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A point of sale (POS) is a system that businesses use to manage sales transactions. In the past, a POS in a shop would have been a big cash register and a ledger to record purchases and sales. Today we have hassle-free solutions that do a lot of the work automatically – from basic customer purchases to inventory management.
A POS can include accessories like a barcode scanner, a receipt printer, a card terminal or a cash drawer. Usually there’s also an internet-enabled device (like a tablet, smartphone or computer) that can run a POS app. One business might want a setup with lots of accessories, while another may only want the app. You can build your own so you only have what your business needs.
There are no hard-and-fast rules defining what a POS is, which can make understanding what you need for your POS a bit tricky. For example, physical stores and digital stores both need POS software to manage inventory and transactions; but a highstreet shop might also need hardware – a card machine or receipt printer, for example. POS setups can vary widely in price – from basic and affordable, to complex and expensive; and all POS providers charge a processing fee.
Although there’s not a one-size-fits-all solution for your POS, there are some key things you should look out for when choosing your system.
The right POS system will allow your business to run smoothly. You won’t be weighed down by time-consuming inventory management or confused by complex software. In fact, it will make it easier for you to optimise your business, stay on top of accounting and keep your customers happy.