A POS, or point of sale, transaction, is what occurs whenever a purchase is made – but it’s also so much more: every transaction contains vital information. Read on to learn about the fundamentals of POS transactions, the information it includes, and how to leverage that information for the continued success of your business. You’ll also learn how to improve your cash flow and simplify the transaction process for everyone involved.
What Is a POS Transaction?
A POS transaction (point-of-sale transaction) is a transaction that occurs whenever a purchase is made. POS transactions encompass both B2C and B2B purchases, and there are two types of transactions– online and offline (a cash sale made in a brick-and-mortar store). Every POS transaction includes key information; this data varies across industries, companies, and systems, but often includes the transaction amount, payment method, inventory information such as colorways and SKUs, customer information, and taxes.
POS systems capture and organize this information to help businesses track vital operational information for accounting, bookkeeping, taxes, assortment planning, and more. For example, by reviewing your NuORDER POS transaction data, you might discover certain colorways or product categories do especially well within certain regions. Armed with this information, you could prep better-targeted personalized assortments for your wholesale buyers.
Learn the difference between the total and subtotal at the POS transaction in your wholesale eCommerce platform.
Credit Card POS Transactions
Credit card payments are becoming more commonplace in this digital age– and for good reason. Credit card payments offer unique protections that are simply not available with other payment types. Credit cards also help businesses manage cash flow because sellers are paid immediately but buyers have until the end of their billing cycles to pay their credit card bills. Finally, credit card transactions make it easy to accept mobile payments from retail stores around the world.
In the realm of wholesale eCommerce software, NuORDER Payments allows brands to accept payments made with major credit cards– competitive, pre-negotiated rates and all. Thanks to these direct payments, brands no longer need to set up third-party payment providers or merchant accounts or deal with the complexities of PCI compliance. Instead, businesses can receive payment safely, securely, and in less time, while offering incredible convenience to their wholesale partners. For more client relationship-building tips, read our blog post on engaging with new accounts.
With NuORDER Payments, buyers have their own digital wallets where they can store multiple credit cards for future wholesale payments. And brands get paid faster: the point-of-sale system requires less than 24 hours to settle transactions. The safe and secure system also offers such conveniences as auto-shipping calculations at checkout and collections of upfront shipping payments; it creates ease, simplifies operations, and reduces financial risk. Finally, the NuORDER Payments dashboard is a centralized hub for accessing tax compliance support and viewing daily transactions and monthly reports.
NuORDER Payments fully integrates with brands’ ERP to automate authorizations, refunds, and future billing, such as payment collected upon shipping. Learn More.
NuORDER is a B2B eCommerce platform and marketplace, connecting retailers and brands and streamlining the wholesale process for virtual, hybrid, and in-person market appointments. The NuORDER platform offers a seamless and collaborative way to do business with interactive and customizable solutions, easy payments, real-time inventory insights, comprehensive data and more for increasingly informed buying decisions.