What is a Point Of Sale system?
Paymob offers next generational point-of-sale technology as it looks to the future with retailers and customers in mind.
A point of sale system, also known as a POS, is the place where your customer makes a payment for products or service from your store. This means that every time they purchase something from you, they have completed a point-of-sale transaction. It is therefore unquestionably a central component of your business, providing not only a payment acceptance facility, but also sale tracking and reporting, inventory, and customer management facets.
Interestingly, there are still businesses out there who have not invested in POS and are relying on manual methods such as cash registers and Excel for bookkeeping. Not only does this limit your ability to monitor and report on sales and stock quickly and efficiently, but it also means you are potentially restricting your customer base by not responding to their needs for contactless payment facilities. Now more than ever in the challenging world we live in the notion of carrying cash and making cash transactions seems very remote from the reality of modern e-commerce.
Having an efficient point-of-sale system can go a long way in making sure your operations are running smoothly, that you save money and boost business in the process, and ultimately that you achieve that crucial customer engagement.
The question now is why some retailers are still hesitant to implement this payment technology, particularly when its screams financial savvy and keeps your customers happy. The answer here is that bringing a new technology-based system into the mix can be overwhelming, scary, or both. However, in our view the negative consequences of operating a cash-only service are far scarier. There’s a very real risk of slowing down operations and missing critical data and customer insight, not to mention not benefiting from fast and effective inventory management, and above all missing out on widening your customer demographics and demand for your product or service.
Understanding what a POS system is – i.e. its software and hardware components and its capabilities – might help retailers to make an informed and confident buying decision.
In terms of software, the rules here are simple: you need to be looking for ease of integration first up, and flexibility. It’s important to ensure that the POS vendor you choose works with the payment gateway or processor of your cost, as this is faster to set up and gives you control over cost. If you are already using applications that are important to your business or your staff are comfortable with then whichever POS system and provider you choose needs to integrate with them seamlessly to avoid disruption and ensure all-round effectiveness. Paymob has this covered.
When it comes to the hardware there are common physical components regardless of which POS you choose. For example, the following will give you a greater picture of what’s involved:
This displays the product database and provides functions such as employee clock-in and viewing sales reports. Increasingly, tablets – especially iPads – are popular for replacing bulkier monitors.
Since the EMV payment went live in 2015, secure and EMV-compliant credit card readers are a must-have. There’s no getting around it. Non-compliant retailers face potentially huge losses and damage to their brand on account of fraud liability.
While email receipts are on the rise, paper receipts remain essential for providing customers with that quick snapshot of their purchase or for use in returns.
Although cash is on the decline, now more than ever in the cautious socially distanced world we are experiencing, there are still cash transactions, and these are stored
in the drawer.
Tap to Phone
This is the mobile phone contactless payment software that retailers across the globe have been waiting for. Tap to Phone enables the user to transform any Android smartphone into a contactless card reader with a smart App, for the ultimate ‘on the go’, payment-ready solution. Real-time mobile payments have never been easier. No more need for heavy, expensive equipment or user contracts, or even the need to carry these on you or in store. Now you can simply pull out your mobile phone touchscreen to accept a transaction. For retailers looking for a smart, intuitive and handy application at low cost but with multiple benefits there is no need to look any further.