For everyone unaware of what POS is and how it works, it is a system that enables businesses to accept payments from their customers and keep track of sales. POS or Point-Of-Sale system is the hardware & software that helps you process the transactions and close the sales deals.
If you are a business owner and are debating whether or not you should introduce a POS system, here’s a complete insight into why you should get one.
Working Functionality of a POS System
The POS Solution might have a very simple functionality. Still, the setup works very differently depending on whether you are selling your products online, from a storefront, or across both online and offline channels.
Earlier, the POS systems were confined to be enabled through physical devices at cash counters. But as of today, POS systems are mostly digital. Thus, it means that you can process customer transactions from almost anywhere without needing to carry a physical device. You will need the POS application and internet connectivity over your smart device.
Here are the easy steps to explain to you how the POS Dashboard would work for processing your business sales transactions:
1. Customer Decides to Buy A Service or Product
If you offer your products or services through a physical store, the customers will first decide what they need and proceed to the payment counters. The associate will do the needful to retrieve the price, following which the customer can choose their mode of payment. But if you have an online store, this step is approached after customers finish adding items to their cart and click on the checkout button.
2. POS System Evaluates the Item’s Price, Including Sales Tax
If you are dealing in products only, then the POS solution will first calculate its price along with the taxes. The inventory will be updated automatically, and the same will be specified in the reports.
3. Customer Makes the Payment
Finally, the customer will complete the purchase by choosing their mode of payment. Depending on their choice, the transaction will be authorised, and the payment status will be updated over the POS system. Once that’s done, a physical or digital receipt will be generated, and the product can be shipped or handed over to the customers. In the case of services, the usual SOPs will be adopted.
Reasons Why You Should Avail A POS System For Your Business
Availing a POS system for your business gives rise to many benefits. It makes your job of processing sales transactions easy. But beyond that, here are some of the reasons why you should get one:
- You get to manage your inventory in real-time.
- Invoicing will be simpler
- You can make quick payments
- Customer management will be easier
- Transaction security will be top-notch
- Better organization of the company’s sales process
- Reduces a lot of overhead costs
- Supports automatic data updates
So, this is how a POS Dashboard can help benefit your business with easy management of customers, sales, and monetary transactions. It will help you gather all the important data in one place, which will further help you decide on your marketing campaigns and encourage the customers to buy your products or services.