POS (point-of-sale) systems have rapidly been replacing the old-school cash register. Businesses have found the technology-advanced approach of these systems to be much more sophisticated and efficient in handling their checkout processes. A POS machine can help increase a business’s operational efficiency and total sales and improve customer satisfaction.

How to apply for a POS system? Now, if you own a small business and want to learn more about a POS system, right from using it for one to all the benefits this system offers, this article can help you! Here’s everything that you need to know about a point-of-sale system:

Applying for a POS system is a straightforward process. The business must fill out an application form and agree with a bank. Do note that the application needs to be processed through a bank branch with which the company has a current account. Also, banks have specific eligibility criteria for POS machines. While each bank can have different requirements, take a look at a general list of eligibility criteria for those wanting to install a POS system:

1. The merchant should hold a current account with the bank
2. The merchant should exist for at least six months or more
3. The merchant should be in retail trade

Documents required for a POS system

The documentation requirements could again vary depending on the bank giving the POS system. However, make sure to keep this general list of POS machine documents that most banks require from businesses that are applying for a point-of-sale machine:

1. Proof of business establishment (sales tax registration certificate, lease agreement, VAT registration certificate, trade license, establishment registration certificate)
2. Proof of identity (voter ID, passport, driving license, PAN)
3. Proof of address (electricity bill, telephone bill, government-issued certificate confirming applicant’s address)
4. Merchant application for POS machine

Benefits of shifting from a traditional cash register to a POS machine

1. Helps save time

A POS system is much more than just a tool that helps process payments. With this system, one can easily take care of multiple tasks such as inventory management, payroll, accounting, and scheduling. Modern POS systems add all these tools into one single method or offer the option of connecting the system to other software applications.

2. Provides customer insights

With the data provided by the POS software, it is now possible to build targeted campaigns. Doing this can help in reaching potential customers to improve sales. Marketing leaders are already increasing their personalization spend, which has been a cause for concern for small businesses. However, with the help of a POS system, this problem can effectively be tackled.

3. Can keep up with the changing business trends

Thanks to advancing technology, cloud-based POS systems constantly update their software to support the latest consumer trends. The use of POS machine software will help keep the business up to date as the preferences of their consumers keep changing.

Lastly, POS systems tend to be secure. Along with offering to boost operational capacity, sales and revenue, a sound POS system also ensures that all the business’s payment data are encrypted, protecting the business and its customers from data breaches.