What is Point Of Sale (POS) system?
A Point Of Sale (POS) system is the computer software used by modern-day retailers to speed up transactions and make them more efficient. The best POS system is also used to record all transactions and allow better control over the business.
A POS system is installed on a computer network and uses specially designed software to accomplish its goals. It is integrated with the retailer’s point of sale systems, which accept payments, track inventory, and keep track of products using barcode scanning hardware.
The software will be designed to interface with the hardware and is usually designed to accept payments electronically, using a credit card terminal or cash transactions, using a cash drawer.
The three primary functions of a POS system are maintaining and tracking inventory, creating sales records, and keep a pricing structure. It’s possible that your small business already has a POS system that is being used with a single cash register.
If you use an online payment processing gateway, your online sales can be managed through your POS system as well. If you’re considering a new POS system, consider the possibility of going paperless.