Basic Information About POS Terminal
POS terminal is an electronic device which is used to process credit card transactions. It can be installed in any type of business, from small shops to large corporations. The POS system helps businesses increase sales and make a profit by providing customers with the convenience of making purchases with their credit cards. The POS system also allows businesses to save money by reducing the amount of cash they have on hand. In addition, it reduces the risk of theft and fraud by storing credit card information in an encrypted format. The POS system consists of a computer, an internet connection and a credit card reader. The credit card reader is connected to the computer, which allows it to receive information from the card’s magnetic strip. The POS system is designed to be easy to use and provides detailed reports that allow businesses to track sales and costs. It also allows you to create products and services, which can then be integrated into your website.
The definition of POS (Point of Sale) supply chain management is: the calculation of sales data and inventory expenditure at a certain point of sale at a certain time, usually using barcodes or magnetic media devices. (1) Consumer POS, with functions such as consumption, pre-authorization, and querying payment lists, is mainly used by authorized merchants to accept bank card consumption. (2) Transfer POS, with functions such as financial transfer and card transfer, is mainly used for the financial department of the unit.
Safe and affordable to use, credit card and account information only needs to be told to the payment intermediary, without telling every payee, greatly reducing the risk of credit card and account information leakage. Most transactions on third-party payment platforms are free. The payment cost is low, and online platforms concentrate a large number of small transactions, forming a scale effect. It also simplifies the transaction process and facilitates consumers; For merchants, it saves operational costs; For banks, it not only saves gateway development costs but also increases transaction revenue. Multiple payment methods are provided for easy use. The online platform supports both bank cards for payment online and terminal operations such as mobile phones and telephones, catering to the most personalized and diversified needs of consumers.
Payment Innovation
The financial internet business carried out by traditional financial institutions still follows strict offline financial regulatory requirements, with relatively low risks. The online business engaged by third-party payment institutions is not fundamentally different from offline financial business, and they do not have to bear the financial regulatory requirements of offline. Under the explosive growth of customer numbers, there will be huge financial risks and hidden dangers. In the increasingly open internet financial environment, as a third-party payment enterprise itself, the primary task is to grasp the lifeline of risk control system and security technology, first consolidate internal skills, and then try to innovate the game.
In terms of risk control, security models, and standardized implementation of technology, third-party payments have achieved bank-level risk control and security guarantee capabilities. On the risk control system side, by integrating the resources of the entire platform of the People's Bank of China, UnionPay, and commercial banks, and based on national policies, implementing fund supervision and transaction monitoring in all dimensions and throughout the entire chain, based on the four core links of "risk prevention, risk monitoring, risk investigation, and risk handling", from network qualification review to real-time monitoring of transaction data by the risk system, to investigating risk cases, taking risk control measures, and finally disposing of risk cases Report to regulatory authorities and public security departments to establish a comprehensive one-stop risk prevention and protection system. In terms of security technology, third-party payment utilizes three core modules, "network security measures, transaction authorization security measures, and subsequent remedies" to achieve an Aegis level fund security matrix for users. Industry experts have pointed out that in the current era of revolutionary innovation in payment, the central bank's regulation of internet finance is conducive to market correction, balancing equity, and reducing risk accumulation. At the same time, it is also an effective measure to further strengthen the risk control and security system of third-party payment enterprises.
Advantages Of POS Terminals
POS terminals can help you increase revenue by providing your customers with more payment options. For example, if you do not accept credit cards or gift cards, your business may struggle to attract customers from outside the local area. POS terminals allow you to process payments from all over the world, increasing your customer base and making it easier for you to grow your business. KingTop, a POS manufacturer, shows you some other specific advantages of POS terminals.
1. Convenient consumer shopping and consumption settlement, both convenient and fast, can boost a lot of purchases and impulsive shopping, and increase merchant turnover. According to statistics, the installation of mobile POS merchant sales growth of more than 40%.
2. Reduce merchants to clear cash, depositing banks and other links to increase the speed of capital turnover.
3. Effectively avoid counterfeit currency and cash management security risks.
4. Improve transaction processing speed and speed up merchants' fund usage.
5. Increase the amount of cash flow of merchants in banks, which is beneficial to the processing of loans when needed in the future.
6. Attract 3 billion UnionPay card consumers, especially credit card holders (consumers who like the goods of your unit but do not have enough money in their pockets, such as spending with credit cards, will not only solve the problem of money, but also he can easily apply for installment repayment).
7. Improve the merchant's taste and image, and help the merchant to establish an advantage in the fierce market competition.
If you want to choose a POS terminal, you can click on the official website at KingTop, a committed POS manufacturer.
