Business owners of retail stores, restaurants and more simply can’t do without a solid system for cash management, whether it’s the usual cash register or a more extensive computerized POS (point of sale) system, all stores need some sort of machine for sales processing. Registers can save money, swiftly process a buyer’s transaction and keep precise records. Not only that, but a business can expect several years of service from the first cash register or machine they buy. The life expectancy of the average register runs anywhere from 10-15 years, with upgrades happening at about 5-7 years after purchase and installation.
The number of features needed for a cash register will vary by type of business. There are questions to ask before selecting either a point of sale system or a cash register. For starters, what sales tax does your business have to collect on each transaction? How many different departments/categories do you need to track in your place of business? How many items do you currently carry/sell? Will you carry the same amount of items in the future? More items? Fewer items? How busy will your business be? Will your business need more than one register? (If you have more than one location, this might vary by location.) Will your business take coupons? How will your employees process refunds? Which methods of payment does your business take? Will you offer gift cards or a loyalty program?
The decision between a cash register or POS system might only come down to the budget of your business.