Point of Sale Terminals Market Size- KBV Research
Posted by kbvresearch on April 25th, 2019
What is a Point-of-Sale (POS) Terminal?
A Point-of-Sale (POS) terminal is a hardware system for processing payment of cards at retail sites. A software is integrated into the hardware to read magnetic credit and debit card strips. The next generation of POS systems is comprised of portable devices (i.e. not counter-anchored terminals), either proprietary, or third party, and contactless capabilities for emerging mobile payment forms.
POS terminals are in reality just computers running a software system designed to make the operations required for a store at the point of sale easier. The sales point (also called the buying point) refers to wherever transactions occur within a shop. At a designated counter/check-out area for the vast majority of retail locations.
Why do we need for a Point-of-Sale (POS) Terminal device?
The most important thing for a company to have a point of sale is saving in time. The point of sale terminal can record what is sold for the day and what kind of transaction it was, whether it was cash or loan or any other form of payment. Even more difficult systems have staff tracking, so owners know who sold them. And some are even tracking inventories to track how much is sold and how much is left.
Point-of-Sales terminals make it faster for a company to check out a customer since it makes price increases considerably easier. Imagine about the shop and how many products it has. Without a point of sale, which is reminiscent of all prices, an employee would take so much time to check out somebody, as he/she would need to find any prices they did not know and enter that information manually. All the employees have to do with the point of sale terminal is scan the item and the information is entered automatically.
Point-of-Sale (POS) Terminals in Restaurants
The restaurants rely on technologies that increase operational and installation costs in terms of their business operations. The perfect technologies to meet these requirements are mobile solutions. Several developers in the market of restaurant terminals are working on solutions to deliver efficient tableside technologies to FSRs. The restaurant terminal market players are also engaged in developing software solutions to support multiple processes in payment terminals such as accounting, bookkeeping, order management on everyday sales paths, accounting management, etc.
Installed in these integrated systems, the software base helps control and manage hardware and other peripheral equipment. The players offer their customers these modern solutions to enhance business and customer dining experience. In the restaurant point of sale (POS) terminal industry, the cafés & bistros have experienced significant growth. The firms of these cafés are driven by growing footfall of young customers at these food outlets.
Types of Point-of-Sale (POS) Terminals
Traditionally installed in counters or reception areas, fixed terminals are PC/monitor POS systems. These systems are complex in nature, require continuous power and cost for maintenance. The most popular POS technologies in the market are fixed systems, thanks to integrated technology including a number of peripherals such as a barcode scanner, RFID or cards reading device, POS printer, cash drawer, etc.
The high prices of these systems and the large-scale requirements for such systems are the reason for this integrated solution in FSRs and QSRs. These terminals offer a complete food supply system that can be installed with a single system to handle or manage inventory, retail, order and customer profiles. More integrated systems are being used in fast food stores to serve and effectively manage their orders to drive demand for restaurant selling points. In addition, manufacturers are involved in incorporating a number of advanced technologies into these integrated systems such as bar code scanner, EMV card reader and RFID scanner.
The increasing demand for such devices is projected to fuel constantly changing consumer expectations, increasing debit/credit card transactions and sophisticated data analysis. Other factors driving growth in this segment are paper-free reception, increased security, open floor space and reduced time for customers. Mobile applications can create new revenue channels; thus, providers use numerous marketing channels to use their technology to compete on the market. Increased consumer acceptance for these systems was the result of the advent of affordable wireless communication technologies. In addition, due to low installation costs, the flexibility of having a smartphone or tablet-based POS attracted small scale businesses to invest in this technology.
With email and electronic receipts allowing free paper transactions, the systems are progressively shifting towards digital format. With e-mail and electronic receipts allowing free paper transactions, the systems are progressively shifting towards digital format. Increased debt and credit card adoption have also generated a high demand for these devices. As payment technologies advance, the industry is moving towards payments for EMV chip cards that are projected to further boost the marketplace momentum of the point of sale (POS) terminals over the coming years. Furthermore, the global Point-of-Sale (POS) Terminal is being projected to grow at a CAGR of 7.4% over the forecast period.Also See: Integrated Systems, Towards Digital, Terminals Market, Shifting Towards, Terminals, Terminal, Systems
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