A point of sale for any retail is the point where their all business actions merge to form the main component. It is the point where the sales that they make gets recorded, and the profits that they make is counted for. A point of sale terminal, of any business, is not based on one software or hardware rather it is a combination of hardware and software that combine to make the daily transactions simpler. Retailers also refer to the point of sale as the point of purchase, as this is the spot where the transaction of buying is completed.
SOFTWARE AND HARDWARE FOR POINT OF SALE SYSTEM FOR RETAIL:
The software that works best works as iPad POS. This software is a relatively new inclusion in the world of POS, and there are many retail stores and restaurant yet to adopt it. Inventory management is a key feature whether the software is for POS retail or POS restaurant. Keeping track of stocks is a necessity for a successful business. Many software for POS are not customizable, but since you will be spending quite a sum in purchasing the software, it is best if the software is easily customizable so that the payment process is set according to your business needs.
The hardware that is a part of the Point of sale terminal for a retail store are:
- A monitor, usually with a touch screen. The screen displays the product database and updates the inventory every time the product is purchased. It is connected to the cash register, and thus keeps records of the transactions taking place. In many cases they also keep track of the employee signing in and signing out, through the signing of the employee id. Today, iPad POS are replacing the bulkier and heavy monitor screens.
- A barcode scanner. This hardware helps update the inventory. Every time a product is purchased the barcode id of the product is scanned. The scanned id helps the software locate the price of the object and at the same time updates the inventory about the current number of units present in an individual product. The barcode scanner has shortened the time a customer spends at the checkout counter. It helps in naming and pricing objects efficiently without much hassle.
- A reader for credit cards. This is necessary as many people prefer paying through their credit cards, the bill of the customer is deducted directly from their bank accounts and credited to the retail stores bank account.
- A printer for receipts. The printer prints a receipt every time a transaction is completed. The total sales can also be printed through these printers.
- A cash register. The cash till is connected to the main terminal and if a change is required to be given then the money till opens through a computer command. It is not readily available to anyone, and the opening and closing are recorded on a daily basis.
The main reason that the retailers now prefer the POS system over the traditional system is that it has brought efficiency and integrated the whole system into a more compact setup. The POS setup might seem costly in the initial stages but the passage of time the returns justify the cost and the system helps in cutting down the other expenses.
The POS system today is not only focused on the transaction that takes place between the sales man and the customer, in fact, it also encompasses, employee management, inventory management, customer management and sales reporting. These additional features will help change the face of the retail industry to a more tightly knitted and highly integrated setup. .
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