POS or Point of System is a device used to manage the transactions for business, including credit card processing, and the post-transaction operations that lead to customer fulfillment. It can integrate other software like accounting apps or connect with networks and databases to expand your business’ operational flexibility and capability.
POS software should simplify the checkout process. If there is still a manual process that the team has to do, then the POS software is not sufficient.
Automated Purchasing Program
A POS system must act like an e-procurement system for organization. For example, a POS system must be able to order products by contacting suppliers through a process called automated purchasing program.
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A POS system should also offer online access which helps in staying connected with the business from anywhere remotely. It is a convenient feature for business having more than one location.
Payment Card Industry (PCI)
PCI compliance is one of the most important features a POS should have as it helps the business protect customers’ credit card details. A business may have to face legal issues if the POS is not PCI compliant.
The POS helps to ship products to customers with different services. Shipping module communicates directly with shipping carriers to get real-time shipping quotes; the POS applies shipping methods, and print out shipping labels to the register. Customers receipt prints out with tracking details.
While each of the products have a standard price, in different situations such as loyalty programs, promotions often require a unique price to be applied at the time purchase. Most POS systems keep track of price variations in system; the appropriate price is applied automatically, decreasing the margin for error or inconsistencies.
Multiple payment methods
Beyond traditional payment methods like cash and credit cards, a POS must also be able to accept mobile payments.
For a business with more than one physical location, a stock transferring feature is essential as it will make it easy to transfer items between stores.