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Advantages of HIGH RISK point of sale or POS systems

Before, all that was required from small retail companies was a credit-card terminal and cash register. But, after the emergence of personal computers, many retail store owners have started using specialised personal computers for inventory and sales purposes. These personal computers have additional units such as swipe bar, receipt printer, check reader, bar code scanner, cash drawer and other peripherals. Apart from the hardware components, Pos terminals also run special software which helps in monitoring inventory and authorising check and credit cards.

Many set-ups allow the use of bar-code laser scanners for reading the Uniform product Code or UPC on the goods being sold. Inventory functions allow the addition of descriptions, the quantity and price of goods as and when they are brought into a store. There are a number of other functions that can be availed and are business-centric. For instance, the restaurant points of sale systems have a printer in the kitchen for sending orders after the order is entered in the touch screen. There is point of sale software that is specific to a particular business such as auto mechanic, restaurant, retails, hotel, etc.

Almost all the POS systems have the facility to be connected to high-speed internet connection. The POS systems are used for processing authorisations for checks and credit cards quickly in comparison to dial-up connections of credit-card terminals. Periodic and daily reports can be produced with the help of point of sale software which is best suited for internal accounting. Moreover, commonly used accounting software is also supported.

If a person already has a PC then it the POS can easily be “created” by buying the POS software and additional peripherals such as credit-card swiping terminal, cash drawer, etc. However, it is best to avoid such cobbled-together systems. It is best to possess a stand-alone point of sale which has the POS software.

If a business is already equipped for processing credit cards, it is necessary to check the current processor before a new POS is purchased. This will help in ensuring that the software and the system will have compatibility with the current processor’s platform. A trader should be in a position to “load” the account numbers into the software and also enter the internet addresses and/or telephone numbers that are need for carrying authorisations of credit cards.

Caution needs to be taken before setting up point of sale software systems. The POS systems are devised in such as way that they can run only under a specific processor and a trader will also have agree to shell out more in case of increase in processing rates. Hence, it is always better to obtain information from an executive so that right decisions can be taken. Since the point of sale software systems such as QuickBooks operate only for specific processors, care needs to be taken before they are set-up keeping in mind that they are not flexible. Hence, POS software may seem cheap up-front since they could be changed at a later stage.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.