Point of Sales (or POS) transaction refers to the moment where the customer makes the payment against goods or services. This payment process can be completed via any of these mentioned methods, including payment via cash, credit cards, debit cards, mobile payments, loyalty points, and even gift cards. A study revealed that the POS transaction has marked a remarkable double-digit growth in this existing year. This POS funding offers numerous benefits including the improvement of cash flow, enhancing the sale of products, and maintains a positive image of the company.
The point of sale transaction also offers the consumer goods at the best price and further aids in retaining the existing customer’s base. As per the data unveiled by the National Payments Corporation of India (NPCI), November 2019 was recorded with a count of total 2740671 RuPay enabled PoS Terminals. Whereas the data revealed by the European Association for Secure Transactions (EAST), stated that a total of 14,720,689 POS Terminals were deployed in Europe as of June 2019.
With the advancement in technology, point of sale transaction also witnessed numerous advantageous changes enlisting to:
It is one of the major advantages of Point of sale system that all the transactions via the system are in a quick mode. Besides, no one wants to spend their time standing in a queue and waiting for their turn. Moreover, the POS system is also better as compared to manual billing, as it is well-equipped with trustable hardware like barcode scanner, receipt printer, etc. that allows fast billing in much lesser time.
Point of sale system can also be considered ideal for inventory management. As one can easily track the overall sale of the product and get notified about the stock up-gradation. The POS system thus proves to be the best and innovative system compared to the maintenance of cash registers.
Another advantage of Point of sale system accounts to the lowering of costs incurred in the business. For instance, this system decreases the need for many employees, owing to the adoption of automation systems during billing. Moreover, these systems are also capable of enhancing the productivity of the staff, by acknowledging their skills like time management features.
With the point of sale system, one can also add or choose the payment mode as per the buyer. The POS system enables the selection of best payment options among others, including credit cards, debit cards, online banking or others.
Easy to upgrade:
Cash registers are hard to upgrade, and on the contrary, the POS system can be upgraded easily. Additionally, one can also add extra features as per the requirement. It makes the software better and eases the workflow of the user.
Proves to be accurate:
The POS system also ensures to maintain accuracy within the records. For instance, if the price of the product changes, the point of sale systems updates the same and ensures it to maintain it overall.
The POS system also allows the user to track the customer’s detail. This way, it becomes easy for the user to suggest the best product for their clients.
The point of sale systems thus proves best in enhancing the performance of the business. This system offers features that can be added or upgraded as per the requirement. So, one should be very careful while buying the POS system.