What is a POS system?
Most customer-facing businesses will need a POS system in order to handle and process transactions. Traditionally, this was done using a cash register perhaps with the addition of a portable card terminal.
However, in recent years tablet and cloud-based POS systems have become popular, particularly as contactless card payment becomes the norm. These electronic devices are perhaps more accurately described as retail management systems given their extensive features and integration with, for example, CRM and accounting software. They are sometimes referred to as EPOS systems (Electronic Point of Sale).
As well as facilitating cash and card payments, a modern POS system may include the following features:
- Inventory management
- Automated invoicing and purchase orders
- Sales reporting
- Bookkeeping and accounting functionality
- Customer loyalty programmes
- Staff management tools