The function of a POS terminal management system
Shopping at a retail shop ends at the sales desk where an attendant uses a system like a computer to check the prices of all your goods, calculate the total and use a POS terminal to collect payment.
This is the POS terminal system streamlining the business operations.
These are some of the functions of a POS terminal management system
Payment optimisation is what first comes to mind when discussing POS terminals. This association makes sense because POS terminals serve as the means of collecting in-person payments.
However, as explained earlier, it is important to note that the terminal is just a part of a larger system that enables payment.
One of the primary functions of the POS terminal management system is to optimise payments for businesses which helps them to enhance their overall customer experience and to make more sales.
A POS terminal management system supports a wide range of payment methods. This function can help businesses to avoid long wait times for customers during payments.
A POS terminal management system provider like Fincra can conveniently enable your partners to receive in-person payments via cards and bank transfers.
This functionality to collect payments in different methods enables a better customer experience at your physical stores or during in-person transactions.
In Nigeria, it is usual to see customers without cards go through the rigorous process of making payments through bank transfers and waiting for confirmation. However, a POS terminal management system optimises this process with the option to pay with quick bank transfers, which the terminal immediately confirms with a receipt.
POS terminal management systems help businesses to take stock of their inventories properly.
It starts with the entry of all available stock into the system. As sales attendants check out products, it automatically updates the inventory in real time.
This process allows businesses to effortlessly keep track of their stock levels and get real-time updates of when they are low on stock.
A POS terminal management system ensures that businesses stay supplied and customers get what they need.
Data capturing for analytics and insights
From business and customer interactions during payment, POS terminal management systems can capture a wide range of information that will be insightful for businesses- from sales volumes to inventory level, product details, customer demographic and buying patterns etc. These data points can help businesses with insights into their inventory, customer’s buying pattern and preferred payment methods and other insightful data.
With this data, businesses can make informed decisions that can help drive business growth and expansion.
Integration with other business systems
Businesses use several technologies to streamline their operations in this competitive business environment.
However, managing data from various tools and systems can be challenging, making it difficult to centralise data for effective analytics and reporting.
This difficulty is why using tools that can integrate with others is important. A POS terminal management system integrates with other critical business tools and systems. This integration ensures a flow of information across different departments for reporting.
POS terminal management systems can integrate with accounting systems to get important sales data, transaction details and financial reports.
POS terminal management systems can also integrate with inventory management, as we mentioned before and with customer relationship management (CRM) tools to get crucial information about customers like their preferred payment method, profiles, purchase history etc.