POS System - What is a POS System?
Definition: A Point of sale (POS) system is where transactions in exchange for goods or services are recorded.
POS systems record transactions, but usually they also track a company’s stock, print invoices and receipts, as well as handle any credit card payments. POS systems usually incorporate some form of bar code reader, which helps it to electronically track each and every sale.
POS systems give companies the ability to retain and analyze their stock and transaction data on a perpetual basis, but they are also valuable for a vast variety of other functions. POS systems can track tracking supplier and customer purchases, analyze sales and purchasing patterns for each stock item, department, or supplier, create reports, and much more.
Typical POS systems include electronic cash registers (ECRs), ECR-based network systems, and controller-based systems.
POS and SaaS
Cloud computing has created the opportunity for POS systems to be installed in the form of Software as a service. These POS systems can be accessed from anywhere, directly from the Internet, and can be integrated with other business software such as accounting systems and stock management systems.
There are many advantages to online POS systems, including instant centralization of data, the ability to access data from anywhere with an internet connection, and lower costs of implementation and maintenance.