A point of sale system (POS) is the software that processes your business’s transactions. It’s what helps you sell in-person, online and on any other channels that your brand might have. It’s also what keeps your business organized and running smoothly.
A POS combines both hardware and software to help you complete sales in-store or online. It may include a cash register, bar code scanner and a credit card or debit card reader or swiper. It can also incorporate a printer for receipts, and it should have a cash drawer for storage of cash or checks. It can also have a mobile option that allows employees to bring the POS with them to customer interactions. For example, at Apple stores, instead of a central checkout counter, employees use mobile devices with card reader accessories to check out customers.
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POS systems keep track of your inventory through data that is stored within the software or by connecting to an external inventory management system. That way, a retail manager can see sales and inventory numbers in real-time so they can make smart decisions that drive profitability.
POS systems can simplify crucial back office tasks, like ingredient waste and spoilage in a restaurant or managing product discounts and sales across multiple channels. They can also help businesses grow by opening pop-up shops and selling at events. Mobile cloud-based POS systems are especially useful for these situations, as they allow your staff to bring the POS with them to new sales opportunities.