The point of sale (or “POS”) refers to the point in time and the location in which a retail transaction takes place. During a point of sale, the amount owed by the customer will be calculated, indicated to them, may be invoiced (like receiving a bill at a restaurant), and will then be presented with various options to make payments with (i.e. debit, credit, cash, etc.).
A POS can involve the transaction of either goods or services and is the cornerstone of any business. That’s why a number of businesses rely on point of sale systems (software) in order to manage their transactions in an efficient and timely manner. POS systems also rely on Merchant Services providers like Swift Payments for setting up and full integration into a business.
The Central Hub of Your Business
Acting as a central hub, a POS system allows for the storing and managing of essential information like sales, inventory, and customer data. You can use a POS system to check over the specifics of your inventory and see if any items need to be reordered. You can also do things like check the status of orders and whether or not customers have received their order.
With a POS system, transactions are done automatically, meaningless paperwork for you, especially because transaction data gets stored in the system – instead of the older way of doing things on paper. Better efficiency in your business and accessible information means that your service department will be able to better serve your customers. Your customer service associates can use your POS system to quickly tell customers whether an item is in stock or if it is in order. There’s no need to ‘check the back’ when they have easy access to this kind of information straight from the POS system.
How it Works
The first step is to find a point of sale system that works for your business and industry. Whichever you choose, the POS provider you go with should be able to promise:
- Fast and efficient payment processing
- No hidden fees or statements
- Low processing fees for merchants
- 24/7 technical support
- The capability of working with retail, virtual, or mobile platforms
In addition to these features, your POS system should also be capable of complimentary reporting, that way you won’t have to worry about reporting transactions yourself.
From there, your POS provider (or Merchant Services provider) will be able to set up and program a point of sale system for your business. The purpose of setting up a point of sale system is to allow business owners to not have to worry about complicated transaction details that can get messy if not properly organized and managed. So setting up a POS system shouldn’t be a pain either – that’s why a POS provider is there to make the process of setting up painless, easy, and worry-free.
If you run into any issues then your POS provider will be able to provide support and repairs in order to get you up and running again. After all, without a POS system your business will come to a halt – that’s why having their support and know-how will be essential in your time of need.