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You might not know exactly what a PoS system is. But each time you do a trade at a seller, you interact with a PoS system without knowing it. A PoS system is a combination of hardware and software that efficiently runs and manages a retail store. Along with processing retail transactions, it may handle inventory, employees, customer loyalty programs, and process management, administrative, and advertising activities.
PoS stands for Point of Sale, where the transactions occur when the customers exchange cash for products and services. But nowadays, there are portable PoS systems also. Mobile PoS systems may run on a variety of devices from desktops, tablets to laptops and mobile phones, making any region of the store a point of sale. The software features of a PoS system may vary based upon the intricacy of every system. Payment processing, stock management, report generation, and employee management are the principal features of a PoS system.
PoS Terminals
PoS Terminal is the unit where the software is run. It is, in a sense, a cash register with superpowers. These electronic cash registers have touch screens in place of the old style cash register’s buttons. In addition to recording sales and printing receipts, it may do a lot more with the applications integrated into the terminal. You may link many devices such as credit card readers, barcode scanners, and cash drawers into the PoS terminal via Bluetooth or USB.
Bar Code Scanner
The retailers with massive stock use barcodes to speed up their stock management and checkout processes. A barcode scanner is an optional device that you can link to the PoS terminal. Most merchants are encouraged to invest in them as it helps for a swift check out process.
Credit Card Reader
Sometimes this is referred to as a credit card terminal as well, and retailers utilize them to process credit card payments. These card readers may read the magstripe by swiping the card and scanning the chip in the card. The most modern units can accept NFC (near-field communication) payments from mobile payment providers such as ApplePay, GooglePay, etc..
Cash Drawer
Even Though most customers prefer to pay with credit/debit cards, most companies still need a cash register to support the consumers who pay in cash. You can connect PoS compatible electronic cash drawer into a PoS terminal. These electronic cash drawers come in many sizes to help businesses of different scales.
Integrated Payment Processing
PoS System can directly link to the applicable banks and process the card payments in-house. As there’s absolutely no third party involved, this assures secure credit card payments.
Inventory Management
Retailers can keep track of the stock and maintain it with the support of this feature. With real time stock monitoring, the merchants may organize, categorize the purchases. At any particular time, they can assess the status of the inventories with a PoS system.
Report Generation
The pre-programmed reports offer a wide range of reports from earnings, inventory, workers. Retailers may have a realistic idea about the stocks, functionality of the shop, employees, and high-volume sales periods to make the business more efficient and create additional profits. Almost all retailers have PoS printers linked to their PoS systems, which makes it convenient to print the reports which are helpful to scrutinize sales progress.
Staff Management
It enables to set unique levels of accessibility to the PoS system. The front-end staff, back-office staff, and the administraion will have custom permission. That way, the administration may control the qualities and data available for your staff members. Additionally, this attribute can schedule work shifts, monitor working hours. In addition, it can assess the performance of the employees, depending on their respective work performance.
A PoS system can make a significant change in how you operate your retail store. You can make educated choices and grow your business in the coming years.
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