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POS Terminals and All You Need to Know

2019-04-15

Are you able to track all your sales in an efficient and accurate manner? If not, have you thought of trying a point of sale terminal for your business or organization? Touch POS terminals as commonly understood (the point of sale purchase) are computers equipped with software that enhances the stores activities mostly at the point of sale. Point of sale is where the transactions take place in a store at a strategic place like at the counter. Generally, the essence of the point of sale area is to allow the customers to pay for their items that have been purchased. This can be done by cash deposit or handing out the debit card then the authorization is done and a receipt printed.

The point of sale terminals can also be used for a variety of purposes like showing arrangement locations if it is onsite, out of delivery or is yet to be delivered.

 

What does a POS terminal do?

There are a number of things that a point of sale terminal does in retail locations:

A point of sale terminal is used as a reference point as it helps check all the information in a clients or customer’s credit or debit card.

This terminal checks if a customer’s bank account has sufficient funds to transact or purchase any form of good or services.

It is a good record system software that keeps all the data about transactions carried out in a particular day –a reflection is on the receipts received and recorded on the point of sale terminal machine.

It can also be used to transfer funds from a client or customers account to a respective seller account using credit cards.

 

Key factors to consider before purchasing a touch POS terminal

 

1.The payment types the POS terminal will need to process.

One should consider a POS terminal that can handle many types of payment as it will maintain your customers for a longer time. This will include cash payments, checks, credit/debit cards.one needs to get an EMV-compliant POS terminal that will house more transactions and in line with Europay/Master card/Visa card will be of great value.

2. The need to grow ones’ business in a short span of time.

This will enable one to buy a POS terminal that will grow with your business hence go for a scalable or an upgradable with different POS peripherals and additional processing power. This will help satisfy the needs.

3. The required POS lanes or stations that one’s store need to have.

Each lane and station will need one touch POS terminal. This will limit on space hence opt for a all-in-one POS terminal with integrated peripherals.

4. Challenges in one’s retail environment

Some business environment run on long hours and also the area temperature may be extreme in some days. This calls for one to choose a POS terminal that will counter such challenges.

5. The transactions one expects the POS terminal to handle per day.

If one needs a huge number of transactions per day, then consider having a central processing unit with a high speed that will boost a POS terminal operation. The stronger the processing power of the POS terminal the higher the number of transaction volumes it will accomplish. The recommended CPU processing speed for heavy store transactions should be 2.0Ghz while for a lighter opt for 1086Ghz.

 

Pros of a touch POS terminal

The usage of point of sale terminals has a number of pros and cons, however, the most conspicuous advantages include:

Point of sale terminals improve efficiency in your business operation. It makes it easy for you to track down your business sale history and how your business has fared on the course of the day, week, month or year.

It is a system that ensures that there is efficient stock management. It is widely used to check stock progress by many manufactures all over the world. It forms a very critical and important system part of what stock comes in and what buyers take away in purchases.

It gives accurate reports. It is not bound to errors like human beings when it comes to cash flow record keeping. It is valuable and trusted as it records everything that flows out of your business. It also helps a business to check on price consistencies. It acts as a reference point to what has been sold. One can easily check what the price for the previous sale was and compare with what is the value price on the market before making the right decision in pricing. It reduces instances of price hiking in businesses.

 

Cons of point of sale terminals

However, a number of cons also come as a result of the usage of this device. One of the major reasons is the fact that it is not fully reliable as it demands the presence of good internet connection and IPS to keep the point of sale terminal functional.

It also requires a lot of maintenance to ensure it works as it is supposed to work efficiently to support business, schools, organizations and small business startups.

All in all, point of sale terminals forms a great combination of soft and hardware that gives businesses a great opportunity to link payment methods without necessarily updating their cash registers to read cards directly. It is a good move away from the traditional magnetic stripes as they have more other valuable mobile payment options.


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