Get To Know The Point of Sale

POS. We often see or read this acronym but what exactly does it stand for?

What is POS?

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:

• Choosing to being open on weekends

• Identifying the best sellers of your products

• Picking out the highest seller of your sales team or sales branch

• Determining the most effective marketing campaign that you have utilized 

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?

What is an On-premise POS? 

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.

What is cloud POS software? 

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.

BIR-accredited easyPOS is your all-in-one solution to manage your sales, inventory, and customer data in real time!

Click to Learn More.

BIR-accredited easyPOS is your all-in-one solution to manage your sales, inventory, and customer data in real time!

Click to Learn More.

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: 

1. POS terminal

This is the hardware that is used to accept and make payments.

There are wireless handheld POS terminals that can cultivate a great customer experience and can also improve employee efficiency by making more sales to be transacted at any given location within the establishment as against one that is always being used to paying at only the assigned checkout counter. 

2. Keyboard and mouse

These two are often called input devices. 

These are connected to the POS terminal or they can be used through software on the display unit.

3. Barcode scanner

This scanner connects with the cloud POS software’s inventory management component to help update levels of product stock so it can determine when there are only a few remaining stocks left. 

4. Display Unit

The display unit is at the heart of the cloud POS software.

It is the main interface utilized to take orders and go through the checkout process.

It can also balance out cash and take a look at inventory, performance data, and customer information. 

5. Card Reader

The card reader is the one responsible for reading the magnetic strip in credit and debit cards.

It can also scan ID cards so you can track sales and inventory on the same device.

6. Cash drawer

There are choices available for cash drawers with a variety of features like the ones that are removable and those that have key locks.

7. Printer for receipt

Most POS and inventory management software  comes with a receipt printer.

Many advanced and  more modern cloud POS software provide alternative receipt options made available through text or email.

8. Display Pole

The display pole gives customers a good view of the running total of items scanned, which includes prices and other product orders information.

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:

• Fast and Accurate Sales recording and monitoring

• Maintain Price Consistency

• Ease of Use

• Avoid Pilferage and theft

• Enhance Internal Control

• Friendly POS System for Small Businesses

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.

BIR-accredited easyPOS is your all-in-one solution to manage your sales, inventory, and customer data in real time!

Click to Learn More.

BIR-accredited easyPOS is your all-in-one solution to manage your sales, inventory, and customer data in real time!

Click to Learn More.