A POS system has become an essential component for the success of every retail business today. Thus, we need to have an in-depth understanding of such a system. The point-of-sale (POS) machine as the name suggests is the device that handles the processing of transactions at the point where the consumer gains ownership of the product. It is a combination of hardware and software that accepts and verifies payments.
The POS machine currently used in the retail environment is much more complex and can be used for additional purposes like recording purchases and sales data, tracking sales, and viewing performance reports.
This machine has evolved from a mere mode of payment and has become the core of business operations for retailers. It no longer stops at just processing payments; it additionally ensures business operations run smoothly with the help of the data gathered from all the transactions.
Types of POS machine
The POS machine can be categorized as per the requirements of the business based on its features as follows:
1. GPRS/PSTN POS – These are the oldest POS machines but are very commonly used since they are quite affordable. These devices are bulky and use GPRS sim cards for connectivity. They provide basic card-based payments functionality and thus are used by small businesses and enterprises.
2. mPOS (mobile POS) – These are handy devices and can be carried anywhere. They are wireless and can be used on any smartphone. An add-on card-runner can help with payment processing. They also support multiple connectivity options.
3. Android POS – They were developed to provide consumers the best payment experience. These POS machines are also wireless and run on an Android OS like the TP 415CA and TP 482C AIO provided by TVS Electronics. It runs various apps, thus eliminating the need for a smartphone, and is preferred by organizations with customer experience as the top priority.
4. ePOS (Virtual POS) – It eliminates a physical device and uses a smartphone as a POS device through an app. It is a low-cost solution for small businesses and start-ups that do not want to invest in a device but still want to provide customers with a good payment experience.
Benefits of using a POS machine for a business
Here we have listed the critical benefits of digital POS solutions that help various businesses and retailers in their overall day-to-day operations:
1. Better customer experience – The POS machine uses hardware components to facilitate quick transactions, which helps in customers being served in much lesser time. It provides customers with a choice of payment methods and the ability to accept payments anywhere safely and securely. This helps in improving the overall purchasing experience of customers.
2. Improved inventory management – The database in the POS system allows stock management by keeping track of items in stock. The POS software stores advanced inventory data that help retailers view previous transactions, track sales of products, identify best-selling products, get notifications when stock is low, and re-order accordingly. Retailers can either integrate the POS with their existing inventory system or use the centralized inventory management of the POS system.
3. Aids business growth – Nowadays, every company is looking for a competitive edge to stay ahead of its competition. A better point of sale experience and reduced payment-related issues can help the retailers stay ahead. The POS system allows retailers to focus on their core business operations by taking away all the payment-related issues with all-in-one payment acceptance and value-added services.
4. Streamline operations with integrated POS – The latest versions of the POS system come with the option of integration. It must integrate with third-party software to be able to streamline the operations of the retailers. Thus, it is integrated into one interconnected and centralized system with backend systems like ERP, billing, and other systems. This allows retailers to simplify various day-to-day operations using integration.
5. Reporting and Analysis – The success of a business depends on the access and analysis of the data to make informed and accurate decisions. The new-age POS systems help generate reports that provide insights into current sales figures and trends.
The right POS machine for your business
The POS machine helps retailers with the key business processes related to payment and customer satisfaction. Still, the following elements must be considered while choosing the right fit for your business.
1. Tailored to your requirements – The market offers various options for POS machines. But businesses need to choose the best fit for the requirements specific to them. For example, a delivery-based business must opt for a lightweight, portable POS machine.
2. How do I get a POS machine? – The process of getting a POS machine differs for different banks and companies. The business must research to identify top suppliers in the market. Then, the right choice can be made based on trials and demos.
3. POS machine price – The price of the POS machines depends on the type of POS hardware, software, and the level of customization chosen. Based on the budget and other specific requirements of the retailers, the prices of different POS machines can be compared and a decision on the right choice can be taken.
The modern-day POS systems are much more innovative and offer payment experiences tailored to your business’s needs. They also provide various benefits by saving valuable time and minimizing efforts for multiple operations.
TVS Electronics provides a wide range of POS systems that meet your business’s requirements. It has been a reliable brand for POS systems. At TVS Electronics, every business is treated with individualised service to meet its unique retail business needs.