Point of Sale (POS) Transactions are more common than you think. They’re increasingly popular among small and large businesses. Even laundry & dry cleaners are preferring EPOS Systems for legit backend and customer management. If POS seems something unfamiliar to you, you’re at the right place.
We’ll discuss all the basics of POS transactions here.
What is a POS Transaction?
As the name suggests, a point-of-sale transaction is the payment processing of goods/services while checkout (be it in person or online). Generally, businesses use POS systems for processing payments with several options like credit/debit cards, cash, electronic payment, etc. To accommodate several types of payments, a POS system is set up with hardware and software combined.
POS hardware consists of cloud-based POS Software, a card reader, and a cash register. It can be accessed whenever any POS Transaction occurs. The attached software will collect the data regarding transactions and marks its entry in the company’s records.
Even though POS systems are advancing to cloud-based levels, provisions for cash are still available. In short, it is here to accommodate all types of payments made to the business alongside facilitating feasible record-keeping. Besides this, POS transactions are utilized beyond payment processing & they help in giving quick analytics, custom filtered data, bestselling products, inventory management, and much more.
For instance, a laundry and dry-cleaning service setup can now get data like the total number of orders per day, loyal customers, types of laundry orders, inventory stock, etc. with their EPOS Software. Not just this but they also help in making efficient use of staff skills.
Leveling up from general data gathering, such systems serve as a powerful data center for re-targeting customers via efficient marketing strategies. Thus, it is possible to have a sustainable customer base besides getting new walk-ins. It is extremely convenient to grow your dry-cleaning & laundry business the smarter way.
Benefits of POS Transaction
A well-setup Point of Sale Transaction center makes a whole lot of difference for any dry cleaning & Laundry business and any given business. It simplifies day-to-day transactions & allows businesses to have useful insights on how to increase revenue.
1. Increased efficiency
You can save a big amount of time by accepting payments through the point of sale. It increases the efficiency of your staff as they don’t have to enter payments manually or keep records of payments received via phone. Every Point of sale (POS) transactions automatically enter in the record book along with the type of payment mode used by the customer. If it is a repeated customer order, the payment details will be updated and a new order entry will be created accordingly. You can imagine how efficient it is to have a POS system that takes care of everything while your POS staff is only interacting with the customer.
2. Boost cash flow
As stated above, all POS transaction types can accommodate in one system. Whether your customer wishes to pay via card, cash, or Internet banking, everything is acceptable. Hereby, when your customer pays via cash, you have an additional channel available for boosting the cash flow of your business. It makes a positive impression on the customer that their cash payment is accepted, no matter how advanced your POS is.
3. Deliver better & convenient payment experiences
Flexibility in POS transactions reflects a positive image of your business. Your customers are happy and satisfied which means an enjoyable customer experience. They’re more likely to return to your services and because of that your loyal customer base increases. All this can be achieved with the flexibility of POS payments!
Former Benefits of POS Systems for Laundry & Dry-Cleaning Services
Let us have a look at some additional perks of this system specifically for Laundry & Dry-Cleaning Services.
✔️ Fewer possibilities of errors
✔️ Anytime-anywhere access to customer details
✔️ Manage inventory, staff & customer details with single EPOS software
✔️ Get customer-specific data with customized filters
✔️ Re-target customers who have stopped arriving at your business
✔️ Utilize EPOS software for re-marketing
✔️ Protect payment frauds
✔️ Better control over inventory & order management
✔️ Make efficient use of staff
✔️ Generate order receipts & re-print lost receipts for customers within minutes
✔️ SMS on Ready
How does a POS Transaction work?
You can call it a POS transaction from the moment a purchase is made and funds flow into the business account. Here are the simple steps explaining the process.
✔️ Get payment information from the customer via a POS device
✔️ Information is routed according to the type of POS transaction
✔️ If payment is via electronic mode then it’ll be authorized via the network
✔️ The customer’s account is debited and the business account is credited with a confirmation receipt generated using a receipt printer
How is the POS set up for accepting transactions at the merchant end?
Regardless of the types of goods/services, you’re dealing with, the following setup is common for POS transactions at the merchant end:
✔️ Card reader
✔️ Internet-connected device (be it a mobile, tablet, or cash register)
✔️ Receipt printer
These physical devices are meant for scanning and delivering outputs while payment processing is taken care of by POS software. Such a setup could be a standalone POS terminal, semi-integrated, or fully integrated POS terminal depending on your budget.
Types of POS Transactions
In short, how your customer pays for the goods/services defines the type of POS transaction. And the type of POS transaction can vary every time a payment is made (because of different payment modes). These are the types of POS Transactions:
Signature POS Transaction: You can find such transactions in localities where chip and pin are less accessed. This transaction requires the signature of the customer for manual processing.
Credit/Debit Card POS Transaction: Payments made via credit or debit card through machine swipe is called credit or debit card POS transaction respectively. The debit card usually doesn’t add any points or build better credit scores as a credit card does.
Cash POS Transaction: The business offers goods/services and customers pay via cash. This is the simplest possible transaction.
Install Axcess IT EPOS that works for your laundry & dry-cleaning better than a bunch of employees!
As you’ve already explored the basics and benefits of a POS, you must be curious to find out how it can benefit your business. We’re here with a smart, efficient & customized EPOS system that is specially designed for laundry and dry-cleaning services. It records the orders and keeps eye on everything even after the order is delivered. This system is designed for giving insights into how the customer base can grow and outlines areas requiring improvement.
1. What is the point of sale vs. point of purchase?
The only difference between point of sale and point of purchase is perspective. If you look at the transaction from a business point of view then it is a point of sale while it is a point of purchase for customers. Not only the checkout point but the entire store or specific goods/services provided by the business could be the point of purchase for customers.
2. How is a POS transaction charged?
The cost per POS transaction varies according to the type of transaction and POS solution. Commonly, the point-of-sale transactions made are online, keyed transactions, or credit/debit card transactions.
3. What is EPOS Software and how it is different from POS?
An EPOS is an electronic Point of Sale which is an advanced version of traditional POS systems. EPOS can be accessed via smartphone or tablet or PC from any part of the world. This system offers the flexibility of data access with customized features like customized data filters and more.