Benefits of POS terminals

POS-terminal is a technological device that accepts payments using a bank card. A POS terminal is also known as a software and hardware system for performing cash transactions, or, in other words, a cash register.

In this article, we will explore both options. We will help you choose cash POS-terminals and POS-terminals that accept card payments.

Benefits of POS terminals

Cash POS-terminals are modern sensory cash registers that, in addition to performing transactional operations, keep inventory records, accumulate and analyze data, and compile transaction reports for entrepreneurs. They are convenient not only for business owners, but also for cashiers.

• Touch POS-terminals have an intuitive interface, like a smartphone, such as VeriFone VX680. 

• They have automatic cash transactions: they independently calculate the amount of the check, change, discounts, the cost of goods by weight when connected to the scales. 

• POS terminals use a detailed product nomenclature. Thus, cashiers can check prices, product balances and even expiration dates directly from the cash register, easily find the right products and add them to their receipts, or use a  touch POS terminal.

• Built-in inventory accounting allows cashiers to record receipts and sales in separate notebooks. All movements of goods are stored in the cash desk and the necessary reports are compiled.

How POS terminals work

A POS terminal can be a standalone device that allows you to accept payments online, or simply be used as an acquiring terminal. In the first case, the customer comes to the checkout, puts the goods on the tape, and the process goes like this:

• The cashier takes the items one at a time and brings them to the barcode scanner. The computer screen displays the weight, quantity and price. If the barcode is not readable, the cashier enters the product code from the keyboard and looks for it in the master table;

• The buyer gives money to the seller or takes the bank card;

• When paying in cash, the change is issued from the cash box;

• If the buyer decides not to take the goods at the last moment, the cashier will issue a refund in cash or by card.

In addition, POS-terminals allow you to take into account bonus cards and turn on and off checkout shifts.

If we consider a POS terminal as an acquiring device, then it can:

• Accept payment by card and smartphone with pre-installed special applications;

• Form and print bills;

• Refund of funds when paying by bank transfer; 

• Creation of transaction reports for card payments.

To take full advantage of such a POS terminal, you need to have an agreement with your bank. Money is paid not in cash to the cash desk, but directly to the current account of a legal entity or entrepreneur. For their services, servicing banks charge a commission, on average 0.8-4.9% of the amount of revenue.