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You may not know what a PoS system would be. But each time you do a transaction at a seller, you interact with a PoS system without knowing it. A PoS system is a mix of software and hardware that runs and manages a retail store. Along with processing retail sales, it can handle inventory, employees, customer loyalty programs, and process administrative, management, and advertising activities.
PoS stands for Point of Sale, in which the sales happen when the clients exchange money for products and services. But thesedays, there are portable PoS systems also. Mobile PoS systems may run on a variety of devices from desktop computers, laptops to tablets and mobile phones, making 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, PoS printer, electronic scale, credit card reader, and cash drawer. The software characteristics of a PoS system may vary depending upon the intricacy of each system. Payment processing, inventory management, report creation, and employee management will be the primary features of a PoS system.
PoS Terminals
PoS Terminal is the device where the software is run. These electronic cash registers are equipped with touch screens instead of the old style cash register’s buttons. In addition to recording transactions and printing receipts, it may do a lot more with the software integrated to the terminal.
Bar Code Scanner
The retailers with huge stock use barcodes to speed up their inventory management and checkout processes. A barcode scanner is an optional device that you are able to connect to the PoS terminal. Most retailers don’t hesitate to buy them as it enables a quick check out process.
Credit Card Reader
Sometimes this is referred to as a credit card terminal as well, and retailers use them to process credit card payments. These card readers can read that the magstripe by swiping the card and reading the chip in the card. The latest devices can accept NFC (near-field communication) 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 serve the consumers who pay in cash. These electronic cash drawers come in several sizes to assist businesses of various scales.
Integrated Payment Processing
PoS System can directly connect 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 easily keep track of the inventory and maintain it with the support of this feature. With real-time inventory tracking, the retailers may organize, classify the purchases. At any given time, they can assess the status of their inventories with a PoS system.
Report Generation
The preset reports supply a wide range of reports from sales, inventory, workers. Retailers may have a realistic idea about the stocks, performance of the shop, employees, and high-volume sales periods to make the business more efficient and create more profits. Most retailers have PoS printers connected 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 different degrees of access into this PoS system. The front-end staff, back-office employees, and the administraion will have custom access. In this way the management may control the qualities 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 respective job performance.
A PoS system can make a significant change in how you run your retail business. You can make informed decisions and grow your business in the coming years.
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