What is a POS system?
A point-of-sale system (also known as a POS) is the setup you need to make and register your sales. But what’s included, and which parts are right for your small business?
When you want to start your own business, the first step is to do your research. A brief internet search for the things you need to get started will almost immediately produce the phrase “point of sale”. It’s a term that creates confusion because people don’t really know what it includes, but one thing’s for sure – your POS will be an essential tool for succeeding in business.
Here’s a bite-sized breakdown of exactly what a POS is and what it can do for you.
Your point-of-sale app contains a range of features that will help you facilitate sales. You can use it to:
- set up an inventory
- accept card, cash and invoice payments
- stay tax compliant
- analyse sales
- send monthly newsletters and digital receipts
- check up on staff
It stores all your information safely in the cloud and can be used to run an entire business from the palm of your hand.
Traditionally, a point of sale was a large cash register that took up room on your counter. These days, there’s little use for a lot of hardware and most businesses could run happily using a point-of-sale app and a card payment machine. However, you may find that your business requires something specific.