A Point of Sale system, or POS, is arguably one of the most valuable tools for your business. The POS is the system that processes all of your business’s transactions. Whether it’s a self-serve kiosk, connected to a manned cash register, or an online remote transaction – it’s processed through the POS.
A POS is a system that encapsulates all essential aspects of business payment processing and data tracking. It can be utilized to track sales, inventory, accounts, and tax data.
What is a Point of Sale System?
A POS system helps a company process transactions, track inventory, and collect customer data. This is especially helpful for businesses that need to track and store purchasing information, transaction history and sales, and tax data.
POS systems are most often found in retail establishments but are also commonly used in hospitality, restaurants, and bars. Processing online orders
Why Do I Need a POS Solution for My Business?
A POS system tracks all business transactions and activities. This collection of data provides an established basis for businesses to make informed and strategic decisions.
The automated aspects of the POS system can help cut down on costs, time spent managing the books, and can eliminate accounting errors. The POS system can also make your business more flexible and mobile. Utilizing different POS hosting systems such as ipads, tablets, and mobile phones can make your business portable.
Inventory controls for retail products, liquor management, and purchasing schedules make a POS the best solution for retail and bar locations.
How Does a POS Solution Work?
The physical POS system is operated by a payment processing company to run credit cards, debit cards, and gift card transactions. This payment process company may offer additional services to support the POS solution. For example, HarborTouch, a POS system that is offered by Eagle Business Technology, offers competitive processing rates, 24/7 customer service, and a lifetime equipment warranty.
Ipads, phone applications, and computer-based POS systems are newer alternatives to the standard on-premise terminal. These cloud-based and hybrid POS systems are able to sync and store the data from your business online. This eliminates the need for an on-premise server and allows for more flexible service and transactions.
Several POS systems integrate with barcode scanners and credit card readers to further streamline customer transactions. Depending on the brand and style of your business’s POS, it may also be accompanied by a receipt printer, kitchen or bar ticket printer, cash drawer, or other additional accessories.