Point of sale refers to the moment when items, goods or services are purchased in the form of money, ATM card or credit card. When you do sales transaction in grocery stores, malls and department store establishment, you are part of what we call the procedure of the Point of Sale systems.
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POS systems or point of sales systems are generally composed of software and hardware. The software includes the operating system that runs the core of the hardware and the business software that operates the procedural part of the stores business transactions.
The hardware or the computer equipment includes the display screen or monitors, cash drawer, receipt printer, bar code scanner and the computer server. The hardware is run by a POS systems software. POS systems is a kind of retail sales management software that is usually tailor fitted to suit the business procedure of specific trading company. This system is mostly used by department stores, groceries and other businesses that sell consumer goods. These are also used by service related trades such as salons, restaurants and other related services that normally requires payments at the end of each business transactions. Most of the time POS software systems are referred to as a computerized cash register.
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POS software shares one common goal in any retail trade business and that is to maximize control of the company’s inventory and sales management procedures. POS systems should accept different methods of payments such as debit and credit cards, cash or check. This gives the customer options on how to pay for services and goods that he had purchased. Of course the system should have a refund function to eliminate the hassle of manual return of goods.
The system should also be configured to have an inventory software program to enable the customer to check from the store’s online terminal the availability of the product that they want. With this kind of software, the store and its customers save time and money in purchasing the goods that they want.
POS system relieves the business owner of the load on inventory and accounting when pricing and discounts are coordinated. With the use of a bar code reader, the POS system would immediately know whether the goods being purchased is on sale or are discounted. An inventory software program is an important part of the POS system. This refers to business applications designed to trace and manage product sales, material or stock purchases, delivery of goods, and other consumer related business procedures that in one way or another affects the distribution of the company’s goods to the customers.
Inventory software also helps businesses bring in the materials they need to produce finished products for customers. Inventory software programs often use bar codes or other identifier tracking system to give a complete count of the shipping and storage segments of the production process.
Inventory software allows the company to determine when a shipment of materials or goods will arrive, how long it will stay in the production process, and how fast the finished product would leave the premises of the company to be delivered to the end user. Inventory software in short improves the overall production process of any company.
More about inventory software at Retail Express’s Blog.