The point of sale (POS) or point of purchase (POP) is the time and place where a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer (which may be a cash register printout), and indicates the options for the customer to make payment. It is also the point at which a customer makes a payment to the merchant in exchange for goods or after provision of a service. After receiving payment, the merchant may issue a receipt for the transaction, which is usually printed but can also be dispensed with or sent electronically.
To calculate the amount owed by a customer, the merchant may use various devices such as weighing scales, barcode scanners, and cash registers. To make a payment, payment terminals, touch screens, and other hardware and software options are available.
The point of sale is often referred to as the point of service because it is not just a point of sale but also a point of return or customer order. POS terminal software may also include features for additional functionality, such as inventory management, CRM, financials, or warehousing.
Businesses are increasingly adopting POS systems, and one of the most obvious and compelling reasons is that a POS system does away with the need for price tags. Selling prices are linked to the product code of an item when adding stock, so the cashier merely needs to scan this code to process a sale. If there is a price change, this can also be easily done through the inventory window. Other advantages include the ability to implement various types of discounts, a loyalty scheme for customers, and more efficient stock control, and these features are typical of almost all modern ePOS systems.
At the end of the day, it’s also worth considering that merchants are not only trying to meet their own internal needs, but also those of their customers. To that end, the fact that EMV and mobile have really gained a foothold in the market, and are only likely to keep gathering momentum in this regard, makes a reseller crucial to just about any merchant, according to BRP Consulting. Merchants of all sizes now recognize that they have to confront the future head-on and deliver as much personalized, direct attention to each customer as possible. As such, recent data suggests that the majority of merchants will try to achieve those goals over the next two years or so.
To that end, modern POS is there to support those efforts in multiple ways, and resellers play a role insofar as they can provide crucial insights and help merchants follow a roadmap that will provide them with near- and long-term success.