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You might not know what a PoS system is. But each time you make a trade at a retailer, you interact with a PoS system without knowing it. A PoS system is a combination of software and hardware that efficiently runs and manages a retail shop. In addition to processing retail transactions, it may handle stock, staff members, customer loyalty programs, and process administrative, management, and marketing activities.
PoS stands for Point of Sale, in which the transactions occur when the customers exchange cash for products and services. But nowadays, there are portable PoS systems too. Mobile PoS systems can operate on a variety of devices from desktops, tablets to laptops and cellular phones, converting any region of the shop a point of sale. The most common physical components (hardware) of a PoS system is made up of PoS terminal, barcode scanner, electronic scale, PoS printer, credit card reader, and cash drawer. The software features of a PoS system can differ based upon the complexity of each system.
PoS Terminals
PoS It’s, in a sense, a cash register with special powers. These electronic cash registers have touch screens instead of the old style cash register’s buttons. In addition to recording transactions and issuing receipts, it may do far more with the applications incorporated to the terminal. You may connect many devices such as barcode scanners, credit card readers, and cash drawers into the PoS terminal through USB or Bluetooth.
Bar Code Scanner
The retailers with massive stock use barcodes to accelerate their stock management and checkout processes. A barcode scanner is an optional device which you can link to the PoS terminal. Most retailers are encouraged to invest in them as it enables a quick check out process.
Credit Card Reader
Sometimes this is called a credit card terminal as well, and retailers use them to process credit card payments. The most modern units can accept NFC (near-field communication) payments from cellular payment providers such as ApplePay, GooglePay, etc..
Cash Drawer
Even Though most clients prefer to pay with credit/debit cards, most businesses still need a cash register to serve the customers who pay in cash. You are able to link PoS compatible electronic cash drawer to a PoS terminal. These electronic cash drawers are available in several sizes to help companies of different scales.
Integrated Payment Processing
PoS System can directly connect to the applicable banks and process the card payments in-house. Since there’s absolutely no third party involved, this guarantees secure credit card payments.
Inventory Management
Sellers can easily keep track of their inventory and maintain it with the support of this attribute. With real-time stock tracking, the retailers can organize, categorize the purchases. At any given time, they can assess the status of the inventories with a PoS system.
Report Generation
The preset reports supply a wide selection of reports from sales, inventory, workers. Retailers may have a realistic idea about the shares, performance of the store, employees, and high-volume sales periods to make the company more efficient and create additional profits. Almost all shops have PoS printers linked to their PoS systems, which makes it convenient to print the reports which are helpful to analyze sales progress.
Staff Management
It enables to set unique levels of accessibility to the PoS system. The front-end staff, back-office employees, and the management will have custom permission. In this way the administration can control the qualities and information available for your employees. Also, this attribute can schedule work shifts, track working hours. In addition, it may evaluate the performance of the employees, based on their individual work performance.
A PoS system can make a significant change in how you run your retail store. You can make informed decisions and grow your company in the coming years.
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