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Payment Solutions (Point of Sales- POS) - Coggle Diagram
Payment Solutions (Point of Sales- POS)
POS system
Synonymous with POS Terminal
POS terminal is the
electronic equipment performing the sales transaction and processing the credit card payments
helps to manage everyday sales transactions and operations
Used for many
essential tasks
such as:
price adjustments
staff management
menu customizations
sales reporting
labor reporting
customer management
Inventory management
marketing initiates
3 pillars of Financial Transaction
Customer
Consumers decide where and when to swipe, touch, and buy
Bank
Effective B2B2C services that are activated easily and sold on top of the existing merchant processing and acquiring solutions (fast and effective)
b2b2c-
When a consumer uses one business to order a product or service from another business's online store/app
Examples:
Food ordering platforms, online travel agencies, crowdfunding platforms, group buying platforms
Merchant
The customers' experience (merchants want whatever the customer wants)
Types of POS System
In addition to receiving payments, POS enables
tracking all financial and tax data
. Most POS solutions have reporting features built-in to monitor your transactions by date, time, and type.
Restaurant, Bar, Retail, Small Businesses, Salon/ Spa
POS System
Trends and Innovation on Payments and POS System
Mobile Payments and Tablet POS
Cloud Technology (As-a-Service)
Data and Analytics
Artificial Intelligence
A Seamless and More Personalized Customer Shopping Experience
Advantages of POS System
-Increased Efficiency
-Ease of Use
-Expanded Payment Capabilities
-Greater Accuracy
-Inventory Management
-Employee Management
-Reporting
-Simplified Accounting
-Detailed Receipts
-Faster Service
Disadvantages of POS System
-Cost of Web Access
-Updates
-Security Risks
-Disputed transactions
“POS technology continues to evolve, becomes more affordable, intelligent, and ingrained into core business operation”
a transaction takes place between the customers and the merchant e.g. MCD self-service kiosk