A Point of sale or a point of purchase is where you approach customers. When customers browse online, select the products and add them to the cart, they are at the point of sale. Your point of sale consists of hardware and software that allows your business to make sales.
A POS accepts the payments for your business from the customer and keeps a record of sales. This process is followed differently and also depends on whether you sell offline or online.
The Process of POS.
A customer decides to purchase a service or a product: If you are selling offline, you must inform the associate to ring them. The associate will look for a tag or a barcode scanner to know the product’s price. Square Point of Sale, a POS system allows users to visually scan the product from the camera. At the same time, online, the final price is revealed in the end.
POS system calculates all types of Taxes to be collected:
The POS will calculate all the taxes of sales or government and will show you the final amount.
Customer Pays: To complete the purchasing process, the customer will either choose the option of a Credit Card or a Debit Card for the payment along with the loyalty points or coupons. Based on the type of payment of the customer, the bank releases the transaction.
The transaction is finalized :
At this point, you’ve made a sale. A digital or a print is being prepared, and the product is shipped or handed over.
Varieties of POS solutions available
Almost all the businesses use software, but not all need POS hardware. If you run an online business, you probably don’t need POS hardware, but if you are running offline, you might need some gadgets.
Types of Hardware :
A Register: To Calculate and Record a Transaction
Connected Electronic Device: Like an Ipad or a tablet for the staff to work easily
Credit Card Reader: A card reader allows you to securely pay by either credit or a debit card.
Printer: You need to print the bills or the receipts, and for that, you need a printer.
Cash Drawer: You need to keep the cash safe or the transaction receipts to calculate the sales. It would be best if you had a separate drawer for this.
Barcode Scanner: A scanner scans the product’s information. Based on that, you can double-check the price or other details.
Other than these POS Solutions, there is POS software that accepts cash. They are
Cash, Online secure payments, contactless payments like Google Pay, chip cards, Card not present transaction.
Apart from the basic software and hardware of POS, there is other software as well, which are unforgettable. Inventory Management software allows us to keep a record of the products.POS reports give an idea about the sales and the profit. At the same time, Team Management software keeps an eye on the employees and their performances.
Receipts are the best records either for a refund or sales. Also, the CRM tool keeps a record of the purchase along with the date and time.