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POS. We often see or read this acronym but what exactly does it stand for?
It stands for Point of Sale.
It is a strategic place where a transaction is typically done after a point of sale or purchase during a customer’s shopping experience.
Generally, it is a retail management system that takes care of orders, purchases and payments.
While it would often refer to the location where purchases are made, it can also mean the kind of software that is used to do these transactions.
It could also be the system or virtual payment gateway used to process card payments when online sales are obtained.
And it actually can do so much more than just payment and check out!
POS systems are also capable of inventory management, customer management, back office management, staff scheduling , reporting and even payroll.
Most often a cloud POS solution does all these.
Understanding POS is easy.
Whatever your company goals are, whether you are considering harnessing marketing, growing sales, speeding up delivery processes or improving inventory management, the best POS and inventory management system can help bring your goals to fruition.
One of the main features of the POS system is its capability to accept varied forms of payment like cash, cards (both credit and debit cards), Gift Certificates, mobile as well as virtual payments.
Do you know that a Point Of Sale system not only does purchase transactions but it can also bring to the table valuable cutting edge insights that help address concerns that eventually occur during the course of your business operations?
To mention a few these are:
The POS system that processes all the services discussed is basically software.
There are two primary kinds of POS software namely on-premise and cloud-based or cloud POS solution.
What is the difference between the two POS software?
The on-premise POS and inventory management software is a one-time purchase that most often hurts the wallet.
It is considered to be a company’s investment for such a software that can require a license and also needs periodic systems update and maintenance.
Also, be sure to keep a backup of your system, preferably off site, just to be preemptive in case there is a system failure or it catches a virus and gets corrupted.
Another factor to be considered is that there should be a local installation of hardware at your office or at a desired and secure location.
It runs in the cloud which is safe and accessible anytime and anywhere plus it is highly scalable meaning, it is expandable and can handle heavy workloads and a large number of transactions.
Scalability is one of the many features in a cloud based POS software which makes it saleable because it implies that growth can take place without having to do makeovers or learn new processes.
It also has low leases and other upfront costs .
Most businesses also choose cloud POS software because of its affordability and practicality with very pocket- friendly subscription fees.
The subscription fees for cloud POS software is totally worth it since it offers reliable data security, trustworthy system updates, consistent maintenance, third-party constant integrations, and persistent backups.
It is a given that the primary functions of a POS system in retail marketing is encoding orders, scanning barcodes, accepting payments and printing receipts.
As such the cloud POS software consists of different hardware components that aid in performing such functions.
The following components are:
Manage your daily transactions with EasyPOS.
EasyPOS sets your establishment the right way by helping you manage day-to-day transactions efficiently and on the dot with the following benefits:
Get to know the point of sale and discover the many benefits it can provide in your retail journey through https://human-incubator.com/easy-pos.