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You may not know what a PoS system is. But each time you make a trade 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 transactions, it can handle stock, employees, customer loyalty programs, and process administrative, management, and advertising activities.
PoS stands for Point of Sale, in which the sales happen when the customers exchange money for products and services. But nowadays, there are portable PoS systems also. Mobile PoS systems can operate on a range of devices from desktops, tablets to laptops and mobile phones, converting any region of the store a point of sale. The software features of a PoS system may vary depending upon the intricacy of each system.
PoS Terminals
PoS Terminal is the device where the software is executed. It is, in a way, 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 issuing receipts, it can do far more with the software integrated into the terminal. You may connect many devices such as barcode scanners, credit card readers, and cash drawers to the PoS terminal via Bluetooth or USB.
Bar Code Scanner
The retailers with massive inventory use barcodes to accelerate their inventory management and checkout processes. A barcode scanner is an optional device which you can connect to the PoS terminal. Most retailers 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 as well, and retailers utilize them to process credit card payments. These card readers may read that the magstripe by swiping the card and scanning the chip in the card. The most modern devices can accept NFC (near-field communicating ) payments from mobile payment providers like ApplePay, GooglePay, etc..
Cash Drawer
Even Though most customers prefer to pay with credit/debit cards, most businesses still need a cash register to support the consumers who pay in cash. These electronic cash drawers come in many sizes to help companies 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 assures secure credit card payments.
Inventory Management
Retailers can keep track of their inventory and maintain it with the support of this attribute. With real time stock monitoring, the retailers may 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 offer a vast selection of reports from sales, stock, workers. Retailers may have a realistic idea about the stocks, performance of the store, employees, and high-volume sales periods to make the business more efficient and create more profits. Almost all shops have PoS printers connected to their PoS systems, which makes it convenient to print the reports used to analyze sales progress.
Staff Management
It enables to set different levels of accessibility into the PoS system. The front-end staff, back-office employees, and the administraion will have custom access. That way, the administration can control the qualities and data available for the staff members. Also, this attribute can schedule work shifts, monitor working hours. Also, it can assess the performance of the staff members, based on their individual job performance.
A PoS system can make a significant change in the way you operate your retail business. You can make educated choices and grow your company year after year.
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