How to Develop A Bespoke POS System Software?

Have you ever noticed how effortlessly you can purchase at cafes, small retail stores, and even fuel stations? All you have to do is scan a bar code or swipe and card, and you are done! We don’t realise how many different software functions are put to work that easily allows us to make the payment swiftly and efficiently. 

The technology behind the ease of payments and management of retail stores is the POS system software. The POS systems are the current trend and have become vital for maintaining business records, sale and stock management. 

If we talk about the statistics, it is interesting to state that the POS system outreached the digital payments segment with a transaction value of around 745,796 million.  

Owing to this tremendous use of POS system, the POS system developers are also upgrading traditional POS systems with the latest technologies to cater to the needs of modern users. It will not be an exaggeration to say that with constantly evolving online payments & online shopping, mobile POS development solutions are the way to go. 

This blog will give you an insight into all the aspects of the POS systems; however, before jumping right into the features of POS system and the cost of POS system software development, we talk about the basics.

So, first things first, 

What is POS system software? 

Simply putting, a POS system is a digital cash register along with a computer program that makes it a POS system software. The POS system is a combination of hardware and software components that varies in features.  

POS systems facilitate the complete payment process and even keep a check on the stock that helps in creating a better business strategy. 

A single hardware entity of the POS system is known as the POS terminal used at retail locations to allow easy payments. POS terminal can have two or more peripherals attached to it, such as a receipt printer, a USB barcode scanner, digital wellbeing scale, pole display etc. The mobile terminal POS is often an easy checkout option for almost all the places like supermarkets, cafes, bars, department stores, restaurants, and other locations. 

Owing to the ease of use and efficient working processes of the POS system, the POS system development is gaining significant traction. 

Apart from the ease of payment, the POS system has many other benefits, 

Let’s take a look at them. 

Key benefits of using the POS system software 

When you own a business, you need to be sure of every intricate detail that relates to your work. Whether it is data, transaction history, purchase history, sales analysis and information on the stock inventory, you must have complete information about your business. 

POS system software is a boon to the retailers and allows them to monitor all the aspects of the business. Multiple retail businesses are enriching their ways of working through the outstanding features of POS system software, and customers & manufacturers are happily adhering to the same. 

Here are some of the most significant benefits of opting for a POS system software development for your business, such as: 

• POS system lets you generate faster reports than the handwritten ledgers, thus increasing work productivity.
• With the help of POS terminals or swift POS software, you can steer clear of the busy checkout lines and hassle-free purchases.
• The POS system lets you keep a check on inventory and results in lesser inventory overhead.
• POS system lets you give first-class services to the customers by allowing them easy payments methods via their preferred payment options.
• Monitoring the stock allows you to offer appropriate inventory data to the vendors to ensure that you never run out of stock.
• While working with a POS system software, you can save time in back-office data entry and invention functions that save you a lot of time to focus on other essential aspects of the business. 

Recommended Read : What Are The Top Benefits Of Bespoke Software Development?

Moving on to the different types of POS systems. 

Types of Point-of-Sale systems 

There are numerous POS systems available that work differently for different businesses. You can choose the one that suits your business the best and add the functionalities according to your needs to leverage advantages of the POS software. 

1. Mobile Point of Sales (mPOS) 

With the help of custom POS software development, an easy POS system is integrated into smartphones, tablets or other related devices. mPOS allows easy and quick integration of the devices such as card reader, bar code scanner into the system. The mPOS system smoothly manages inventory, monitors real-time sales, and does a lot more that helps retailers in streamlining their workflow. 

2. Cloud POS 

Every technology is now running on the cloud, and so is the POS. Cloud POS runs on a cloud system, and the data centres offered by the POS vendors are responsible for its maintenance. Cloud POS is integrated easily into existing frameworks and functions seamlessly in coordination with the systems. Cloud POS works well for all businesses allowing them to leverage the advantages of cloud-based system as well. 

3. Terminal POS 

Terminal POS is a movable entity of POS used in stores & outlets, such as restaurants, fuel stations, supermarkets and other similar stores. The customers can quickly pay, get the printed receipts and scan the bar codes for payments through the terminal POS. These types of quick, easy and flexible POS can be integrated easily into any framework. 

Now that you know about the POS system and the advantages of the POS system, it’s time to get to the real deal. 

Key Features to Include in the POS System

Adding basic and advanced features to the POS system governs the success of your software. Here are some of the must-have features for the Point-of-sale software development that you should include in your custom POS system software. 

1. Inventory Management  

Let’s be honest – no one like to say no to their customers. 

