What Is a Point Of Sale System (POS)? | The Journey - Best Webhosting

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Now, more than ever, it’s essential to use the right point-of-sale (POS) system for your store, restaurant, or pop-up to keep your checkout lines moving and to ensure your customers’ transactions are fast and secure. Check out more The Journey content at https://bit.ly/GDTheJourney.

✅ Read about it on our blog ➜ https://bit.ly/3KEjVyYGoDaddy

⏰TIMESTAMPS⏰
00:00 – Introduction
00:26 – What does a Point of Sale system do?
01:33 – Do I need a Point of Sale system?
02:21 – How to use customer sales data for your business
04:02 – Wrap up

Your POS system must also enable them to pay the way they want, wherever they are. Retailers are losing a collective $37.7 billion in potential sales due to long checkout lines, and that number includes giving up $15.8 billion in potential sales to their competitors, and the industry itself forfeited $21.9 billion after customers opted against a lengthy wait, abandoning their purchases altogether.

What does point-of-sale (POS) mean?
Generally speaking, a POS means a location where customers pay you in exchange for your goods and services. To complete the transaction in a physical retail location or on the go at an event, pop-up, or farmer’s market, you’ll need a payment device that’s hooked up to a POS system.

Point-of-sale systems typically include the hardware needed to scan a product bar code, QR code, or manually input the product price. They also come with the software to calculate taxes and securely process the payment.

So as a payment from a sale is processed through your POS, it must first be verified with your customer’s bank (for debit cards) or with their credit card merchant before the transaction can be completed. Once the payment is approved, the POS system will then work with your bank to make sure that money is deposited into your account as soon as possible.

Your POS system should process all major credit and debit card transactions and offer additional ways for customers to pay via a digital wallet on their phones. As you do your research, you’ll discover that many retailers will choose between a legacy POS system and a cloud-based POS system.

Legacy POS Systems
Traditional POS machines and systems store your sales data on local servers in a closed internal network. However, this scenario can make you vulnerable to system crashes and technical issues — leading to long checkout delays and angry customers. Many grocery stores and big-box stores might still be using these legacy systems.

Cloud-based POS systems
These newer POS machines and systems can process credit and debit card transactions anywhere and store your sales data in the cloud. If there is an online technical problem, most cloud-based systems also work offline to save you from lost sales and customers. Cloud-based systems work with mobile-optimized POS machines to process customer payments however they want and wherever you interact with them.

Additionally, you can view and analyze your sales data from anywhere in real-time via a cloud-based dashboard across all of your sales channels. Cloud-based POS systems are also often easier to use and more affordable.

Now that you know what is a POS system, and how it works, take the time to carefully evaluate your options. You don’t want any surprises when you receive the hardware and find out that it doesn’t integrate with your online system. Or that the transaction fees are steeper than you anticipated.

The Journey is what everyday entrepreneurs, like you, need to follow in the pursuit of online success. Our experienced GoDaddy Guides are here to take you through all the steps, both big and small, that you encounter every day.

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Published: Thursday, July 14, 2022 9:32 PM
Category: WebHosting GoDaddy

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