What Is a Point-of-Sale System (POS)

What Is A Point-of-Sale System? (POS)

A point-of-sale, or POS system, is the hardware and software that allows a business to process customer payments for products and/or services.

Here is the basic definition of a POS System - as defined by Wikipedia: "A system which allows the processing and recording of transactions between a company and their consumers, at the time in which goods and/or services are purchased."

Simply put, every time a customer makes a purchase at a business, they're completing a point of sale transaction. Most times, these take place using a Point-of-Sale System.

When Does a Business Need a Point-of-Sale System?

If you want to take credit and debit card payments and/or have system for keeping track of sales and inventory, it's probably a good idea to get a POS built for small businesses. Even if you have a very small  businesses, there are huge benefits to having a Point-of-Sale system - and there's affordable POS options for pretty much any business out there.

What are the Benefits of a Point-of-Sale System?

There are countless benefits of having a small business point-of-sale system. All the way from using it for your staff to clock in and out on, to seamlessly handling all of the transactions, tracking inventory, helping with re-ordering, all the way to making taxes and accounting easier.  Below are a few more valuable benefits.

Professionalism & Credibility. It also gives your business a more professional look and give credibility to your establishment - which is a big deal, especially if you're a new business just starting out. 

Priceless Information & Data. It will also help you make informed decisions about your business by offering invaluable data on all your product sales. Real-time reporting can show you info like your return on investments, which items are and aren't selling, and can also help you identify your busy times, days, and seasons so you can stock product properly and schedule your staff accordingly. This alone is priceless, the numbers never lie!

Reducing Theft. A POS system also plays an important role in reducing employee theft, as it records every transaction, and you can choose which employees or managers can approve returns and voids. Employee theft is bigger than you may think. You wouldn't believe how many times we hear:

"We had our best weekend sales EVER!"  ...after setting up a business with their first POS System....

No. Unfortunately, they really had "average weekend sales". It was just the first weekend of sales without employee theft, because everything was actually getting rung in through the POS this time. It's always tough news to break to a business owner.

Also - wireless, mobile and handheld POS systems allow employees the freedom to move around the business. When people are constantly moving around and chatting with customers, there is more staff visibility that can and will deter shoplifters.

Choosing the Right POS For Your Business

There are quite a few options out there, so if you desire the benefits of a POS system, the next step will be to find out which one will be the best fit for your particular business and budget. After many years working with small businesses all over the country and in many different industries, we would be happy to guide you in the right direction - even if that means an option that isn't with us.

Our goal is - and has always been - to help businesses win. Connect below for an easier tomorrow.