A point-of-sale (POS) terminal is a crucial hardware device used in retail businesses to process transactions. Let me break it down for you:
Function: A POS terminal serves as a central hub for several key functions:
Payment Processing: It accepts payments, including credit cards, gift cards, and mobile payment options.
Inventory Management: It helps manage inventory by tracking sales and stock levels.
Sales Reporting: It generates sales reports, providing critical data for business decisions.
Smart Device: Typically a tablet or smartphone running POS software.
Bar Code Scanner: Used to scan product barcodes.
Payment Terminal (Card Reader): Processes various payment methods.
POS Software: Enables seamless integration of these components.
Checkout: A shopper selects an item and approaches the checkout counter or POS terminal location.
Payment Collection: The terminal calculates the total bill, including fees and sales tax.
Payment Authorization: The card reader captures card information and sends an authorization request to the acquiring bank for verification.
In summary, a POS terminal streamlines the checkout process and provides a seamless customer experience.
Some of the Point of Sale Terminal technology are: Ingenico Group, VeriFone, MagTek, IDTECH