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Posted by Lucky88 on August 17, 2024 at 2:18am 0 Comments 0 Likes
As India progresses towards a cashless economy, most merchants have equipped themselves to serve better. Be it restaurants, retail stores, bars, salons, or any other in-person business, the emphasis on digital payments is evident. Hence, if you are a merchant, you need to join the technological revolution to serve your customers efficiently. A big part of this digitisation is the usage of a point-of-sale system.
More commonly known as POS machine is used to accept card payments. It is a digitised version of a cash register that helps process customer-facing transactions and streamlines other processes associated with the sale. This includes order processing, inventory management, bookkeeping, etc. Let us understand how the comprehensive system works in detail:
Components
Most POS systems, regardless of the structure, are comprised of software and hardware elements. Your needs and operations affect the size and features of the same. The software aspects include an interactive interface with frontend dashboard and backend analytics. Here, the staff processes actions using the touchscreen monitor.
Functions
The swipe machine does more than receiving payments. It is a part of the constellation of things that make a sale possible. Hence, several processes associated with the transactions are carried out through it. Such functions include sales and checkout, payment processing, inventory management, customer relationship management, reporting, employee management, and marketing tools. This enables you to carry out sales with minimal manual intervention.
Mechanism
The POS system goes through a series of simple steps to complete the sales process. Find the representation of the same as follow:
Installation
Banks provide the facility of a POS machine if you have a Current Account with them. Some may also let you open a Merchant Account for easy management. Make sure to check the same by visiting their official sites. You get to choose from the high-end options with fast connectivity or low-cost ones depending on your needs. Once the bank checks your merchant status and other requirements, the machine gets installed at your establishment.
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