In general, a POS stands for Point Of Sale or point-of-sale, which is a part or terminal for the checkout process for e-commerce sites or physical retail stores.
It facilitates billing and accepting payments through several modes such as debit/credit cards to finalise the transaction. Usually, it is a whole terminal with a display monitor, scanner, printing unit, and cash register. In today’s world, you can come across a POS machine as small as your smartphone.
Types of a point-of-sale machine
Maximum POS machines use a wired, wireless, or telephone line connection to complete a transaction. Now, POS systems with SIM card operations are available. Based on the methods, you can distinguish point of sale systems as:
• GPRS POS – It is the POS machine that uses a SIM card for data transmission.
• PSTN POS – Such a point-of-sale system uses a standard telephone line i.e., a public switched telephone network.
• Ethernet POS – As per its name, it uses ethernet IP and has external hardware tools such as printers and scanners.
• Mobile POS or MPOS – It relates to a software tool that a provider allows you to install on your smartphone and transfer or accept the payment. The used technologies are Bluetooth, NFC, etc.
Common features of a POS system
Buying and installing a POS machine is highly beneficial. Before you buy one, you should know about its features. Here are some common features for your reference:
• Onsite or cloud-based systems
• Options for integration with existing business systems or the whole system
• Compatibility with third-party processors and hardware
• Ease of use
• Good pricing and Increased functionality
• Customer support service
• Software popularity
• Implementation and training services
• Track real-time data about sales performance
• Manage taxes
How does a POS machine help you in your business?
The use of a point-of-sale system offers many advantages. Here are some benefits of a POS machine for your business:
• Live data access
• Payment processing
• Automation of inventory management
• Accurate sales history
• Help in customer marketing
• Streamlining the taxes and accounting
• Simplifying the process of staff management
How can you get such a POS system?
In the selection and purchase of a POS software tool, you need to be very careful. Here are some steps that you can follow:
• Know your business needs
• Explore the available options
• Pay attention to the features that suit your need
• Select a vendor based on points like industry experience, market reputation, support services, etc.
• Compare and contrast to choose the best one