What’s you’re business? Retail? Food? Entertainment? All are industries that differ in obvious ways, though each has at least one huge thing in common: the need for a point of sale system. If you are a budding business owner, you may be wondering where it is that you need to start. In order for a business to survive and thrive, it must draw a profit. Practically, a profit cannot be drawn without a point of sale system – so doesn’t that sound like a great place to start? What is a point of sale system? What are the components? Why exactly do you need one and how do you know what’s right for your business? All of these questions we can help answer as you learn more about how to set up your first point of sale system.
What is a Point of Sale System?
Literally speaking, the point of sale system is pivotal to your company’s operation. Without making a profit, your business will crumble quickly. The point of sale system equips you with the practical tools required in order to generate that profit. It is the checkout center in the store where customers scan items, and pay the necessary price in order to take them. With our Point of Sale system, payment can be taken in the form of cash, credit, debit, checks, and EBT (if your store is authorized for EBT).
There are several components that make up a complete point of sale system. For your first system, you’ll need a point of sale touch screen monitor, a receipt printer, a bill counter, and a point of sale magnetic stripe reader. The monitor is used both by customer and employee, and is used to transfer information – whether it be pin number, signature, or card information – from customer to employee. The receipt is necessary after the transaction as been complete, to give the customer and the business proof of purchase. There are two types of receipt printers: thermal receipt printers and ink receipt printers.
Many companies use both for different purposes, but generally speaking the thermal receipt printers are the most economical option that generate the most profit in terms of equipment. A bill counter isn’t always required, but is helpful when you deal with a lot of cash. Cash tends to stick together or crumple up, so the bill counter will help count a stack of money, ensuring that the right amount is paid. The magnetic stripe reader is the device which houses a magnetic stripe that withdraws information from credit and debit cards and then transmits that information via a high speed internet connection. From the device, the information goes to an off-site server, where your financial information is verified in order to secure payment.
Why Do You Need One?
Why can’t you operate cash only? Why do you need all of this fancy equipment to generate profit? These are questions we get often, and the answers are simple. Technology changes quickly, and cash only interactions are a think of the past. The majority of sales transactions, no matter what the business is, happen with a credit or debit card – rendering cash only accounts completely useless. Not only that, but businesses must consider customer service when they’re choosing a point of sale system: how important is it to you? Your customers will be impressed by the ease of a transaction, and likely frustrated by any delays in the process, especially if your customers are students looking for online education. American High School is one company who is utilizing a fast point of sale system for a good customer experience.
In addition, your business needs to keep an accurate, fail-proof record of each and every sale for tax reporting purposes. A mistake in this arena can be detrimental to the health of your business, as the IRS doesn’t take tax mistakes very lightly. Lastly, a puny point of sale system will cost you your time. With our systems, there’s no extra time required so you can hand-calculate transactions on a daily basis, because every transaction is recorded and saved.
How Do You Find the Right Product for Your Needs?
You have many options when it comes to selecting your first point of sale system, of that you can be sure. So – how can you determine what you need and what you don’t need? The number one way to find exactly what you need at the best price is to contact us today. Visit our website or give us a call, and we’ll assist you in finding the right product, specific to your industry, experience, and size. Don’t hesitate to learn why we’re the best in the point of sale industry, and certainly a company you can trust.