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What Is a Point Of Sale System (POS)? | The Journey - YouTube
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- No one wants to wait
forever to check out,
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so it's not a surprise that retailers
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are losing out on potential
sales, due to long lines.
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Now more than ever,
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it's essential to use the
right point of sale system
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for your store, restaurant, or popup
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to keep your checkout lines moving
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and to ensure your customers' transactions
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are fast and secure.
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But what exactly is a
point of sale system?
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How does it work,
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and do you need one for your business?
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Let's talk about it.
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- Starting with, what
does point of sale do?
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Well, generally speaking,
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a point of sale system is a location
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where customers pay you in exchange
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for your goods and services.
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Honestly, simple enough, right?
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And point of sale
systems typically include
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the hardware needed to scan a barcode,
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or a QR code, or manually
input the product price.
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And they also come with
software to calculate taxes
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and securely process the payment.
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- Your point of sale
system is the middleman
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between the credit or debit card merchant
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and your financial institution.
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So as a payment from a sales process
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through your point of sale system,
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it must first be verified
with the customer's bank
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for debit cards, or with
their credit card merchant
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before the transaction can be completed.
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And once that payment is approved,
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the point of sale system
will then work with your bank
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to make sure that the money
is deposited into your account
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as soon as possible.
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Your point of sale system should process
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all major credit and
debit card transactions
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and offer additional ways
for customers to pay,
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via a digital wallet on their phones.
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- So you might be asking, do
I need a point of sale system?
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But not all small
businesses need to invest
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in a point of sale system
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to start processing customer
credit card transactions.
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In small businesses with
a large number of SKUs,
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as well as businesses
that sell in a physical,
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retail location, pop
up, or farmer's market,
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are most likely to use systems
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with a smart terminal or a card reader.
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However, some providers
have hidden fees, watch out,
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or long-term contracts,
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or are hardware dependent,
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and the quality of customer
service varies between systems.
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So if you'd like to learn more
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about how to actually choose the right one
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for you and your business,
you can watch the video,
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we did that here.
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- Now, the best advantage of having
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one of these integrated systems
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is the ability to start
collecting sales data,
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which you can analyze
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to optimize various business functions.
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Here are some common ones to consider.
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So starting off with
monitoring your inventory
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and stock levels,
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so you know when to restock your inventory
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and learn which items are
selling better than others.
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Then there's profile customer segments
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for future marketing opportunities.
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This way, you can segment them into lists
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for email marketing or for
targeted ads in the future.
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Then evaluate individual
sales rep performances,
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so you can track commissions
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and future performance
reviews and promotions.
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- That's right Nealey, and be
sure to compare sales data
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across all of your platforms.
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Don't skip over that.
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So online, in store,
social media, and email
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to find trends in the most popular items
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or product categories
sold in a specific period,
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or to inform those future product launches
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and seasonal sales
promotions, very helpful.
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So track how your customer
engages with your small business
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and to find out what
times of day, of the week,
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they're more likely to
buy, that's fascinating,
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identify trends and
consumer spending habits.
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So some habits would
be average order values
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and products that they
commonly buy together.
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And the frequency of repeat purchases
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from your top customers.
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And let me tell you,
tracking all of this data
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will help improve your overall
customer shopping experience.
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And you can also give your best customers
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more of what they want
through exclusive sales
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on their favorite items,
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or just by inviting them
to join a loyalty program
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for future discounts and rewards.
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- And now that you know what
a point of sale system is
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and how it works,
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take the time to carefully
evaluate your options.
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You don't want any surprises
when you receive the hardware
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and find out that it doesn't integrate
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with your online system,
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or that the transaction fees
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are steeper than you anticipated.
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Look for a scalable and
integrated software solution
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that lets you sell wherever
your customers are,
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and enables your customers to
pay the way that they want.
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- All right, that's a wrap,
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but your journey doesn't have to end here.
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Why? Well, we have over 300
videos that you can watch.
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- So be sure to like,
comment, and subscribe.
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Thanks for watching.
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