Point of Sale (POS) systems have completely changed the way that businesses today operate. Whether you are a new or seasoned business owner using a POS system, it can’t hurt to get your questions about POS systems answered. Payeex Payment Processing is a trusted payment solutions company, and we have put together this guideline outlining the answers to some of the most commonly asked questions regarding POS systems.
What Is a POS System & Transaction?
A POS system is a combination of hardware and software components that work together to facilitate a transaction between a business and a customer. A POS system offers payment processing, sales reporting, inventory management, customer relations management, and more. A transaction happens when a payment is finalized. Customers can pay by cash, debit, credit, online, or by loyalty points. By using a card, a PIN can be entered or a “tap” of the card can be performed to complete the sale.
What Payment Methods Do POS Systems Allow?
While not all POS systems support every type of payment, there are a few methods that are largely standard. They include the following:
- Cash/Coins
- Credit & Debit Cards (Tap, Chip, & Swipe)
- Digital Wallets (ApplePay, etc.)
- Gift Cards
- Loyalty Points
Can a POS System Improve Business Operations?
Not only do POS systems streamline the payment processing transaction between the business and the customer, but this system all around generates insightful reports so that business operations can make better decisions. As well, through automated processes, the percentage of human error decreases and businesses can better manage and optimize their daily operations
POS Register System Vs. Cloud-Based POS Software
What started as a POS register system has now been upgraded into a cloud-based POS software. Originally, a POS register system required little to no technology and its only functions were to add up purchases and to store cash. In the modern world, cloud-based POS software uses the same concept but utilizes the internet to prove an advanced system. A cloud-based POS software uses devices to accept payments and they allow a business to access collected company data.
Are POS Systems User-Friendly?
Today, many POS systems are designed with ease of use in mind. After all, if the employee can’t function the machine, customers will leave out of inconvenience. Most POS systems feature touchscreen functionalities, intuitive interfaces, and a straightforward setup without needed technical expertise. However, if you do run into problems, a good POS system provider will have a support line that will be able to provide you with a solution.
How Our Payment Processing Team Can Help
Overall, a POS system can be a powerful asset for a business to have as it can offer business efficiency, accuracy, and valuable insight. Payeex Payment Processing hopes this guideline was able to help you further understand the fundamentals of POS systems so that you can embrace this technological evolution in your business. If you are interested in implementing a system that ensures growth and success, a POS system is right for your business. Further inquire with our team at (905) 947-9818 today.