Point of Sale systems are typically an assemblage of computer terminals linked to a server, with each consisting of a screen for data entry, cash drawer, portable credit card reader, and a printer with receipt tape.These components allow for the processing of simple transactions, via cash or credit card, in exchange for an item of sale. More advanced models of POS may use touch screens, tablets, or even have wireless capabilities.
In all cases, POS software runs the system and stores various forms of information, most obviously being the items and their set prices, while also holding long-term data such as sales reports. POS eliminates the need for price tags, though the option of a barcode scanner, typically used in retail outlets, is also possible.
Cloud-Based POS Systems
Cloud-based POS Systems store all sales information online and are most likely to be associated with modern technological advances, such as iPads and the aforementioned touch screens, and can work in conjunction with safer and more efficient payment devices, such as a Smart Swipe credit card reader. Cloud-based POS may also offer extended functionality, such as including a dining room and table map in order to aid restaurant staff.
Furthermore, daily transactions with cloud-based POS are immediately accounted for within an electronic inventory system, allowing for great accuracy when reviewing sales records. Often, these POS systems additionally function as mPOS, or mobile point of sale, wherein a business can process payments from any location, as long as online network access is possible; such transactions can even be processed on personal mobile cellular phones. In the case of mPOS, cardholder information is stored in the cloud and encrypted, providing additional security for patrons of any given business. For more information on point of sale systems, visit Merchant Account Solutions.
Kara Perez is the original founder of From Frugal To Free. She is a money expert, speaker and founder of Bravely Go, a feminist financial education company. Her work has been featured on NPR, Business Insider, Forbes, and Elite Daily.