Managing a retail store can be hectic sometimes without the right administrative skills. Store owners find themselves in a somewhat confusing situation trying to record and put everything in order. To avoid any unforeseen circumstances, merchants need to monitor their inventory levels and perform regular sales evaluations.
Therefore, Apollo Fintech took upon itself to provide merchants with a platform that could solve this issue. It recently presented its National Payment Platform for both secure payments and convenience for all merchants. Built on the Apollo blockchain, the NPP network hopes to provide a more straightforward way for governments to distribute their sovereign digital currencies. Sellers can utilize the currencies locally in their product sales and distribution.
The platform now avails all the above benefits through their point of sale system (PoS). It allows them to keep track of sales. This article will look into what a point of sale system entails and how it will help NPP sellers.
Operating a Point of Sale System
Simply put, a point of sale system consists of avenues whereby transactional services take place. It is a place where customers remunerate merchants for rendering their services. The initial process of using the system starts by setting it up. Merchants need to have both the hardware and software properties. After that, the PoS service providers formulate an account on behalf of the merchants, enabling them to commence startup activities like including customers and workers.
Similarly, the NPP will provide these services to all the merchants introduced on the platform by commercial banks and agents. To understand the advantages of the PoS system, it is necessary to understand how it works altogether.
How Does a Point of Sale System Work?
Previously, the PoS system was quite different from the modern forms of the same. It involved old school cash registers, inputting prices to the system as per a price tag. However, modern technology is revolutionizing the process through codes and barcode readers. Primarily, the POS system includes the hardware and software sections.
These are the physical aspects you require to run your POS system. The first is a monitor of the device you will utilize to store all the products’ sales. Other services the monitor shows include the cashier working on a specific cash desk, the sales and returns per each spot, etc.
The second are barcode readers, which scan the QR code on each product to display the name and price. Inventory tools embedded in the systems help monitor the total of the prices per customer to provide the net one pays.
Once it indicates the value, a customer can pay using their favored avenue. It can be mobile payments, credit cards, or cash. When it comes to credit cards, a POS system needs a debit card or credit card scanner, where the cashier selects it as the mode of payment. The customer issues the card and inputs the desired way to approve the transaction.
After a correct payment, the cashier needs to command the receipt generator to print a receipt indicating all purchases. If the customer pays in cash, the cashier should issue the correct balance to the customer.
Even though the hardware components are necessary for the registration of transactions, the POS system’s software is most crucial.
Software is necessary to store all information on products, their pricing, employee details, the necessary settings and commands required to operate the system, etc. It is also the basis of online purchases on the platforms supporting these services.
A merchant can manage this system personally or get a knowledgeable IT technician for this purpose. However, with the revolution of technology, cloud-based POS systems enable the sellers to take care of their networks; it may only require one more person to help out.
The NPP System Presenting New Technology for POS Efficiency
One significant focus of the NPP is providing online services to everyone in trading. In turn, they provide advantages during their presence on the platform. Its point of sale system has several features that present unprecedented advantages, including:
Unlike what most people may assume, online sign-ups work for both sellers with online businesses or brick and mortar ones. Any person can utilize all the benefits of the NPP POS system through a simple online sign-up. That way, it enables them to create a website, set it to whatever mode suits you, and control your business. Then, you can view orders and receive the payments NPP offers.
The Apollo blockchain is the fastest and most feature-rich blockchain in the world. The NPP running on it is the surest way for its POS system to be all-encompassing. First, it will benefit the fast rates of transactions with zero downtime despite the increasing traffic. The feature behind this aspect is the database sharding technology that ensures the offloading of the system.
Second, the system’s safety is excellent, considering its presence on a blockchain, reducing risks of hacking. Apollo is working towards integrating quantum resistance technology, which will prevent quantum computing attacks.
The blockchain also creates a transparent environment, preventing any discrepancies during payments. It will help monitor employees if any, and the legitimacy of all payments by customers.
After establishing a website, a merchant can advertise what products they have on the platform. Furthermore, they can receive all payments online. The system provides required receipts after any sale.
The buyers can afford SMS, QR codes, debit and credit cards, offline codes, etc. This factor creates convenience for all merchants and buyers since it favors the unbanked. Besides, everyone in remote areas without an internet connection or people without smartphones can still make payments through SMSs. It will also aid the vision for mass adoption of cryptos and blockchain.
Another sales advantage for merchants is they can keep track of all their products’ inventory. You can further view your business’s progress through the system, which helps startups improve wherever they need.
Sellers globally look for efficient ways to manage their businesses virtually without running into issues. Even though many platforms offer online sale services, they still have their downsides. Apollo Fintech hopes to change the situation through its National Currency Platform to provide the necessary services for successful business monitoring.
Now, merchants can access different payment methods according to the preferences of their customers. Moreover, they leverage a secure environment, with frictionless services for all. In turn, sellers get to grow a healthy business with endless transparency and easy record-keeping.