What is a Point of Sale System?
A point of sale system is a retail point where your customer pays you for the products and services that you have provided. It is the modernized version of the traditional cash register. It consists of a monitor, cash drawer, barcode reader/scanner, receipt printer, customer display and debit/credit card accepting machine. It is a mixture of software and hardware that makes your everyday business chores easy and the transactions of payments hassle free.
A point of sale system is a must have for today’s businesses as it helps in digitalizing and managing your business. It allows you to accept plastic money; accepting credit cards will open a new world for your business and customers. It also offers you better management of your inventory i.e. it helps in keeping track of your stock. For the best selection of products, including a Revel POS System, Merchant Account Solutions will be able to help you meet your needs.
It is a type of electronic transaction terminal comprising of a computer, a cash register and other software’s that are used to sell goods. Terminals can also transmit sales data to be sent to customers accounts.
Types of POS:
There are many types of POS but the three major are;
- Countertop POS
- Retail POS
- Mobile POS Reader
These are the simplest and most popular type of POS widely in use. They are very uncomplicated and easy to use both for you and customers. These systems consist of credit card readers that are connected via LANs or dial-up connections.
It is a more specialized software system used in business places with high traffic influx like large stores, restaurants, museums etc. they’re connected via a gateway. They enhance the functionality of the business as they can also provide the inventory details, customer orders, employee’s data, accounts data.
Mobile POS Readers:
It is a non stationary POS the user can move it along with him; it is highly suitable for vendors or door to door salesmen. It is usually downloaded on mobile phones of the merchant. If your business primarily processes face-to-face transactions, you will want to consider Clover 2.0. This card reader will allow you to process cards, whether you are at the register, in line or at the table. You simply need to have an iPad or iPhone to accept payments.
Why POS are better than cash registers?
Here are some of the reasons why POS are better than old traditional cash registers;
- Simplify the records:
As compared to a typical cash register the sales transactions made through a POS are relatively easier to maintain as all the receipts are present online so the risk of losing them is minimized.
- Keeping track of in stock items:
Another advantage of using a POS is that small businessmen like store owners can track their biggest customer by keeping a track of the monthly sales. You can also keep a record of in stock items and whenever you are getting low on them you can restock.
- Faster Services:
It provides faster services from transacting payments to printing the receipt.
- Creating Purchase Orders:
With a POS you can also create your own purchase orders this simplifies your purchasing and also keeps you stocked up.
- Cheap Repairing:
The maintenance of a POS is much cheaper as compared to a cash register now as cash registers are fading away so their repairing is quite costly as technical personals are decreasing too.
POS Mobile Card readers:
This type of POS is most commonly used now as it’s more compatible with latest business techniques because it acts as wireless cash register and electronic point of sale both. Whether you run a business or a small retail store, you will need a reliable point of sale system. There are plenty of reasons your business will want to find a point of sale system. With a reliable point of sale system, you will be given immediate payment acceptance. Many small businesses avoid accepting credit cards due to the extra financial burden as terminals and merchant accounts are expensive but this new technology of mobile card reader can help in reducing this financial burden. An affordable solution that helps in easy traction is mobile card reader. Check out the wide variety of products from Merchant Account Solutions for a better way to run your business.
Benefits your Business can get from a Mobile Card Reader:
Some of the benefits of a POS mobile card reader are;
- Makes collecting of funds and records of transactions easy:
Mobile card readers make the transactions of funds much easier than the old cheque systems. There’s always a risk of delaying of payments due to bouncing of cheques. But in case of mobile card readers you get the receipt instantly and whole process is completed swiftly.
- Easy and inexpensive:
Its low cost than a credit terminal provided by a bank, which charges the retailer monthly terminal fee as well as transaction fee. Apart from this, one more advantage of using a mobile card reader is its ease of usage you just need to purchase a mobile card reader, setup a merchant account and you can start getting payments immediately and it helps in keeping your business credit secure.
- Management of accounts made easier:
With a mobile card reader maintaining of records becomes accessible. You get free of cost professional help and regular online statements makes managements of account untroubled.
- Adds lawfulness to your business:
Having an advance mode of payment options makes customers feel that your business is well established and follows all the rules and regulations. This gives a positive image of your business.
- Other Advantages:
Some other advantages of having a mobile card reader are;
You can enjoy functionality such as signature capture, tip add-on, and tax calculator with the right card reader.
This is the era of plastic money so accepting them is a need of the businessmen. Some of mobile payment methods that are accepted by different Point of Sale machines are discussed;
Near Field Communication (NFC) is a payment method which allows your phone and a payment terminal to communicate with each other whenever they’re nearby. NFC allows contactless payments.
NFC works by launching the payment application on your mobile phone, the payment is done by tapping the launch button in your application and then phone is tapped or touched on the payment terminal, a connection is made between the two devices. The procedure can be completed after you give approval by scanning your finger or entering pass code.
It allows you to make instant payments using your smart phones or tablets.
It is more convenient to use as it allows the user to easily pay using their smart phones.
It is highly secure as it needs your finger scanning for payment to proceed.
It gives its user versatility and a little bit of style too.
Apple pay is a mobile payment system introduced for Apple devices, which is a digital wallet and mobile payment system introduced by Apple Inc. It let users to pay using iPhones, iPads, Mac & Apple Watch. It was introduced in 2014.
It works via the principle of NFC you just have to take your Apple device near the mobile payment terminal then complete the payment by touching the Touch ID with the finger you have associated with your account.
It is the future of mobile payments you don’t need to download any app rather you just need to own an Apple device. You can pay in messages no other method gives this facility.
It is highly secure as it uses tokenization for making payments rather than cards.
It prevents fraud. With Apple your information is highly secured, so it’s almost impossible for fraudsters to steal your information.
Android pay is the payment method introduced by Google in 2015. It works almost same like Apple pay. It can be used to power in app and tap to pay purchases on your mobile devices.
It can work on any mobile device or tablet working on Android 4.4 or higher you just need to download the android pay application and you are all set to go. It also works with NFC you have to bring the device near to the terminal to proceed with the transactions.
It gives more rewards than Apple pay.
You can pay directly at vending machines by the rewards that you have earned.
It works on every mobile device which can support the Android pay application.
PayPal Here is an application introduced by the PayPal Holdings Inc. this service is provided to PayPal account holders because it needs PayPal account to make or process payments. It works both online and offline. PayPal charges a fee of 2.7% per card swiped and 3.5% plus 15 cents for transactions.
It is the app that accepts the widest range of payments.
It also accepts cheaques.
Funds can be instantly transferred using PayPal Debit cards.