POS is in short for Point of Sale and is used for describing numerous things. It includes checkout counter within a place or store, where there are carried out transactions. This phrase rather states computerized cash register. With its introduction, small and big stores alike managed to improve overall productivity and efficiency of the business.
What does it include?
The POS system generally includes a cash drawer, computer, pole display, receipt printer, scanner, bar code, point of sale software, modem and magnetic swipe reader. It offers the following functionality:
- Cash drawer: It is a locker box meant to store cash, which can be opened by the software.
- Personal computer: The POS software is operated with the PC and hardware interfaces provided for devices like credit card readers, printers, etc.
- Pole display: It is a LED display facing the customer to display every price scan and item.
- Receipt printer: The sales transaction is printed in paper form for the customer.
- Magnetic swipe reader: The magnetic strip present on the debit or credit card’s back is read by the Reader. Valuable information is stored on magnetic strip like customer name, address, credit card number as well as expiration date. Information received from the magnetic strip is then passed onto the credit card processor network for merchandise payment via the POS system.
- Bar code scanner: This laser device (counter style, gun style) is triggered over the bar code. Then the bar code lines are immediately converted to numbers. The stock keeping unit (SKU) or the number is transmitted to POS computer to enable auto price lookup.
- POS software: This software runs on computer and manages the whole device. It also performs few traditional cash register tasks like ringing a sale.
- Modem: The POS computer is allowed to communicate with the credit card processing bank centers and other store chain locations.
The current set of POS software is said to comprise of innumerous features besides computerized cash register. Hence, the phrase Point of Sale system is getting replaced with Retail Management System. It does help the retailer to save precious time to determine the best selling products and generation of sales and revenue. Automatic pricing is the next step involved in POS evolution. Cashiers can now easily enter the item’s SKU and the price is retrieved by the POS. With automatic pricing, retailers are able to save money by eliminating physical price tag placement on every item as well as diminish pricing errors. For more details, check out tgedisplayframes.com.