Top POS System Providers in Singapore

Why use a POS System?

Operating a retail store requires certain administrative, management and marketing skills.

From ensuring that there is enough inventory to putting together monthly sales reports, these skills ensure smooth business operations.

Having a point of sale (POS) system can go a long way in ensuring that all your operations are running smoothly.

What is the Point of a Point of Sale (POS) System?

A point of sale system, or POS, is the place where your customer makes a payment for products or services at your store.

Every time a customer makes a purchase at your store, they are completing a point of sale transaction.

The POS serves as the central component for your business; it is the hub where everything—like sales, inventory, and customer management—merges.

As apparent as the benefits of a POS system are, it has been reported that 56 percent of single-store retailers are still not using one.

Instead, the reports state, many are still using a combination of manual methods, cash registers, QuickBooks, and Excel for bookkeeping.

So why have retailers not taken that step to POS yet?

To begin with, implementing new technology—especially technology that is central to your business process—can be intimidating and daunting.

Retailers need to consider the negative effects of not installing a POS System to streamline business operations.

Understanding what a POS system is—its software and hardware components, its capacities—will enable you to make an enlightened procurement decision.

Software Components of a POS System

Every POS system comprises of software and hardware components that make running the daily operations of your business easier and faster.

It is important to understand what POS software options there are and what each have to offer.

Hardware Components of a POS System

These are the common physical components required to get your POS up and running.

Monitor/tablet: Displays the product database and enables other functions, such as employee clock-in and viewing sales reports.

Tablets—especially iPads—are popular for replacing bulkier monitors.

Barcode scanner: Automates the checkout process. Scanning barcodes pulls product info and adds it to the checkout total.

Barcode scanners can also integrate with inventory management systems to automatically adjust stock levels.

Credit card reader: Since the EMV payment standard went live in 2015, secure and EMV-compliant credit card readers are a must-have. Non-compliant retailers face potentially huge losses on account of fraud liability.

Receipt printer: Email and text receipts may be gaining popularity, but paper receipts remain essential for providing customers with a quick snapshot of their purchase or returns.

Cash drawer: It may fade away in years to come, but cash is still king.

Until then, you will need a secure place to store cash for transactions.

Another benefit of cash: there are no associated credit card fees.

Key Features of a POS System: What to Seek and Discern When Buying

Many tasks in a retail store can be overly mechanical, tiring, and squander resources.

With the right POS system, retailers can streamline important daily business operations with improved efficiency.

An analysis with POS software buyers identified key features that retailers and restaurants single out when selecting a POS system:

Sales Reporting: On the surface, most POS systems enable you to look at your sales. The difference lies in how those numbers are presented, the ease at which data can be accessed and how much detail you get.

Your POS system should essentially be able to:

Generate detailed sales reports (based on product, hour, employee, total cost of items sold, total retail amount, net profit, profit percentage, gross margin)

Provide quick snapshots and charts on your store’s sales performance

Inventory Management: One of the most important functions of a POS system, inventory management, at its very essence, keeps track of all products so you know when it is time to order/or not order specific products.

Your POS system should enable you to:

Scan and count products digitally
Manage your stock by creating product variations (size, color)
Identify pieces of inventory with a unique serial number
Track inventory levels across multiple locations
Enable seamless ordering such as automatically setting custom reorders of best-sellers
Consolidating purchases and orders in one order
Customer Management: Building strong relationships with your customers will lead to repeat business. A POS should have customer relationship management (CRM) to track all customer data.

Your POS system should give you the ability to:

Attach a sale/transaction to a customer
Keep track of your customers’ purchase history
Capture customer information such as name, age, birthday, phone number and email address
Use email marketing to keep in touch with them
More advanced systems will have a built-in loyalty program
Employee Reporting and Management: The performance of your employees can make or break the success of your store. Having the ability to set sales targets as well as know who your top performers are and who requires extra coaching will help increase sales.

Your POS system should give you the ability to:

Add employees to your system
Create and modify schedules for employees based on forecasted activity
Email schedules to employees
Track employees’ hours weekly and over time
Analyse who your top performers are

POS Systems in Singapore

In 2020, almost every department store throughout Singapore malls already use a retail POS system at their cashier counters.

Not only department stores, but restaurants, drug stores, beauty shops, and even coffee shops have begun using a retail POS system to facilitate the transaction processes.

Many business owners have begun to realize the reason why it is crucial to speed up the transaction process and increase the precision, exact registration of all transaction records.

Sample costs of POS Systems in Singapore

Hardware per outlet can range from $10,000 to $30,000 depending on your needs i.e. automated kiosks.

Furthermore, cloud-based POS systems have subscription fees ranging from $500 to $3000 per month.

Trustworthy cashiers are usually difficult to hire.

They may also pilfer and embezzle earnings.

Consider using automated cashier machines or e-menu (investment of $30,000-$50,000) to increase scalability of your business and reduce hiccups, breakdowns slowing your business operation, profits.

Editor’s Note:

While every precaution has been made to ensure the accuracy and fairness of this listing, we acknowledge that they may be inaccuracies. Therefore, we urge you to contact the service provider above for the correct information and/or contact us with the correct information.

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