Point of sale
Some of this article's
The point of sale (POS) or point of purchase (POP) is the time and place where a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an
To calculate the amount owed by a customer, the merchant may use various devices such as
The point of sale is often referred to as the point of service because it is not just a point of sale but also a point of return or customer order. POS terminal software may also include features for additional functionality, such as
Businesses are increasingly adopting POS systems, and one of the most obvious and compelling reasons is that a POS system does away with the need for
Retailers and marketers will often refer to the area around the checkout instead as the point of purchase (POP) when they are discussing it from the retailer's perspective. This is particularly the case when planning and designing the area as well as when considering a marketing strategy and offers.
Some point of sale vendors refer to their POS system as "retail management system" which is actually a more appropriate term given that this software is no longer just about processing sales but comes with many other capabilities such as inventory management, membership system, supplier record, bookkeeping, issuing of purchase orders, quotations and stock transfers, hide barcode label creation, sale reporting and in some cases remote outlets networking or linkage, to name some major ones.
Nevertheless, it is the term POS system rather than retail management system that is in vogue among both end-users and vendors.
The basic, fundamental definition of a POS System, is a system in which allows the processing and recording of transactions between a company and their consumers, at the time in which goods and/or services are purchased.