The point of sale (POS) or point of purchase (POP) is the time and place where a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer (which may be a cash register printout), and indicates the options for the customer to make payment. It is also the point at which a customer makes a payment to the merchant in exchange for goods or after provision of a service. After receiving payment, the merchant may issue a receipt for the transaction, which is usually printed but is increasingly being dispensed with or sent electronically.
To calculate the amount owed by a customer, the merchant may use various devices such as weighing scales, barcode scanners, and cash registers. To make a payment, payment terminals, touch screens, and other hardware and software options are available.
The point of sale is often referred to as the point of service because it is not just a point of sale but also a point of return or customer order. POS terminal software may also include features for additional functionality, such as inventory management, CRM, financials, or warehousing.
Point of sale (POS) systems have come a long way from the days of simple cash registers that rang up purchases. Today, POS systems can be all-in-one solutions that include payment processing, inventory management, marketing tools, and more. Retailers can receive daily reports on their cash flow and labor costs, often from a mobile device.
The POS is the lifeblood of a business, and that means you need to choose one carefully. There are a ton of options out there, but if you want to save money, adapt to changing business needs, and keep up with technological advances, you would be wise to consider a robust yet affordable system. MawinPOS offers significant advantages over a proprietary system that keeps its code rigidly under wraps.
Businesses are increasingly adopting POS systems, and one of the most obvious and compelling reasons is that a POS system does away with the need for price tags. Selling prices are linked to the product code of an item when adding stock, so the cashier merely needs to scan this code to process a sale. If there is a price change, this can also be easily done through the inventory window. Other advantages include the ability to implement various types of discounts, a loyalty scheme for customers, and more efficient stock control.