The point of sale which is also known as the point of purchase it a place and the time where a transaction in retail business is completed. At the point of sale, the amount that the customer owes to the retail business is calculated for him/her to make a payment. For all the services and the products that the customer has received, an invoice will be prepared showing the total amount accrued as well as the means of payment which he/she can use. With the invoice ready, payments for the goods or services received need to be made at the point of sale for the transaction to be complete. A customer receives a receipt which can either be printed, be sent electronically or can be dispensed once he/she makes the payment for the goods or services received. Use of a barcode scanner, weighing scale or cash register are some of the ways which are used in the POS system to calculate the total cost a customer needs to pay to the retail outlet for goods or services received.
Almost all retail businesses are making use of the POS systems in retail which helps in replacing the price tags that were previously being used. Making use of the POS terminal software for the POS retail which has several additional features to help in the functioning of the business such as inventory management, warehousing, financials as well as customer relationship management for the current and potential customers will be of great benefit for the business. When using the POS systems to determine the prices for selling the items, the code of the product is linked with the selling price during addition of stock where the product will only be scanned at the point of sale. Other benefits of the POS systems include the implementation of discounts on various products, loyalty schemes for the customers as well as controlling the stock efficiently.
There are factors that one has to consider when in need of a suitable POS system software for use in their retail business. The company offering the services should be able to assure one of maximum security of the system mostly by the employees through the sales window mostly where the cashier bypasses scanning certain items which they later benefit from. To prevent such security bleaches, it is important for the POS system to have an admin window which can only be accessed by a superior person in the retail outlet to generate and inspect all the list of sales made in a day more so to those that were cancelled before completion, negative receipts as well as the refunded receipts. The POS system should also be operating in a quick and reliable way to save on time since it is technology being used.