What is a Point-of-Sale (POS) Terminal?
A Point-of-Sale (POS) terminal is a hardware system for processing payment of cards at retail sites. A software is integrated into the hardware to read magnetic credit and debit card strips. The next generation of POS systems is comprised of portable devices (i.e. not counter-anchored terminals), either proprietary, or third party, and contactless capabilities for emerging mobile payment forms.
POS terminals are in reality just computers running a software system designed to make the operations required for a store at the point of sale easier. The sales point (also called the buying point) refers to wherever transactions occur within a shop. At a designated counter/check-out area for the vast majority of retail locations.
Why do we need for a Point-of-Sale (POS) Terminal device?
The most important thing for a company to have a point of sale is saving in time. The point of sale terminal can record what is sold for the day and what kind of transaction it was, whether it was cash or loan or any other form of payment. Even more difficult systems have staff tracking, so owners know who sold them. And some are even tracking inventories to track how much is sold and how much is left.
Point-of-Sales terminals make it faster for a company to check out a customer since it makes price increases considerably easier. Imagine about the shop and how many products it has. Without a point of sale, which is reminiscent of all prices, an employee would take so much time to check out somebody, as he/she would need to find any prices they did not know and enter that information manually. All the employees have to do with the point of sale terminal is scan the item and the information is entered automatically.
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Where do we see Point-of-Sale (POS) Terminals?
Restaurant outlets rely on technologies that have the potential of enhancing their business operations with the lowest operational and installation costs. Mobile solutions are the most appropriate technologies catering to such requirements. The prominent developers in the POS terminals industry focus on developing solutions to deliver effective tableside technologies to FSRs. Also, the restaurant point of sale terminal developers emphasizes upon developing software solutions which can be incorporated into the payment terminals to support various business processes like accounting, daily sales track order management, book-keeping, managing staff accounts, etc.
The software foundation installed in these integrated systems helps control the hardware and other peripheral devices, manage it and operate it. The players offer their customers these modern solutions to improve business operations and improve their customer service experience. The cafes & bistros in the restaurant point of sale (POS) terminal industry are experiencing explosive growth. The businesses of these cafés are driving increasingly young customers in these food outlets.
For hotels and guests, the mobile POS offers several advantages. Mobile POS dramatically increases the speed of service, since the staff can place a mobile order directly on site to guests. Mobile in the hands of guests also leads to gain - starting with the comfort of self-ordering by the pool or anywhere they happen to be on their smartphone and increased guest satisfaction when paying.
POS mobility has contributed to this growth because mobile POS has enabled hotels to complete sales more quickly and in new areas. The world of opportunities opens up to mobile technology. Mobile solutions transform the business method from guest-oriented solutions that enable consumer ordering and payment to employee-oriented tablet applications that support personalized guest involvement.
Types of Point-of-Sale (POS) Terminals
Fixed POS Terminal
Traditionally installed in counters or reception areas, fixed terminals are PC/monitor POS systems. These systems are complex in nature, require continuous power and cost for maintenance. The most popular POS technologies in the market are fixed systems, thanks to integrated technology including a number of peripherals such as a barcode scanner, RFID or cards reading device, POS printer, cash drawer, etc.
The high prices of these systems and the large-scale requirements for such systems are the reason for this integrated solution in FSRs and QSRs. These terminals offer a complete food supply system that can be installed with a single system to handle or manage inventory, retail, order and customer profiles. More integrated systems are being used in fast food stores to serve and effectively manage their orders to drive demand for restaurant selling points. In addition, manufacturers are involved in incorporating a number of advanced technologies into these integrated systems such as bar code scanner, EMV card reader and RFID scanner.
Mobile POS terminal
The increasing demand for such devices is projected to fuel constantly changing consumer expectations, increasing debit/credit card transactions and sophisticated data analysis. Other factors driving growth in this segment are paper-free reception, increased security, open floor space and reduced time for customers. Mobile applications can create new revenue channels; thus, providers use numerous marketing channels to use their technology to compete on the market. Increased consumer acceptance for these systems was the result of the advent of affordable wireless communication technologies. In addition, due to low installation costs, the flexibility of having a smartphone or tablet-based POS attracted small scale businesses to invest in this technology.
With email and electronic receipts allowing free paper transactions, the systems are progressively shifting towards digital format. With e-mail and electronic receipts allowing free paper transactions, the systems are progressively shifting towards digital format. Increased debt and credit card adoption have also generated a high demand for these devices. As payment technologies advance, the industry is moving towards payments for EMV chip cards that are projected to further boost the marketplace momentum of the point of sale (POS) terminals over the coming years. Furthermore, the Global Point-of-Sale (POS) Terminal Market is being projected to grow at a CAGR of 7.4% over the forecast period.