How SMBs Can Move Towards Cashless Transactions via POS System

Summary: Businesses that are failing to provide multiple options for receiving cashless payments might end up losing customers. So, what’s the solution? You will have to eventually support cashless transactions and implementing the right POS system can help you in doing the same. Find out how.

The world has long lost its proclivity for a transaction involving cash. Economies have been turning cashless swiftly which has led to the introduction of POS systems. Going by the definition, POS systems or Point of Sale systems is the point of the completion of the transaction. Several computers at various checkout terminals are connected to the main computer. They also include assets such as customer display, barcode scanner, receipt generator, credit/debit card readers etc.

You can not expect a person to walk out with a thick roll of cash in their wallets to go about with their purchases. With inflation hitting high, most economies find it extremely hard to deal with so much cash inflow. This is because each one of the bills needs to be tracked and accounted for. The challenge rises a couple of notches for an enterprise small in size. With the influx of laws to regulate currency at every level, too much red-tapeism hampers the growth of such companies. This happens even more with due bills, shortage of paper cash or unavailability to seamlessly process the plastic money.

Enter the very convenient POS system and most of these issues disappear in a jiffy. Point Of Sale system is also known as Point Of Purchase from the customer’s point of view. It is the central component of every organisation these days. It comprises of both software and hardware assets and strategically benefits the organisation by introducing quite an ease into the whole transactional process.

Software – This asset mainly depends on the IT infrastructure of the organisation. It can be on premise for a traditional model or can be on the cloud going by the recent innovations in technology. The internet can still be a pain area for some organisations but that does not hamper POS system. This happens as everything is synced once the connection is back and the setup goes online.

The one key point that needs to be strictly adhered to is the flexibility. Hence, every SME must consider the deployment and integration of the POS system to make their legwork less and life easy.

Hardware – There are four major components that the system cannot do without.

1. Display screen
2. Credit card reader
3. Receipt Printer
4. Cash Drawer

All these are fairly basic and any SME can allocate its budget to bring this system on board. Also, it is not mandatory to install a huge number of systems. A one or two POS software system installation can also streamline the system until the bandwidth is exhausted and the load on the system reaches to its maximum.

A small retailer with less business volume will also greatly benefit from the POS system and its unique feature of automation, provided the software and hardware component are appropriate, frugal and easily deployable.

Per Marylise Tauzia, Senior Director at Marketing with Revel POS systems, “Implementing new technology can be scary and overwhelming. As the POS is the central nervous systems of a business, it might be intimidating to think about replacing it. That’s why so many retailers have not made the switch yet.”

But let’s not forget that Change is the only Constant. And with every innovation, it becomes infinitely easier for the SME to make a mark and beat the competition as it is much more feasible to introduce change in a smaller setup.