By using our Taylor Mobile Services application, we offer our vendors and suppliers with access to a POS system. POS stands for point of sale. A point-of-sale (POS) transaction takes place between a seller and a customer when a product or service is purchased, commonly using a point of sale system to process the transaction.
Sellers typically use a POS system to complete a sales transaction. In its most basic definition, a POS system is a combination of POS hardware and POS software to create a POS machine for processing a transaction and payment.
What is a POS system?
A POS system is synonymous with a POS terminal. However, a POS terminal is the electronic equipment performing the sales transaction and processing the credit card payments. Used in most storefront businesses, a computer terminal combined with the POS software helps to manage everyday sales transactions and operations.
With the combination of the POS software and a POS terminal, you now have the full definition of a POS system. A point of sale system is the heart of a business and is used for many essential tasks such as inventory management, labor reporting, menu customizations, price adjustments, staff management, sales reporting, customer management, marketing initiates, and so much more. The next time you’re at a restaurant or retail store, ask the clerk what type of system they are using. You’ll soon learn that there are hundreds of different kinds of systems out there which you can search in our POS directory through our app.
Types of POS Systems that we offer:
- Restaurant POS Systems
- Bar & Nightclub POS Systems
- Retail POS Systems
- Small Business POS Systems
- Cloud and Mobile POS System
- Salon and Spa POS Systems
Here’s an overview of how POS systems work:
- The Setup – There are software and hardware components to consider depending on your business type. For instance, if you own a retail store, you need a retail POS system. If you run a restaurant and bar, then you need a point of sale software and hardware dedicated to restaurants and bars. The two systems wouldn’t be interchangeable. So you’ll need to work with a POS provider that offers the appropriate solution for our business environment.
- Programming – Your point of sale software has to be programmed to accept your menu, products, and inventory that you’ll be selling. Most POS companies will program your menu or inventory items as an existing customer or additionally for a fee. Otherwise, you can program everything yourself. Either way, your software has to be programmed to begin using for transactions – this can be a time-consuming process, especially if you have a lot of items, so always give yourself plenty of time before trying to go live.
- Payments – If you plan on accepting credit card payments with your POS, then you need to sign up for a merchant account. A merchant processing account is required to accept credit card payments from customers. Most POS providers will offer a merchant account to integrate with your point-of-sale, or you may be able to use a 3rd party merchant provider.
- Installation – Most companies offer some service or support to provide installation. We highly recommend you take advantage of these services. It’s important to get a proper installation to make sure all your software and hardware works appropriately according to the company’s recommendations. Otherwise, you risk technical issues, and that’s the last thing you need when trying to operate a business.
- Training – Training and support are super critical to get the most out of your software. Some companies will offer online or remote training, but if you’re able to get onsite training with your staff present, that’s the best scenario. However, know that most modern POS software is very user-friendly and easy to learn for you and your staff.