POS System – A Know How! 

As the purchasing power of people increases with a rise in the patterns of consumerism, it becomes more and more important for the entrepreneurs to provide a complete and quick sales experience. Recent developments in technologies that are widely used in the domain of business have made this possible. One such highly significant development that seems pretty much inevitable in retail management is POS. In this article, we shall walk you through what POS is and how it can be efficiently used to reflect on business profits. 

POS stands for Point of Sale, which is the spot of business where the sale is being made. An effective POS system records product details of the purchased item, tracks its details, and provides order feedback. This POS system may exist online or in devices, depending upon the service provider. For instance, Magilhub is a SaaS platform that provides Cloud based POS software which can be used in any device. In case of the POS based on hardware, specially equipped devices need to be installed to avail the POS services. Widely used equipment to carry out POS services in the checkout process include: 

POS adds numerous benefits to the retail operations no matter what the subject of business is. With the cloud-based POS, the business owner can check sales from home in the POS back-office account and send a daily Excel report to the accountant. Retailers shall increase the functionality by installing a network of data-capture devices, including card readers and barcode scanners, which helps saving a lot of time. POS system helps in eliminating errors that may arise out of manual process thus enabling absolute accuracy. POS systems help you collect various kinds of data that provides you insights to help form better business development strategies.  

Payment processing is one of the core functions of a POS system. Nowadays, it’s important to give your customers a wide array of payment methods to choose from. POS integrated payments also make end of day reconciliation easier. Instead of manually checking receipts against all your transactions, an integrated payment solution automates the process, thus saving time and minimizing errors. 

Now, let us get to know how a POS system works. 

Though the use of a POS system is widely seen only at the billing and checkout point, its application is endless. From logging in the stocks at the inventory to calculating usage of them to measuring the sales to generating reports and insights, the possibility is limitless when a POS system is utilized to its fullest. The first step in the POS process is where your customer initiates a purchase of your product or service. It is followed by you recording the desired subject of purchase, either manually or by online purchase of the customer. Next, your POS system calculates the price of the item, including any sales tax. 

In the meantime, the inventory is also updated with the new stock count. Payment process is then initiated and you may receive the transaction by several means, thanks to the broader spectrum of payment methods ranging from cash to UPI services. Once the transaction is finalized, the sale is officially made and receipt is generated. While this is now a normal POS software function, an effective system, like Magilhub pushes itself and offers loyalty points, special discounts and rewards. This step also ensures to record customer data which shall later be used to curate marketing and sales plans for better revenue growth. 

POS software have become inevitable for restaurant management lately. As far as the food and beverages industry is concerned, Magilhub is truly your one stop shop built exclusively for all your restaurant needs as we aim at offering the best diner experience to your customers. It enables effortless ordering by integrating online ordering into your point of sale and process smooth payments via simply scanning the table QR codes. Menu changes, employee modifications, system integration -all can be done seamlessly through our cloud-based technology even from your mobile devices. Contactless dine-in, QR enabled menu, kitchen to table food tracking and easy payment options ensures your guests a great dining experience. 

A POS is like the CPU of your business and as an entrepreneur with defined goals and plans, it is always ideal to choose an up-to-date flexible POS software that suits your needs. Magilhub offers a POS platform that does not limit itself and extends its set of services like customer relationship management, digital marketplace, offers and loyalties and so on. Mastering in providing an absolute diner experience, Magilhub is proven to be a restaurant POS that leaves restaurateurs with management efficacy and financial growth. Now that you have a good understanding about what POS is and how it works, may you find the best one to step up in your game. Best wishes from us to you! 

For more details about Magilhub POS services, visit: http://www.magilhub.com