What is point of sale software? In order to understand point of sale software one must comprehend the meaning of point of sale (POS). It can be defined as a place where a retail transaction takes place. The payment made by the customer for exchange of goods and services to the seller is calculated at the point of sale, he is given various options (money, credit card, debit card etc.) for fulfilling the payment. Retail POS software trails usage, monitors changes in inventory and lets the merchandizer re-evaluate the sales history. Various forms of customised point of sale software and hardware are available to the retailers such as:
Electronic and manual cash registers
EFTPOS (Electronic fund transfer point of sale) terminals
The prime user of POS system is retail industry. Retail POS software usually consists of:-
Cash register: used for recording sales transactions through a mechanical or an electronic device. A cash receipt is printed from the cash register and given to the customer.
Debit/credit card reader: The most popular form of payment has changed from cash to card. A debit/ credit card reader lets the customer make payment through the use of electronic money exchange.
There are various other industries that use POS system like restaurant business, hotel business and hair and beauty salons however the retail POS software are predominately used.
What are the various features available in POS system?
The features available in POS system usually vary from industry to industry and business to business however the key features of Point of sale software are:
User friendly graphical interface: Consider McDonald’s POS register; it is designed in such a way that even part time inexperienced staff can complete a transaction within a minute.
Up to date information about sales: POS systems allow the cashier to enter inventory codes manually or by scanning bar code. The systems automatically call up the standard price of the product after the inventory code is entered.
Price and product information: These systems automatically update inventory records and accounts receivable records after every purchase. The tracking of price for each item can be easily maintained via POS system. The system provides the following functions for tracking such as add-on amounts, percentage of cost, margin percentage and custom formulas.
Touchscreen: This is an additional feature of POS that helps to provide ease in usage of POS systems and also helps in computing transactions faster and smoother than a non-touch screen based systems.
There are many benefits of using POS software; it reduces the work load of the cashier, provides control over cash receipts and helps to maintain sales records.