If you are running a business, you must be aware of the inventory shortage and how it disturbs the smooth flow of the work. However, you can easily manage the issue of shrinking inventory with an on-site inventory quantity. 

The POS solves this issue by calculating the actual inventory and sending out a notification to the vendor requesting re-filling of the missing materials. With the POS inventory management feature in the custom POS software development, you can keep a record of the inventory with ease. 

2. Sales Analysis 

The sales analysis feature of the POS allows you to keep track of the products that are currently being sold in the market and gives you an estimate on the product availability as well. Additionally, it also reflects the amount of revenue the business is making out of each product, which offers you a fundamental market insight into the future business strategy. 

According to the sales analysis studies, 49 per cent of the single-store retailers seek the sales reporting and data analytics capability. However, 51 per cent of retailers do not have a POS system and are facing an issue with sales analysis. 

3. Pricing 

POS systems have made it relatively more manageable for the retail owners to maintain the pricing of the materials. The custom POS software development allows you to efficiently track price variations so that you can plan your promotions accordingly. POS software lets you automate the pricing systems so that the appropriate price is applied automatically and reduces errors.

4. Multiple Payment Methods 

As the world is turning digital, payment methods are also reforming. Thus, to align with all the changing technologies, the traditional payment methods are also changing. Aligning with the digital transformation, the POS systems also incorporate features beyond traditional payment methods. 

Integrating the POS software in your business or eCommerce store allows you to accept mobile payments and even provides a split payment option for your customers. This provides a hassle-free way of online shopping to your customers, increasing your traffic and profits. 

5. Advanced Billing system 

The terminal POS is a blessing for people who don’t like to wait in line for bill receipts and invoices. A POS software should have advanced billing that allows printing of the bills & invoices in a fast and hassle-free way. 

The peripherals like receipt printer and bar code scanners can be installed in the terminal POS to easily print the recipes and accept the payments. 

6. Return Management 

Owing to various known/unknown reasons, the buyers wish to return the products, which becomes tedious to manage the returns. In such scenarios, the POS systems can execute a user-friendly return policy with easy returns and replacements. Custom designed POS software also allows you to create multiple returns for a single sale order along with the reason for return. 

7. Cloud Integration 

Most of the times, the on-site POS software can become confusing, and you might want to design it according to your comfort. However, with POS software cloud integration, you can easily customise the simple POS layout to your liking. 

8. Bar Code Reader 

With a colossal database and product library, it becomes hard to manually enter a barcode for every product or search through the whole marketplace. Integrating the bar code functionality in your POS system software will let you use a barcode to speed up the search process. To make the work easier, a lot of POS systems generate the barcode automatically. 

9. Loyalty Programs and Discounts 

To boost the sale of products, many retail owners focus on giveaways, loyalty programs and discounts. However, it is not easy to manually keep track of all the product on discount. Thus, integrating your POS software solution with loyalty programs is a simple solution that also enhances customer experience. 

By keeping track of purchase history, POS allows unique coupons and discounts for the customers and lures them to become permanent buyers.

10. Credit Card reader 

Most people prefer using credit cards for small and big purchases alike. That’s why a card reader can come as a handy feature in the POS systems for businesses as many people avoid carrying cash. You can even integrate a feature in your custom POS system software that can accept mobile payments such as Google Pay/Apple Pay/EMV payments as people usually like using UPI payment modes these days. 

11. Security 

When it comes to payments, security is a vital aspect of any system. The POS software development company should comply with the PCI DSS (Payment Card Industry Data Security Standards) and keep the transactions, details of customers etc., safe.

After the in-depth information about the POS system features and advantages, the obvious question is, 

What is the Cost of POS System Development? 

Before deciding the cost of POS system development, you should be aware that many factors come into play while developing a bespoke POS system software. While hiring POS developers, you must keep a few things in mind, such as, 

• The platform for app development 
• Number of basic & advanced features to include 
• 3rd party API
• Platform integrations
• Development team region
• Timeline to complete the POS development 

However, the POS development company can give you an idea about the cost of POS development only after understanding your business requirements and the features to include in the POS software development.

Ready to bring the POS system development to life? Matellio can help. 

Now that you are at the end of the blog, we are sure that you want to own a POS system software. If so, your search for expert POS system developers ends here as Matellio is the right place for all your software development needs. 

All you have to do is get in touch with us, and we will be happy to answer all your development related queries while offering you the best POS system development with advanced features. 

After all, it is always best to be a part of the digitally evolving world rather than relying on traditional systems. So why think twice? Let’s get talking over a 30-minute free consultation call today.