In the plan of any business, whether it is at the beginning or in full ascent, the choice of fiscal equipment is an important stage. Card payments through a POS terminal have not been a novelty in commerce for many years, a niche that is in continuous development.
The use of POS is not only a modern step for business development, but also a mandatory measure regulated by law. More precisely, we are talking about Law 209/2016, also known as the "cash-back law", which entered into force on January 1, 2017. The normative act establishes that "Legal entities that carry out retail trade activities and that annually a turnover greater than 10,000 euros in lei equivalent are obliged to accept both debit and credit cards as means of payment." Among the categories that must provide POS systems are: street vendors, food and non-food stores, companies that offer home delivery services, courier companies and online stores. Also, the law also provides that "public institutions that collect taxes, fees, fines, interest, late payment penalties, penalties and other payment obligations have the obligation to accept payments also through debit cards and credit cards."
Read what, exactly, a POS terminal is and what it does, as well as some tips that will help you make the best choice for your business.
What is POS?
The POS (Point-of-Sale) is an electronic device that receives, stores and transmits card payment information. This terminal allows, in a secure environment, to read the information on the magnetic strip and/or the microprocessor embedded in the bank card.
A POS terminal is not only a simple fiscal equipment, but also the software used for banking transactions. In short, the device is placed at merchants and connected to the bank via phone or tablet, thus ensuring the transfer of money from the buyer's account to the seller's.
To obtain a POS, the company submits an application to the partner bank. The bank handles the installation of the necessary equipment, training services and technical support. Banks may charge different administration fees, so it is recommended to request information from several institutions to form the clearest possible idea.
Using a POS – what are the benefits?
Among the most important benefits of using a POS are fast transaction, reduced waiting time for product payment and extensive payment options. The customer can pay with their mobile phone (models with NFC capability) or with their smartwatch. This way you reduce and simplify the costs related to cash handling.
Depending on the software installed, merchants can also enjoy features such as: inventory management, sales reports, stock information, payment processing tools and customer management. Moreover, through a POS terminal you can also keep track of employees to see which of them make the most payments. Through the application, one can check the transactions made by each employee, cancellation operations and others.
Some POS models allow the automation of various business operations: inventory reports, purchases, expenses, accounting reports. All these features add to the running of the business, from time saved to stress reduction and human error elimination.
POS terminal: how do you choose the right equipment?
The field of activity and the complexity of the business are the key elements by which it is advisable to be guided when choosing the POS. But also take into account the future plans and the pace of business development, otherwise you can make the wrong investments.
Number of transactions per day, capacity to store data in electronic format, security features are important differentiating criteria. Also carefully research the additional features of several models. If you think that some of these could be useful to you or make your business easier, then don't hesitate. Any solution that can increase your customer base and the value of your purchases is worth implementing. The POS can be adapted according to the needs of your business.
If you are looking for a fiscal device that does not require major changes in the activity, the BlueCash-50 equipment is the best choice. Danubius Exim, in collaboration with Datecs, is launching this year the first cash register with integrated fiscal banking POS - BlueCash-50, the main beneficiaries being restaurants, deliverymen and retail businesses. The BlueCash-50 model includes a cash register, card and cash payment terminal, smartphone, printer and barcode reader. The new product has an integrated front camera and dual function rear camera – barcode reader and camera. The cash register with integrated POS is also ready for connection with the MF – ANAF computer system, just like all Datecs electronic fiscal cash registers.
The digitization of payments could make cash payment obsolete for a long time. More and more businesses are choosing to use POS, and buyers are increasingly using the card or NFC technology. Are you ready to go to the next level?