A point-of-sale (POS) system is a collection of software that allows shops and business owners to receive payments from consumers, among other things. It is the software and hardware that a retail businesses require to execute their operations. The point of sale is the fundamental hub that helps merchants run and grow their businesses, from purchasing and maintaining goods to processing transactions to managing customers and workers.
Even if you don’t realize it, most of you are familiar with point of sale (POS) systems.
What is a POS?
The term “point of sale” or POS refers to any location where a transaction can take place, whether it’s for a product or a service.
That’s usually the area around the cash register for retailers. If you’re at a restaurant for a typical diner and pay the cashier instead of the waitress, the area beside the cash register is also referred to as the point of sale. Your entire store effectively becomes a point of sale if you have a mobile POS.
What is a POS system?
The first thing to remember about a POS system is that it is made up of point-of-sale hardware and software. These two, when used together, provide merchants with all of the tools they need to accept common payment methods as well as manage and analyze their overall companies. Your point-of-sale system is used to track and organize your inventory, staff, customers, and sales.
To manage your business, you can choose from hundreds of point-of-sale (POS) software solutions. Some POS systems may be utilized in almost any retail environment, while others are tailored to specific industries such as restaurants or salons.
EZ PIN is also one of the main and important suppliers for resellers by offering a special POS machine for selling gift cards. If you are a gift card reseller and want to cooperate with EZ PIN, read this article.
What Is a Mobile POS System?
As a result of cloud-based servers, shops could begin using their POS system simply entering into their corporate portal using any device with internet connectivity (whether a laptop, desktop, tablet, or smartphone).
Retailers can manage their entire business from any device, at any time, with a mobile POS system.
The software for most POS systems includes gift card modules. Issuing, loading, debiting, and reloading gift cards follows a fairly straightforward procedure. When the magnetic stripe is swiped or the barcode is scanned, the POS system usually recognizes new or previously issued gift cards automatically.
Mobile POS systems have opened up a slew of new revenue streams, such as pop-up shops and selling at trade events and festivals.
Benefits of A Mobile POS System
- Checkout and payments on the go
- Inventory management that is centralized
- Access to sales reports in real time
- Employee scheduling and management with advanced client data
- Payment processing that is integrated
- Manage your business from anywhere, on any device
- Open new stores as soon as possible
- Capabilities in customer relationship management
Hardware Needed for A POS System
Depending on the nature of your business, you may require different hardware products. Although we’ve listed the most common hardware used by retailers, bear in mind that not every company need all of these items.
- POS terminal
- Credit card reader
- Receipt printer
- Barcode scanner
- Cash drawer
POS terminal
The device on which the mobile POS software operates is known as a POS terminal.
Credit Card Reader
A credit card terminal is another name for this device. It is the method by which merchants accept credit and debit card payments.
Receipt Printer
Even though the majority of customers prefer electronic receipts, it’s still necessary to provide printed receipts.
Barcode Scanner
A barcode scanner is essential for retailers who have a lot of inventory to manage, stock, and speed up their checkout process. A barcode scanner can be connected to a compatible POS terminal through USB or Bluetooth, just as receipt printers and cash drawers.
Cash Drawer
Most businesses require a cash drawer to accommodate customers who want to pay in cash. They are often available in a variety of sizes to handle a wide range of corporate needs. Inserts for the cash drawer are known as cash register trays. To store and organize various monetary denominations, they contain several bill tray and coin tray divisions.
POS Transaction
A point-of-sale (POS) transaction occurs when a transaction is completed or when a customer tenders’ payment in return for goods and services. Cash, debit cards, credit cards, mobile payments, and even earned loyalty points can all be utilized as forms of payment.
Loyalty Program Add-ons
A loyalty program based on a mobile app is also available from some POS system suppliers. Consumers are more likely to buy products from a company that offers a loyalty program and more than half of them prefer mobile app-based. Surprising? Not at all.
If you want to know more about Customer Loyalty, read this article.
Best Point of Sale (POS) System for Your Business
The point of sale system you choose has a significant impact on how you conduct your business on a daily basis and how you grow it year after year.
There are numerous options available. We’ll assist you in locating the best point-of-sale system for your gift card business. To begin, speak with one of our experts in EZ PIN.
