POS the abbreviation for Point of sale is a system present in almost every retail store at present times. This processes payments, orders, bills in a very singular, smooth, and secured way. The different terms included in the system are the POS system, terminal, and software.
POS System: This is the software that store employees often use when you checkout. It has a basic display unit, the units, measurement, cost, cash register, a printer attached which gives you a copy of your payslip. It is also accompanied by card readers nowadays as there is a rise in online and card payments.
POS software: Yet another platform on which all the tallies are made, your transaction is safely and fastly carried through, it is this system that helps in your easy checkouts, adding or removing items from the cart.
POS Terminal: The card reading mechanism attached can either be integrated or attached separately into the POS system.
POS Finance is Point of sale financing when you are provided with financial solutions at the time of purchase at the retail stores. It is a form of personal loan that you could opt for when you buy items like furniture, electronics. This method has acquired its place in the market as opposed to the credit cards and POS financing solutions that could be used to buy anything and everything when credit cards are usually used to buy a single product.
POS Finance: Quick Glossary
- Point of sale financing has become a huge part of our retail shopping experience. Ever since its advent and introduction into the market, it has emerged to be a crowd favorite. But it should also be understood that with increasing access and usage of credit cards we become prey to impulse buy of big goods.
- It can feel manipulative at some times as we may get lured into buying things we merely want rather than need. We all know how much of a struggle and foolishness it is to cater to our wants. It is times like these that Financing options might feel like a huge cash trap.
- You can even opt for APRs which are offering a 0% interest rate. This has been a great save recently as they offer no interest during their promotional time window making it a great competitor against the Point of Sale financing solutions.
- This has become a very popular option because it is hassle-free and can be paid off easily unlike loans which might be accompanied by interest rates and other clauses.
- Benefits of POS finance are multi-fold. For retailers, this adds to a varied and long-term customer base. When it comes to customers, they can opt now without a worry of getting through the tedious process of checking the credit scores and then the long stipulated wait for the approval. So with POS financing, the opportunities available are endless making it available for anyone and everyone.
- For customers, the financing solutions are more transparent with no hidden amount involved. This makes this process more widely accepted. This also provides low interest rates, a detailed account of the money you ought to pay back, and is mostly processed faster than personal loans.
- With POS financing, customers are offered more than one payment option to better suit their budget needs. They can opt for a 90-day payment plan instead of using a credit card which gives them the option and freedom to choose from their best options. This gives them more affordable payment options so they can purchase items they need now and pay them off later.
- The ease of not having to find financing elsewhere can ensure a positive customer experience. When a credit-challenged customer has come to you and you have helped them when other retailers didn’t you have got yourself a very happy and long-term customer.
- POS’s major goal is to provide a very linear, smooth channel for checkouts and for a very happy customer base which is equally beneficial for retailers and the consumers themselves.
10. POS financing system rapidly and easily takes a customer through the payment process, giving them control to view the progress right then and there. This promotes transparency and the form of trust is developed which can later turn into a long-term customer.
11.POS financing methods are profitable both for the retailer and the customer. It helps the retailer reach a large audience and reach which giving the customers a hassle-free retail experience.
In conclusion, before you choose POS lending, do consider the impact it has on your credit cards, the monthly payments that you have to make, and the return policy that the store upholds.
Another viable option is 0%APR credit cards, which will give you lesser rates and makes your shopping experience more comfortable.