India’s digital transformation has completely shifted the way businesses handle their payments. In fact, post-COVID, contactless payments have become even more popular, and their chase has become more fueled.
Even the statistics suggest that contactless payments are projected to grow at a CAGR of 40% by 2026. Consequently, all these things are making the new players in the market curious to understand the process of contactless payments and how they can be leveraged.
You must employ a point of sale machine for your business. It’ll help you accept contactless payments and smooth your customer experience. Let’s understand more about them.
What is a point of sale machine?
A point of sale, or PoS, machine facilitates the acceptance of electronic payments through debit cards, credit cards or even mobile wallets. It acts as a central command centre, consolidating various tasks like processing transactions, managing inventory and generating detailed sales reports.
This shift from cash-based transactions to a digital payment ecosystem empowers businesses to operate with greater efficiency and security, paving the way for a more prosperous future.
How does a or point of sale machine work?
The entire process of contactless payments is designed to be fast, secure and seamless. By leveraging advanced technology and encryption protocols, Point of sale machines facilitate efficient transactions while safeguarding sensitive payment information. However, understanding how they work is one thing that’s keeping a number of businesses from adopting this technology. So, here’s how these machines work:
- You choose your payment method
When you’re ready to make a purchase, you decide how you want to pay. It could involve using a debit card, credit card or even a mobile wallet like Google Pay or Apple Pay. This initial step allows you to choose the best payment method as per your preferences and convenience
- Tap your card or mobile wallet
For contactless transactions, you tap your card or mobile device on the designated reader area of the point of sale machine. This action initiates the transfer of payment information from your card or device to the POS machine
- Authorisation request
After you tap your card or mobile device, the POS machine immediately sends a secure authorisation request to your bank or financial institution. This request includes details such as the transaction amount and the POS machine’s unique identifier. Your bank then verifies your account details and assesses whether to approve or decline the transaction. It is based on available funds and other relevant factors
- Payment approval
Upon receiving the authorisation request, your bank evaluates the transaction and decides whether to approve or decline it. If the necessary funds are available and there are no security concerns, the bank grants approval for the transaction. This approval is swiftly communicated back to the point of sale machine. In turn, a prompt display pops up confirming the transaction to both you and the merchant
- Receipt printing
Following the successful completion of the transaction, the merchant has the option to print a receipt for your records. This receipt serves as tangible proof of the transaction. It includes details like the purchase amount, date and time of the transaction. The receipt also includes the merchant’s name and location. While printing a receipt is optional, many customers appreciate having a physical copy for their records or potential returns or exchanges
Why choose a point of sale machine for your business?
Now that you understand the basics of PoS machines, it is time to understand the plethora of benefits they can bring to your business. Here are some of them that you may explore and leverage for improved business operations:
- Enhanced customer experience: Point of sale machines provide a faster and more convenient checkout process for your customers. It translates to shorter queues and happier customers, which makes it more likely for them to return for future purchases
- Improved security: Contactless payments eliminate the need to handle cash, minimising the risk of theft or errors. Additionally, PoS machines often come with built-in security features like PIN verification and encryption, safeguarding sensitive customer information
- Efficient inventory management: Many point of sale machines come equipped with inventory management features. They help you track your stock levels in real time and prevent stockouts. It helps ensure that you always have the products your customers demand
- Integration with other systems: Modern PoS systems can be easily integrated into other business tools. It includes accounting software and customer relationship management systems. Ultimately, this creates a centralised platform for managing all your business operations, saving you time and effort
- Increased sales opportunities: Point of sale machines often allow you to accept various payment methods. It caters to a wider customer base and increases your chances of making sales
- Improved business efficiency: By automating many manual tasks, PoS machines free up your time and resources to focus on other aspects of your business, such as customer service and marketing
Buy a point of sale machine for your business today
From facilitating transactions to enhancing the customer experience, point of sale machines are efficient business payment tools. They play an integral role in the business’s success worldwide. With the rise of contactless payments, the future looks brighter than ever. However, to outperform your competitors, you must collaborate with a reputed payment solution company like Pine Labs.
Their point of sale machines have various features and can be customised according to the purpose of use. In addition to the billing machine integration, they seamlessly accept payments via cards, QR codes and even loyalty points.
So, the next time you tap your card or scan the code through your phone to make a payment, remember what’s making it all possible. Visit Pine Lab’s official website to learn more about their PoS card machines right away.
