By Pravinkumar Bhandari, CEO of ePaisa
A Point of Sale system is a solution used by businesses to ring up sales, quick billing, manage inventory, digital payments, and much more. The businesses that tend to use Point of Sale solution are from various sectors such as SMEs, Hospitality, etc.
We have witnessed an increasing demand for point of sale terminals due to the rapid digitization of end-use industries such as hospitality, retail, and healthcare. And during this pandemic, the POS ecosystem is one technology that has reshaped the working of most business industries smoothly.
Many key factors are attributing to this rising demand for the POS solution all over the country.
Digital transformation has helped many industries to adapt business solutions that include cloud-based features. The inventory management POS feature helps retailers, SMEs, and MMEs to manage their stock remotely from anywhere allowing them to track the number of items, to know how many are in the stock, what to reorder, and when. Thus, helping the merchants in keeping up to the high demand for goods and reducing the manual work of daily stock management.
Thus, inventory management is an important part of an effective POS solution and for inventory management to work efficiently, it should have the capability to print barcodes. The barcode feature allows the POS system to know exactly where the items are located. Merchants can scan the barcodes when an item enters the stock, when they ship the item to other stores or when they sell. It takes very little time to complete the checkout process in comparison with repetitive manual details entry.
With social distancing being the top preventive measure to curb the virus, customers and businesses both are opting for maximum contactless digital payments.
Currently, the most used digital payment feature is the QR code which is a two-step process where payment is done by scanning a QR code. The instant credit and debit payment process provides both the customer and merchant a seamless experience.
From receiving money via cards, mobile wallets and QR code to providing digital bills to the customers has become a convenient way to process quick billing in the bill counter. This is currently helping business owners avoid long queues at the billing counter which can be of great risk at this point. Again, providing a non-taxed invoice to customers is not only illegal but also creates a lot of trouble for businessmen while accounting. Hence digital bill is a relief.
The data analysis feature of a POS solution allows the merchants to work seamlessly by providing them accurate data in regards to their sales and profits earned from each store on a real-time basis. This data report further helps the merchants to keep track of the productivity and growth of their business.
The customer-facing display offered by the POS solution allows the customers to watch the transaction happen on the screen. This helps to maintain high-level transparency in the transaction where customers can immediately point out if there are any mistakes in the order before a bill is generated.
The multilingual feature of POS supports multiple languages helping merchants from different language backgrounds to work, smoothly especially in tier 2 and 3.
The Point of Sale is working as a protective umbrella providing a safe contactless business solution during this pandemic. The only thing to keep in mind is to disinfect the POS machine regularly.
(Pravinkumar Bhandari is the CEO at ePaisa which is a cloud-based multilingual Point of Sale application that transforms smartphone or tablet into a complete business management solution. Views expressed in the article are of the author.)
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