The point of sale (POS) or point of purchase (POP) is the time and place at which the retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates the amount, can prepare an invoice for the customer (which can be a cash register printout), and indicates the option for the customer to pay. It is also the point after the customer pays the merchant in exchange for goods or services. Upon receipt of the payment, the merchant can issue a transaction receipt, which is usually printed, but is increasingly being waived or sent electronically.
In order to calculate the amount owed by the customer, the merchant can use various devices such as scales, barcode scanners and cash registers. To make a payment, you can use payment terminals, touch screens, and other hardware and software options.
A point of sale is often referred to as a point of service because it is more than just a point of sale, but a point of return or a customer order. The POS terminal software can also include features for additional functions such as inventory management, CRM, finance or warehousing.
Increasingly, companies are adopting POS systems. One of the most obvious and compelling reasons is that POS systems no longer require price tags. When you add inventory, the sales price is associated with the product code of the item, so the cashier can scan the code to process the sale. If the price changes, it can also be done easily through the inventory window. Other benefits include the ability to implement various types of discounts, customer loyalty programs, and more efficient inventory control.