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Point Of Sale

What Is Point Of Sale?

Point of sale is an automated cashier’s workplace equipped with a hardware and software complex (terminal) or just hardware (system), which includes various component modules integrated together: displays, keyboard, card, and barcode readers, cash drawer, printer for checks, fiscal registrar. In other words, it is a place where buying happens.

Why Is It Called POS?

The first name of the mechanical cash register got in 1871 and it was the “Incorruptible Cashier”. In the next century, humans invented modern cash registers. The first ever made electricity-powered cash register was created by NCR company. The next generation of cash registers was powered by the Microsoft Windows POS software, which put the beginning of comprehensive POS systems.

POS System Or POS Software – What’s The Difference?

POS system is a set of special equipment designed to speed up cashiers’ work by automating it. Such devices are designed to request product information and accept customer payments.

POS software is a hardware and software package designed to automate the cash workplace fully. It consists of a system unit with installed cash register software, as well as a fiscal registrar with a drive (FN) for transmitting information to tax authorities.

How does a point of sale system work?

  • A client chooses your product or service they want and decides to buy it.
  • Your POS system estimates the price of all items, including sales tax. Then the system updates the inventory count to show the final amount of commodity.
  • Your customer makes transactions with different types of cards or cash — the client’s bank accepts or declines the transaction.
  • The point-of-sale purchase is finished. Your Point of Sale system creates digital or printed receipts, and you give your client the items they bought.

Benefits Of Employing Point Of Sale

  • Automatic accounting of the arrived, sold, and returned goods, as well as increasing the efficiency of all actions related to these operations.
  • Increasing the speed of customer service.
  • Remote control of trading processes.
  • Preparation of reports on profits, and staff performance.
  • Management of discounts and promotions.

What is the best point of sale system?

  • Best POS for Guest Experience – TouchBistro
  • Best POS Hardware Options – Clover POS
  • Best POS for Restaurants of All Sizes – Toast
  • Best POS for Retail – Lightspeed
  • Best POS for Brick-and-Mortar Businesses – Square POS

Innovation In POS

No Checkout POS. An innovative POS can create payments the minute you left the store automatically. These no-checkout POS systems were introduced initially by Amazon and use a combination of sensors and AI. It allows customers to pay for products without physically completing the transaction.

Mobile POS App. This innovative POS system in interactive mobile apps will enable clients to order your goods and pay for them on their go. It simplifies transactions and cuts your customer’s purchase time and provides business owners with an unloaded counter.

Virtual Shopping with Tablets. Your customer can find all the commodities in a giant tablet allows them to go through, for example, designs, colors, and a whole variety of clothes without wasting their time going through stacks and rows of goods. You can use the same tablet to place your order and pay for it.

Point Of Sale FAQ

What is point of sale transaction?

A POS transaction is a customer’s payment at checkout or online store in exchange for the products or services provided to them. Transactions involve two user roles: buyer and seller.

What is a point of sale purchase?

Point of sale purchase is a procedure for exchanging customer money for the chosen service or product using a point of sale system

How much does a point of sale system cost?

The average price of a POS system is around $3,000 – $10,000.

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