14 Mar What is Integrated Point of Sale?
Today’s businesses need to be flexible and provide as many options for payment as possible. However, merchants also need to keep their eyes to the mitigation of unnecessary costs. This is why many are utilizing what is referred to as an integrated point of sale (IPOS) system. If considering a different option for payment processing as well as managing certain internal functions, look no further than an integrated solution.
Basically, this is a way to utilize a broadband internet connection for the use of certain key business functions such as taking inventory, as well as the means by which payments are processed. With an integrated point of service system, one does not need a separate terminal to process financial transactions – from sales to electronic fund transfers.
As with a traditional point of service system, the system works through the use of a cash register and card/PIN reader. The processing takes place via the internet connection as opposed to a separate terminal connection. This allows the same connection to be utilized for both internal and external business operations.
Not only are many merchants finding these systems to be more cost effective than traditional point of sale systems, they’ve seen an overall increase of the number of transactions that can be processed with the use of the integrated system. It’s a win-win situation or both merchant and customer – the merchant has the opportunity to process more sales overall and the customer has a speedier checkout.
In addition to processing transactions faster and in a more cost-effective manner, the integrated point of sale systems reduce error as there are fewer external inputs that are needed. These external key entries, generally done by a human, are where many small accounting or inventory errors occur. Automating the system reduces the number of related errors seen in the system that must be rectified.
An integrated point of sale system offers the same convenience that a traditional point of sale system offers, with many additional benefits. From faster transaction processing to fewer errors, these systems are proving to be more cost effective and versatile for today’s business needs.