Know about the 4 Different Types of Cash Registers

With the advancement in technology and the ways we conduct our financial transactions, cash registers have evolved. Using a cash register is relatively simple where all you need to do is - scan the items or manually enter the labelled prices, calculate the total amount of the purchased items, accept the payment, and issue a receipt of the transaction. Modern POS systems offer the ability to check inventory, process orders for out-of-stock items, view the purchase histories of customers, and do other tasks to enhance customer’s shopping experience. However, to carry on with these tasks efficiently, you need the right POS cash register training because of the complex software solutions of modern POS systems.

In this article, we have discussed about the 4 different types of cash registers that are widely preferred in today’s world.

1.    Electronic Cash Register (ECR): These devices were used for many years as the only mode of accepting payments using credit cards or electronic means. With time, they added features for sales tracking and reporting and some simple inventory data management. Even though the use of electronic cash registers is obsolete these days, small business owners who do not require inventory tracking or management use this device. The electronic cash register comes with an input screen and a cash drawer placed below the screen. The older versions of an ECR had analogue pads whereas the newer ones have digital screens. These devices can be controlled using a mouse, keypad, or touch and are equipped with receipt printers and barcode scanners. These barcode scanners are required for other basic inventory operations. Additionally, these devices are battery-operated or hard-wired into an outlet. In short, electronic card readers are the perfect option, especially for those retailers who are looking for basic sales operations, low setup costs, and overall ease of use.

2.    Point of Sale Cash Registers: With the onset of the point-of-sale (POS) systems, there has been a monumental change in the world of cash registers. The introduction of numerous new features to the electronic cash registers (ECRs) offers better flexibility and customisation. Retailers are provided with an array of business assistance. The point-of-sale cash registers come with scanners that allow businesses to collect and analyse data using POS software. These POS software can perform multiple functions like:

·      Inventory Management

·      Product Performance Analysis

·      Sales Report and Metrics

·      Employee Management

·      Customer Relationship Management (CRM)

·      Loyalty Programs

·      Sales, Promotions, and Discounts

·      Multi-store Consolidation

·      Franchising

·      Commission Calculations

·      Tip Management

·      Accounting Tools

·      eCommerce Integrations, and many others

The revolutionised POS cash registers not only help business owners run their store operations seamlessly but also offer customers an improved user experience. The customers do not have to wait in long queues anymore, the checkout areas look cleaner and organised, and human error or troubleshooting is negligible.

3.    Mobile Cash Registers on Tablets: Even though most large businesses require desktop POS machines, there are many businesses that operate on a mobile point of sale (mPOS). These cash registers also come with features to enhance business operations but are less expensive than traditional desktop point-of-sale systems. Unlike desktop cash registers, mobile cash registers are portable and can be moved anywhere in the retail space which allows sales associates to check out customers quickly and easily. These devices come in handy, especially during rush hours. However, there are a few drawbacks to using mobile cash registers:

·      Tablets have low processing power as compared to desktops and will therefore not be able to complete transactions as quickly as desktops.

·      Navigating back-end features is also difficult using mobile cash registers.

·      Mobile cash registers, specifically tablets, are prone to theft (Albeit maintaining proper security within the store can protect from unwanted retail theft).

Mobile cash registers should be equipped with all the basic cash register features such as an EVM-equipped credit card reader, contactless forms of payment, a laser receipt printer offering enhanced speed and high-quality prints, a robust cash drawer that can handle constant opening and closing, and a sturdy barcode scanner for checkout and inventory tracking.

4.    Cloud-based Cash Registers: The most recent advancement made to cash registers is that both desktops and tablets can now be operated through the cloud. A cloud-based system has many benefits and offers great flexibility. Cloud-based systems also offer better connectivity and can be accessed through any supporting device from any location where there’s a stable internet connection. This means you can access these cash registers and review and update them from off-site as all data is stored in a remote server and is updated in real-time. Business owners can therefore track their daily sales, manage their inventory, complete orders, track promotions, perform accounting tasks, and conduct other operations remotely. Since the data is stored in remote servers, there is less possibility of theft, hence all inventory, product information, and financial information is better protected. Cloud point-of-sale cash registers keep your system updated at all times with automatic software upgrades.

Now that we have discussed the types of cash registers, let us talk about the basic components of a POS cash register.

A point-of-sale cash register functions with the help of the below-mentioned components of a POS system:

1.    POS computer - runs the software and is used to make sales transactions, track and analyse reports, and inventory management.

2.    Cash drawer - an essential component of the cash register, used to store cash, credit card receipts, and other paperwork. The cash drawer opens when a signal is sent to it from the POS computer or the receipt printer.

3.    Customer display - used to display all the transaction details to the customer, thereby maintaining transparency with them.

4.    POS monitor - You can opt for LCD monitors that are sleek and consume less space at the checkout counter. Stand Alone Touch Monitors are the most widely preferred option. At the same time, depending on the type of business, you can decide if you are looking for touch screens or traditional keyboards.

5.    Keyboards - that will be useful if you opt for a traditional computer. However, you need to check your keyboard’s size, its programmable requirements, and if it has a magnetic strip reader.

6.    Barcode Scanner - used to scan the barcodes from product labels.

7.    Signature capture devices - If your POS system is not equipped with an in-built credit card terminal, you can opt for Portable Data Terminals that can capture the customer’s signature and manage payments.

8.    Receipt Printer - Used primarily to print transaction receipts containing all information about the customer’s purchase.

Conclusion

Irrespective of the type of cash register you choose, ensure that you have all the necessary POS supplies handy. If you are on a hunt for the best cash register, POS Plaza is your solution. In case you wish to buy cash registers online, browse our official website and contact our experts who will walk you through our wide range of options and help you pick the best option for your business.