What is a POS system, and why is it important to your business?

What is a POS system?

A POS (point-of-sale) system is the terminal where the direct transactions between a business and its customers take place. The point-of-sale systems of today are a direct descendant of the manual creations of old – think back several decades, before the advent of Chip & PIN and Contactless, to the clanking, obsolete tills, with their retractable drawers for storing cash and coins.  

Digital age  

Times have changed, however, and in our digital age, it’s hard to imagine life without the convenience and simplicity of paying for our goods with a simple swipe or tapping a few buttons. Not only that, but payment solutions are constantly evolving – both for added simplicity for the consumer and for increased security as well. If we consider the recent updates to payment processing options – such as being able to use our mobile phones to pay for goods – and then realise also that some truly cutting-edge technology is not far away (facial recognition, etc.), it’s clear we’re living in a truly exciting time for POS systems.

Simplicity and convenience  

In this era of exciting technology, it’s important to remember, though, that the things most valued by consumers when paying for goods are simplicity and convenience. Whether your business is customer-facing (a high-street store, for example), or conducts its transactions purely in the online realm, it’s crucial not to forget that the point-of-sale experience should be as efficient and reliable as possible. Whether businesses make use of on-premise, installed software for their card terminals and credit card processing, or whether they prefer to opt for cloud-based Saas (Software-as-a-Service) options instead, it’s essential to remember that, in terms of the service provided, simplicity is key.

A good track record  

This is why it’s essential that when a business is choosing its POS systems for the first time, or even updating its existing ones, it opts for POS terminal providers who have a track record for reliability and good customer service. Whether a business is choosing to go with more traditional point-of-sale methods, or opting instead for a fully integrated payment processing system, it’s vital to choose a provider who knows what they are doing – both for the sake of the business and its customers.