PoS machines have already replaced the typical cash registers from the yesteryears. They are more advanced and offer a range of benefits that make it easier for businesses to operate by helping them track every transaction, along with other things like inventory, store management, employee salaries, and much more.
Features of a PoS Machine
- Unlike an electronic cash register that keeps track of incoming and outgoing money, a PoS billing machine can do much more!
- It can help storeowners hand out special discounts.
- Keep track of the inventory
- Calculate sales tax
- Issue gift cards and keep track of the balance on the cards
- Can compare the percentage of actual sales to what was forecasted
As you can see, it’s not just a cash register or a card swiping machine that accepts PoS charges. It’s a lot more than that and can help your business operate more efficiently and precisely.
Types of PoS Machines and Differences
There are different categories of PoS machines that are available these days. Let’s have a look at the three significant types of PoS machines retailers can choose between:
- Mobile: Today’s smartphones are smart enough to act as PoS devices and can easily handle all payment processing needed. This can help small shop owners accept digital payments from their customers and is perfect for people who operate solo, such as freelancers. Moreover, there is no need to buy a card reader as an add-on since customers can pay using the QR code being displayed on the mobile screen.
- Tablet: The only difference between using a tablet instead of a mobile phone is that it can help you track metrics better. This is best for small teams who want real-time tracking of sales, revenue, inventory, etc.
- Terminal: This one is ideal for big retailers with multiple stores and a higher footfall. These fully featured machines offer everything from cloud backup technical support and label printing, among others. So, for a business requiring a complete overview of everything from sales, revenue, taxes, inventory, and vendor management, to employee roster and payrolls, this is the ideal solution for such businesses.
Benefits of a POS Machine
Accept Digital Payments
Accept all digital payments in India such as credit/debit cards, UPI, net banking, digital wallets, etc. This gives your customers the freedom to choose their preferred mode of payment. When customers are free to choose, they are more likely to shop more from the store.
Seamless and Secure Payments
Payments only take a few seconds to go through, and they are completely secure thanks to technologies such as PCI-DSS, SSL encryption, tokenization, etc. This makes it extremely hard for fraudsters to decrypt the shared information between parties.
A PoS device can help businesses keep track of their inventory, especially for big retail giants with multiple stores spread over cities. This allows them to be on top of things by quickly refilling products that have been sold out. Moreover, it can also help with vendor management by keeping track of invoices to ensure timely and regular payouts.
Employee Tracking and Payroll Management
Tracking employees across stores and managing payroll is PoSsible with terminal-type PoS machines. This way, businesses can better manage staff and their salaries from one centralized dashboard.
Better Account Management
Since all incoming and outgoing transactions can be easily tracked down to an individual level, it becomes easier for business owners to manage their finances. Moreover, this can be done via a centralized dashboard, making the entire process seamless and free from human errors.
A PoS device is no longer a vanity device only within the means of large retailers due to the investment required. However, that is not the case, as you may have guessed. Even a simple smartphone can play that role quite well, bringing the PoS technology within the means of even the smallest of shop owners!
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