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8 Things You Should Know About POS

1. What is the full English name of "POS"?

We are used to saying "POS", but not many people know that "POS" is the abbreviation of "Point of Sales", which is the full name of the point-of-sale information management system.

The POS machine has the cash or barter limit cashing function. Its main task is to provide data management services for commodity transactions and perform non-cash settlement.


2. What are the categories of POS machines?


(1) Traditional POS machine: it only has basic functions such as bank card consumption and checking card balance, which is now the most common POS machine;

(2) Convenient pos machine: the third-party payment company superimposes some convenient functions on the traditional pos machine, such as credit card repayment, telephone recharge, etc.

(3) Mobile card reader: similar to an external card reader, you can use the balance query and transfer and remittance lamp functions as long as you open the mobile phone Bluetooth connection. The mobile card reader itself has no payment function. It needs the software of payment channel to cooperate with it to have the function of payment and receipt;

(4) Smart POS machine: based on the traditional POS, the intelligent platform and 3G communication are added, which can realize one-dimensional, two-dimensional code and even lightwave, acoustic wave payment, and online docking with consumer WeChat payment, Alipay, flash payment and other functions.


3. Can the accounts consumed through the POS machine be received immediately?


To understand this problem, we must first understand the cash flow of POS consumption.

For a clearing POS machine, it generally goes through the process of "merchant POS equipment → consumption by swiping card → payment channel → UnionPay clearing → merchant", which is equivalent to money "directly" to the merchant account, and the account time is T+1 (that is, the account is received the next day), or T+0 can be opened (that is, the account is received the same day).


4. What is the relationship between POS and third-party payment platform?


The third-party payment platform for POS payment, similar to e-commerce online shopping, plays an intermediary role in fund custody and third-party supervision!

The essence of its operation is to set up an intermediate transition account between the payee and the payer, so that the transfer of funds can be controlled and stopped. Only when the two sides reach an agreement can the direction of funds be determined. In the process of transaction and payment between the buyer and the seller, the third-party payment platform plays the role of payment trusteeship to achieve payment guarantee.

Since it is a kind of intermediary service, it can be seen that the seller is the payee. If the transaction is completed through the third-party payment platform, it needs to pay a certain percentage of the service fee, which is what we usually call the POS rate.


5. How to calculate the rate of POS machine?


When consumers use POS to consume and cash to consume, it seems that there is no difference for consumers, but behind POS consumption, there is a certain handling charge for the seller.

For UnionPay card swiping, the service charge is set according to different industries, from 0% to 1.25%, and for public welfare is 0%.

For online payment, the rate of smart POS is cheaper.

6. How to distribute the profit of POS industry chain?


Generally speaking, it includes hardware charging and profit sharing. POS machine sales bring one-time charges; But in the long run, the main charging method comes from the profit of each customer's consumption. The profit mainly comes from the service charges generated by each POS consumption, and is distributed to the bank, third-party operator and UnionPay where the consumption funds are located at the ratio of 7:2:1.


7. Why do some stores have many different POS machines at the checkout counter?

Some are POS machines issued by banks, some are distributed by third-party payment institutions, and some are membership card management systems provided by stores.

In fact, because the POS machine is connected with UnionPay or third-party payment platforms, they are not completely compatible. As a result, many POS machines released by different payment institutions have appeared in stores.


8. What is the development direction of POS?


The main function of the POS machine is to complete the capital transaction. Therefore, how the way of payment and collection changes, the POS machine will also follow the trend of innovation and upgrading.


Premier Cable provides a widely variety cable with different interfaces (USB, RJ11, RJ12, RJ45, DB9,etc.) which can be customized and applicable to:

Tax-controlled cash register keyboard, retail POS programmable keyboard/ECR keyboard, fixed barcode device, hand-held scanning gun, convenient barcode device, smart agricultural trade traceability electronic scale, traceability management system, large barcode reader, portable digital instrument, panel digital instrument, multi-function calibrator, automatic instrument, electrical instrument, ACS series electronic scale, bank self-service equipment, automatic induction laser barcode scanner, POS cash register, POS printer, POS cash box, touch screen cash register, digital sign, self-service terminal, digital supply chain metering equipment, cash register and weighing machine, interactive large screen, smart store, AIoT, AI vegetable and fruit identification label scale and others.

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