The “Credit” function in a Point of Sale (POS) system is an essential feature that allows businesses to extend credit to their customers. With this function, customers can make purchases on credit, and the business can keep track of their outstanding balances and payment history and later can settle those credit outstanding. The topic of credit function can be divided into two main parts: Credit Transaction and Credit Settlement.
The credit transaction of a POS system refers to the ability of the system to handle credit payments and manage credit transactions.
SalesPlay POS System has the ‘Credit Transaction’ function. This system is set up to bill “Credit” so that businesses can lend goods to their customers. The outstanding credit balance of each customer can be tracked via reports and the system has the option to settle them.
Watch the below video to get an idea of How to do a Credit Transaction and Credit Settlement via SalesPlay POS System.
When a user chooses to use the Credit function at the POS, the system has the “Credit” payment option at the Payment Interface. The system also updates the customer's total credit, settled amounts, and outstanding balance accordingly.
The Credit Settlement function in a Point of Sale (POS) system is a critical feature that enables businesses to manage their credit accounts effectively. With this function, businesses can settle outstanding credit balances with their customers and keep track of their payment history.
When a customer makes a payment toward their outstanding credit balance, the POS system's Credit Settlement function records the payment and updates the customer's account balance. The system also generates a receipt for the payment made, which the customer can keep for their records.
The Credit Settlement function provides businesses with features to manage their credit accounts efficiently. They can view the payment history of each customer, track their outstanding balances, and generate reports on their credit sales and collections.
SalsesPlay POS system Back Office can track customer payments, view their outstanding balances, and generate reports on their credit sales and collections.
Here are some of the important reasons why the credit function is crucial in a POS system:
Overall, the Credit function in a POS system can help businesses provide a flexible payment option to their customers, improve customer satisfaction, and increase sales.
Also, credit settlement can help businesses track their payment history, and manage their credit accounts efficiently.
However, it is crucial for businesses to manage credit accounts carefully and monitor their customers' payment behavior to avoid potential losses.
SalesPlay POS system can handle credit transactions, track customer payments, view their outstanding balances, and generate reports on their credit sales and collections.