A point-of-sale system (POS) is used to manage the transactions for businesses like cash, debit and credit card, mobile payments, print receipts, store cash and scan barcodes and also the post-transaction operations that lead to customer fulfillment.
The modern (POS) systems are replacing traditional cash register system as they are now an important source of inventory, sales, and revenue data that business owners can leverage to make insightful management decisions.
Some Tips to select the best POS system for business are
Things to keep in mind before POS system purchase
• Initial setup cost
• Payment processing costs like percentage of sale with the charge per transaction
• Other monthly processing fees
• Equipment costs
• POS software fees
• PCI compliance
• Ability to accept EMV chip cards
• Ability to accept NFC payments
• POS software features like generating invoices, safe storage of customer-related data, inventory management, etc.
A business could face serious liability problems in case of a data breach that causes the credit card information and private data of customers exposed to unauthorized access. As POS system in a retail business is a common target for cybercriminals. Business authorities need to be sure that their POS system is compliant with the latest security protocols.
A POS system is supposed to ensure that payments are processed without any glitch. The perfect POS system should be able to handle payment processing during the peak hours of business without any hindrance even if the internet connection is slow.
Ease of customization
The POS system should help business keep their branding unique by offering features for personalization. For example, some POS in restaurants can be customized to have their unique branding, menu, and tipping features. In a retail business, POS systems can be customized to allow for the exchange of goods and process refunds.