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A retail POS is a multi-functional terminal.
Gone are the days of mainly accepting payments.
It is called Point of Sale for a reason.
POS is a shorter version of the Point of Sale Information Management System and it is equipped with a barcode or OCR code technology with cashier functions.
Retail businesses depend strongly on retail POS and inventory management software because of its convenience.
It can be installed at the designated retailer’s checkout counter.
Swiping of either a debit or credit card is made possible by connecting to the computer to form a network so that the automatic transfer of electronic funds can take place.
The retail POS has the functions of supporting consumption, pre-authorization, balance inquiry as well as transfer.
Doing payment transactions through a retail POS has been proven secure, fast, and reliable.
Information management, payment acceptance, and inventory management in the retail industry have always been a challenge.
The introduction of the retail POS systems has paved the way to clearing blind spots in inventory as well as an information system.
In essence, it has been a helping hand, a trusted partner in retail, something retailers totally depend on.
Now, how has retail POS helped retailers, and how has that process of sending and receiving information been very significant in the scheme of things?
1. First, the customer pays the checkout teller by presenting his or her card information to realize the purchase through the retail POS system.
2. Second, the card information is transmitted into the payment network, and then forwarded to the card payment company such as VISA or MasterCard or Europay.
3. Third, the payment companies VISA, MasterCard or Europay send the request to the card issuer which is the bank.
4. Fourth, the bank issuer then either approves or declines the transaction.
5. The approval or decline response is immediately sent to the payment company. In turn, the payment company sends the feedback to the retailer’s bank.
6. Next, the retailer’s bank forwards the feedback via the retail POS (point-of-sale) terminal, through an eCommerce website, or very seldom, over the phone, so that the payment transaction is approved and completed.
7. The card will either be approved and you will receive an authorization number, or it will be declined or referred.
The process of sending and receiving information may seem complicated but it is actually just simple.
The basic principle of the retail POS system is to first establish and input the product information into a computer file or system.
Through the retail POS connection structure which is already embedded in the software, the barcode on a particular product can be directly detected by scanning through the optical reading device.
It can now show and display the product information with the following: unit price, department, discount, rewards, etc.
The sales information of each product showing the price, the department it came from, the time duration, and the customer type is then systematically recorded which is immediately sent back to the computer.
The next one is the retail POS machine scans and reads the cardholder’s magnetic stripe information on the bank card through a card reader.
The retail POS in charge encodes the transaction amount and the cardholder is now asked to put in the personal identification number or PIN.
Then, the retail POS sends the information through the UnionPay center.
The bank that issued the card will now determine if the transaction is approved or not.
With the use of the retail POS and its ability to perform transactions with credit and debit cards, there is no denying that retail POS in retail is the way to go!
It improves efficiency, ensures the safety, speed, and accuracy of transactions, veers away from the tedious task of manually double-checking customers, assists in inventory thus helping in meeting pressing orders, and promotes overall company productivity.
It is now a fact that the emergence of retail POS machines has greatly changed people’s payment habits.
Even more, there are already mobile POS machines that use wireless communication technologies such as GPRS systems that have further harnessed and improved the ease and convenience of payment.
Now that there is a background of how information is transmitted through the POS and inventory management software, and so much for the technical aspect, what is the best retail POS in the market today you might ask?
Affordable, reliable, and perhaps the best retail POS in the Philippines today, the BIR-accredited EasyPOS can be your trusted partner in managing your retail business.
EasyPOS sets your establishment the right way by helping you manage day-to-day transactions.
If you are a budding small business owner, check out EasyPOS for a 65-day free trial and see how it works!
Please go to: https://human-incubator.com/easy-pos/