are generally absent from conventional POS systems.
• If your firm expands, you may quickly add users and locations since cloud POS systems are more scalable than traditional POS systems.

A cloud POS system is a wonderful option for organizations of all sizes since it has several advantages over a conventional POS system overall. Nevertheless, if a company chooses to retain its data on-site or requires a POS system that operates offline, it may opt for a traditional POS system rather than a cloud-based one.

What Is the Price of a Cloud POS?

Be sure to evaluate price choices and take into account which features are crucial for your company when estimating the cost of a POS system. 

It’s crucial to select a system that gives the capabilities you want at a price you can afford since sometimes the most costly system isn’t the greatest choice for your organization. You may test the system out for free with several POS suppliers before committing.

As there is no need to purchase or maintain hardware, cloud POS systems are often less expensive than traditional POS systems. Some cloud POS systems are, however, totally free, although others do charge a monthly subscription. 

If not free, monthly prices generally start at roughly $20 and rise in accordance with the amount of features and POS locations.