A point of sale, sometimes known as a point of purchase, is where customers are billed. When customers check out online, come up to your checkout counter, or choose an item from your stand or booth, they are at the point of sale. The technology and software that enables your business to make those sales are called point-of-sale systems.
How does a small business POS system work?
A POS system allows your company to take payments from customers and keep track of sales. It may sound simple, but the setup might be hard depending on whether you sell online, have a physical store, or both.
A point-of-sale system refers to the cash register in a store. Modern POS systems are completely digital, allowing you to check a customer out from any location. A POS app and an internet-connected device, such as a pc or mobile device, are all you’ll need.
So what does a POS system do?
- A customer decides whether or not to buy your product or service. If you have a retail shop, they may request a call from a sales representative. A bar code scanner could be used to look up the pricing of the item. Some POS systems, including Square Point of Sale, also enable you to use your device’s camera to visually scan items. When a customer completes their shopping cart and clicks the checkout button on an online store, they are in this phase.
- Your POS system calculates the item’s price, including any sales tax. The inventory count is then updated to reflect that the item has been sold.
- Your client pays. To complete their transaction, your customer will need to pay with a credit card, tap card, debit card, loyalty points, gift card, or cash. Depending on the method of payment your consumer choose, their bank must then authorise the transaction.
- The transaction is finalised at the point of sale. This is where formal selling takes place. You handle the money, generate a digital or printed receipt, then ship or hand the items to your customer.
Inventory management software allows you to keep track of all your products. Some inventory management software may connect to your sales data and alert you when an item is about to run out.
POS statistics reveal how much money you make and how much you sell. With precise reports, you can sell more and make smarter business decisions.
You can use team management software to keep track of when and how your employees work. It can also be used by your staff to clock in and out, and some software can grant access to certain tasks to employees.
Tips are an important element of getting paid at restaurants and for service providers. Customers are more inclined to tip when OS solutions allow them to add a digital tip during the checkout process.
Now that you know more about POS systems, you’re ready to select the best pos system Malaysia for your business, regardless of what you sell or where you sell it.