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You may not know exactly what a PoS system is. But each time you do a trade at a retailer, you interact with a PoS system without realizing it. A PoS system is a mix of software and hardware that runs and manages a retail shop. Along with processing retail sales, 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 occur when the customers exchange cash for products and services. But thesedays, there are portable PoS systems also. Mobile PoS systems can operate on a range of devices from desktops, laptops to tablets and mobile phones, making any part of the shop a point of sale. The most common physical components (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 based on the complexity of each system.
PoS Terminals
PoS Terminal is the unit where the software is executed. It is, in a sense, a cash register with special powers. This type of 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 a lot more with the applications incorporated to the terminal.
Bar Code Scanner
The retailers with huge inventory use barcodes to accelerate their inventory management and checkout processes. A barcode scanner is an optional unit which you are able to connect to the PoS terminal. Most retailers don’t hesitate to buy 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 use them to process credit card payments. The latest units can accept NFC (near-field communication) payments from mobile payment providers like ApplePay, GooglePay, etc..
Cash Drawer
Even Though most customers prefer to pay with credit/debit cards, many companies still need a cash register to serve the consumers who pay in cash. These electronic cash drawers are available in several sizes to assist 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 is no third party involved, this assures secure credit card payments.
Inventory Management
Retailers can keep track of the inventory and maintain it with the help of this attribute. With real-time stock tracking, the retailers can organize, categorize the purchases. At any given time, they could check the status of the inventories using a PoS system.
Report Generation
The pre-programmed reports offer a vast selection of reports from earnings, inventory, employees. Retailers can have a realistic idea about the shares, performance of the store, staff, and high-volume sales periods to make the company more efficient and generate more 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 different degrees of access into this PoS system. The front-end personnel, back-office staff, and the management will have custom permission. That way, the management can control the qualities and information available for your employees. Also, this feature can schedule work shifts, monitor working hours. Also, it may assess the performance of the employees, based on their individual work performance.
A PoS system can make a significant change in the way you run your retail business. You can make informed choices and grow your company year after year.
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