The point of Sale (POS) systems has been used in the business to facilitate better financial transactions, sales records, and inventory management. Additionally, the POS are flexible to accommodate the specific needs of any business thereby serving multiple functions such as sales recording, financial accounting, employee management and inventory management. The POS system facilitates the financial transaction of business by ensuring that payments are made in exchange for products and services offered by the business. This involves running a debit or credit card through the card reader that automatically debits the business and credits the card owner. Click here for more information on clover mini pos. Therefore, the POS works by;
Presenting the debit or credit card to the merchant
The first step in facilitating a payment through the POS system involves presenting the credit or debit card to the service provider or retailer. This is after; the merchant has calculated the items bought into the POS system and has given the buyer the total amount to be paid.
Swiping the card
The second step involves swiping the credit or debit card on the POS system to process the account. The barcode on the card would be read by the card reader on the POS system which facilitates the financial payment transactions.
Selecting debit or credit option
Once one has inserted the card into the POS, the system suggests one to choose from the “Credit” or “Debit” options. Select one that best suits your card payment and accepts the transactions.
Approve the transaction
It is prudent to cross check the financial transaction details to ensure that the amount charges are correct. This is done by checking the display interface on the POS system.
Choose the bank account transaction
The POS system machine may prompt one to choose the account they wish to be charged to facilitate the transaction. This is possible through “Savings” or “Checkings” accounts where you would choose the particular account to charge the transaction.
Enter the pin
After confirming the transaction details and choosing the bank account to be charged one is then prompted to enter a personal identification number (PIN). This ensures that the financial transactions are well secured. The PIN should be safeguarded with care and should not be shared. Entering a wrong pin may block the transaction.
It is possible to use the POS system which has a cashback option that will allow handing over cash to the customer from the bank. This is because it can assist one to get liquid cash from a POS point.