There is no denying that point-of-sale (POS) or Electronic point of sale (EPOS) systems have change the way we run business. Consumer and business transactions are now more rapid, effective, and secure overall.
These days, businesses can increase profits and customers can receive their needs faster thanks to the miracles of POS software and technology. POS transactions are now the foundation of prosperous firms as customers continue to shun cash.
Defining POS Transaction
A point of sale transaction, put simply, is an exchange of goods or services for cash, handled by a cash register or POS system. Although cash was once require for these transactions, customer preferences have change, and many now choose to pay using debit or credit cards.
Payment Processing
The variety of POS transactions is equal to the variety of payment methods. Only a few payment methods might be support by certain POS providers. Different solutions let businesses take any kind of payment, such as the Epos Now Complete Solution. As a result, the customer experience is enhance because they may choose how to pay.
Certain systems may use an internal or external payment processor, depending on the business. Although each approach has advantages and disadvantages, a business that has an internal payment processing system may typically provide more advantages. Epos Now Payments, which provides a single rate of 1.7%, demonstrates this.
If you’re not familiar with the process, payment processing consists of these three steps:
- Authorization: The user inputs their PIN and places their chip card into the reader. The transaction is report to their bank, which authenticates the card. This is accomplished by comparing the card’s information with the bank’s database.
- Authentication: The bank verifies the authenticity of the transaction after verifying the card data. After that, the bank will approve the credit to be release to the company’s merchant account.
- Settlement: At this point, the money is put into the merchant account, the transaction is complete, and a receipt is printed by the receipt printer. This can happen instantly or take a few days, depending on the system and banks involve.
Specialized Systems
Using a point-of-sale system has many advantages beyond just facilitating safer and more seamless transactions. For the retail and hospitality sectors, Epos Now creates customize systems that are tailored to the precise requirements of their wide variety of clients.
Point-of-sale systems can do a variety of tasks, depending on the business and industry. They all have similar functions, like processing sales and taking payments. Retail systems, for instance, will have advance inventory management capabilities, while hospitality systems will integrate staff management both in the front and back of the house.
This specialty forms the basis of both the hardware and software of Epos Now systems. A primary feature that sets them apart is their completely integrate App Store.
Transactions Types
There are several types of transactions. The method by which the client pays for the goods or services defines these transactions. Every customer will have a preferred method of payment, therefore it’s critical to be able to accommodate their requirements.
Signature Point of Sale Transactions
A payment that needs the customer’s signature to be complete is referred to as a signature point of sale transaction. These transactions are done manually, and they are typically found in nations where chip and pin technology is less widespread. Although some contend that these transactions provide a higher level of security than those conduct online, the reality is that signatures are easily copied.
Credit Card Point of Sale Transaction
Credit card transactions are those that are made with a credit card. This occurs when a consumer opens a bank credit line and uses it to make purchases of products or services. These card machine-facilitated transactions contribute to the customer’s credit score.
Debit Card Point of Sale Transaction
Debit card transactions don’t use a bank-extended line of credit, in contrast to credit card transactions. Money is taken straight out of the customer’s own bank account for debit card transactions. Debit cards don’t improve credit scores like credit cards do.
Cash Point of Sale Transactions
Since cash transactions just involve simple exchange, they are the most basic type of transactions. The business offers the commodity or service; the customer offers money. Although cash has always been the preferred method of payment, card transactions have gradually replace cash in commercial transactions in recent years.
Conclusion
The point-of-sale system has transform company transactions by providing increase security, speed, and efficiency. Businesses may satisfy a wide range of customer preferences by being flexible enough to accept several payment methods, which enhances the entire customer experience. This adaptability is demonstrate by Epos Now’s customize systems, which offer solutions specifically design for the retail and hotel sectors. The smooth integration of point-of-sale systems continues to be essential for success in today’s quickly changing economy as companies embrace new technology.
