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What is Point of Sale (POS)

What is Point of Sale (POS)

We spend a lot of time talking about point of sale in our business. But what is point of sale in the first place?  Why is it one of the most important parts of your business? 

What is Point of Sale (POS)?

Simply put, the Point of Sale is the time and place where a retail transaction completes. That sounds pretty meaningless, but nothing could be further from the truth. Your POS is sometimes the only time a customer will interact with your business. This interaction needs to be smooth and effortless. You don’t want customers feeling awkward or impatient waiting for a transaction to complete. 

The point of sale can include anything from self-checkout in a grocery store to a mobile swipe terminal in the field. We are generally talking about the physical devices that help calculate and accept a payment. 

Pieces to the Point of Sale

Point of sale systems include a combination of hardware and software to manage a transaction.

MX925_6_lgSwipe Terminals – The terminal is the interactive part of the system. They usually include input devices, screen and a credit card swiper. Terminals can be part of a larger management system or sometimes a system themselves. A terminal such as SwipeSimple, consists of only a card swiper connected to a phone or tablet. An app and software handle the rest.

Scanners and Scales – Retail stores tend to incorporate scanners into their point of sale. This makes input of item codes and other inventory management much easier. Likewise, scales can calculate prices and track inventory based on weights.

Printers – Most modern point of sale terminals have built-in thermal printers. Thermal printers do not require ink and save on space. Depending on the needs of the business, other printers can be connected to the systems. Kitchen printers are common in the restaurant industry. They can take orders from a POS located in the dining room and print directly to the kitchen or bar.  It is also common to connect POS systems to a full-size printer, to print invoices or packing slips. 

mobile payment processing capital bankcardSoftware – The modern trend in POS systems places a large emphasis on software and apps. There are many systems such as Shopkeep or Clover, with amazing features, almost entirely based on software. Small businesses can run almost their whole business operation from their POS terminals. Inventory, billing, accounting, reporting and much more are possible with these types of systems.

Update or Purchase New Point of Sale Systems

Nothing could be more important than having the right system in place. We are experts in our field and can help make sense of any business model and pair you with a POS system perfect for you. Many times it can be very inexpensive to set up or update to a new POS system. And with the time savings granted, can almost immediately yield positive returns.

We are also great at looking at existing systems and finding ways for them to work more efficiently and cost effective. 

Check out some of the point of sale options available through Capital Bankcard: 

Clover

Shopkeep

SwipeSimple

B2B Payment Gateway

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Don Bregin

Don Bregin

Don is an industry professional with 30+ years of experience in finance and accounting, risk management, general business management, credit card processing and electronic payments.

Don Bregin

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Posted in: Knowledge, Technology

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