The point of sale which is also known as the point of purchase it a place and the time where a transaction in retail business is completed. The amount that the customer needs to pay to the business is usually calculated at the point of sale. For all the services and the products that the customer has received, an invoice will be prepared showing the total amount accrued as well as the means of payment which he/she can use. Once an invoice has been generated, the customer will make payments for the goods or services at the point of sale. A customer receives a receipt which can either be printed, be sent electronically or can be dispensed once he/she makes the payment for the goods or services received. There are various ways which have been put in place for calculating the number of goods or services received such as use of a barcode scanner, weighing scale as well as cash register.
POS systems are increasingly being adopted by many businesses as there is no need for price tags in a retail. Making use of the POS terminal software for the POS retail which has several additional features to help in the functioning of the business such as inventory management, warehousing, financials as well as customer relationship management for the current and potential customers will be of great benefit for the business. When using the POS systems to determine the prices for selling the items, the code of the product is linked with the selling price during addition of stock where the product will only be scanned at the point of sale. There are also some other benefits that one can enjoy through the use of POS system for retail including the implementation of discounts on various products, loyalty schemes for the customers as well as controlling the stock efficiently.
A person with a retail outlet will need a POS system software hence has to consider several things to get a suitable one. The sales window is highly prone to malpractices by the employees leading to a breach of contract such as bypasses scanning certain items which they later benefit from which will lead to loss of finances for the retail outlet. The POS system, therefore, should have an admin system for an authorized superior who will be able to generate and inspect all the list of sales made in a day more so to those that were cancelled before completion, negative receipts as well as the refunded receipts. Reliability and quick working for a POS system is also important to ensure that one saves time.