A point of sales (POS) terminal is the place in a store where customers pay their bills and collect the items they purchase. In retail stores, cash registers were the old system of customer checkout. But now, they have been replaced by more modern POS systems.
The new point of sale terminal consists of a computer connected to some other hardware. Often, this includes a barcode reader, a credit card machine, and a receipt printer. The entire checkout process can be summarized in the following way.
- The customer brings an item to the checkout counter.
- The cashier scans the item with the barcode scanner.
- The price of the item is fetched by the system from the store’s database.
- The computer screen displays the price so that the cashier can tell the customer how much they have to pay.
- Another step is carried out in the background. When an item is sold, its inventory management takes place automatically. The quantity of stock in the database is reduced by the system.
- If there are more than one items, the cashier can scan them all sequentially. The system will calculate the total bill automatically.
The new retail POS system is not just a replacement for checkout at retail stores. It is also used in a similar manner for online stores. It is also an efficient and suitable replacement for the old-school inventory management system. The system even generates a warning when an item is about to go out of stock.
There are many other areas in the field of business where POS systems are used. For example, they are used in bookstores and even restaurants and cafes. With the POS restaurant workers can keep the customers more satisfied by serving them quickly and efficiently. The customers can order and pay at the counter only.
Nowadays, mobile POS systems are gaining rapid popularity. They can be used on mobile devices on the go. Some of the best software, such as Vend, Lavu, and Erply, are available as iPad POS systems. Workers can use these to serve the customers on the floor. They can also give the customers a virtual tour of items in stock. Payments can be collected online too.
With the new POS systems, the inventory can be managed more efficiently, and the payment collection can be conducted with ease. The customers are also left more satisfied with the service that they are provided. Therefore, POS systems have made life easier for both business owners and customers.