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You may not know what a PoS system is. But each time you make a transaction at a retailer, you interact with a PoS system without knowing it. A PoS system is a mix of hardware and software that efficiently runs and manages a retail shop. In addition to processing retail sales, it may handle stock, staff members, customer loyalty programs, and process management, administrative, and marketing activities.
PoS stands for Point of Sale, in which the sales happen when the customers exchange money for products and services. But nowadays, you can find mobile PoS systems also. Mobile PoS systems can run on a variety of devices from desktop computers, tablets to laptops and mobile phones, making any part of the store a point of sale. The most common physical elements (hardware) of a PoS system consists of a PoS terminal, barcode scanner, PoS printer, electronic scale, credit card reader, and cash drawer. The software features of a PoS system may vary depending on the complexity of each system.
PoS Terminals
PoS Terminal is the device where the software is executed. It’s, in a sense, a cash register with superpowers. These electronic cash registers are equipped with touch screens in place of the old style cash register’s buttons. Along with recording sales and issuing receipts, it may do far more with the applications integrated into the terminal. You can connect many devices like barcode scanners, credit card readers, and cash drawers into the PoS terminal through Bluetooth or USB.
Bar Code Scanner
The retailers with huge inventory use barcodes to speed up their inventory management and checkout processes. A barcode scanner is an optional device which you are able to link to the PoS terminal. Most merchants are encouraged to invest in them as it enables a swift check out process.
Credit Card Reader
Sometimes this is referred to as a credit card terminal also, and sellers utilize them to process credit card payments. These card readers can read the magstripe by swiping the card and reading the chip in the card. The latest units can accept NFC (near-field communicating ) payments from cellular payment providers such as ApplePay, GooglePay, etc..
Cash Drawer
Even Though most customers prefer to pay with credit/debit cards, many companies still require a cash register to support the customers who pay in cash. These electronic cash drawers come in many sizes to assist businesses of different scales.
Integrated Payment Processing
PoS System can directly link to the relevant 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 the stock and maintain it with the support of this attribute. With real time inventory monitoring, the merchants can organize, classify the purchases. At any particular time, they can check the status of their inventories with a PoS system.
Report Generation
The preset reports offer a vast range of reports from earnings, inventory, employees. Retailers may have a realistic idea about the shares, performance of the shop, staff, and high-volume sales periods to make the business more efficient and create more profits. Most shops have PoS printers linked to their PoS systems, which makes it easy to print the reports which are helpful to scrutinize sales progress.
Staff Management
It enables to set unique degrees of access 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 features and data available for the employees. Also, this attribute can schedule work shifts, monitor working hours. In addition, it can evaluate the performance of the staff members, depending on their individual work performance.
A PoS system can make a significant change in the way you operate your retail business. You can make informed decisions and grow your business year after year.
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