Therefore, a POS system can come in handy. Knowledge is power, and the more you know about your business, the better. Now that you know what POS stands for, it’s time to look at some benefits it offers for your business: A positive effect on your company
The transaction then is processed and your payment is eventually complete. It’s relatively simple – your customer chooses an item they would like to purchase, they arrive at the point of sale, the total cost of the sale is calculated, they hand you a debit or a credit card, or cash, although this is quickly becoming an outdated method with which to pay. Since then, LCD displays and touchscreens, magnetic stripes, and computer or cloud-based technology have come to the fore, although James Ritty of Ohio in the US is credited as being the first individual to create the cash register over a century ago and ultimately, the beginning of the POS system. It was initially a cash register that helped improve accounts and bookkeeping functions at various retailers in the US. The original POS system as we know it today is not what it was 20 years ago when it first came to the market.
#What is the cost of a point of sales system software#
These hard- and software components can include a cash register, a barcode scanner, a POS terminal to accept payments, cloud software to help you organise your inventory and customer relationship management, and more. In a shop, this can mean your hardware and your software combined in such a way that enables you to accept payments. The POS system is the place where a sale is being executed. In short, the acronym “POS” stands for “point of sale” or “point of purchase”. Questions to ask when choosing a POS provider