What is POS(Point of Sale)?

what is pos types of pos point of sale

“A good Sale too gets affected when the checkout point is not so fast and quick!” 

What is POS (Point of Sale)?

 Point of Sale is defined as the place where a consumer/cardholder pays for the goods and the merchant receives the payment for the sale of goods. Point of Sale refers to this kind of transaction carried out both in the physical store’s checkout point and in online stores.

The point of sale is meant for the card payment by the customer to the seller for the sold goods/services. It can be referred to as a cashier counter or checkout point in traditional stores or online stores. It acts as a tool to sell, purchase, and pay. Depending on the POS Software features, it will do many works in addition to the above like recording the sales & payment data and generating reports to help the merchant.  

What is Point of Sale system?

  • Point of sale system is a combination of hardware and software to carry out the sales & payment transactions.
  • A set of monitor/tablet, barcode scanner, credit card reader, receipt printer and Point of sale software builds an efficient POS System. 
  • An effective POS system allows the merchant to handle sales transactions as well as to handle the other activities such as inventory management and customer profile management depending on the features of POS software and needs of the merchant.

What does the Point of Sale software do?

  • Point of sale software handles the fund transfer from the customer to the seller and records the sales operation.
  • It reads the customer’s credit/Debit card, checks the fund sufficiency, after scanning the price of the product with the scanner and transfers the amount from customer account to seller account.
  • In addition to this basic function, the point of sale software performs many other tasks. It handles inventory control, customer data maintenance, employee management, sales monitoring, and integrates with other accounting Apps, E-Commerce platforms, etc.

Why Point of sale system is needed?

The point of sale system helps the business from small retailers to the owner of multi-site shops to automate their work in effective ways with low cost and with fewer resources. It increases business efficiency and eradicates the unnecessary tasks and enhances the speed of business which is the key point of having a Point of Sale system.

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