Point of Sale is an electronic system involving the use of computer software, hardware, and applications to complete sales transactions in a retail store. Point-of-sale systems can vary from one type of business to another, but they all have some common functions that are valuable to the retailer. The point-of-sale system records the details about each sale for accounting purposes such as payment and inventory, as well as information about customers themselves which may be obtained from loyalty cards or other identification programs.
The point-of-sale system is basically a computerized cash register that keeps detailed track of sales transactions. Data is sent to a computer system at the corporate offices and can be accessed from there or from remote locations by authorized personnel. This system also allows customers to use credit cards or debit cards, if the retailer accepts them. Cash registers automatically apply discounts, coupons and other price reductions to each sale.
Some retail stores use the point of sale system to track inventory for each customer who purchases items from the store. This is a valuable service, as it allows the retailer to know which items are being snatched up by customers. In this way, the retailer can adjust prices of products and order more from vendors on a timely basis.
The point-of-sale system records customer information such as name, address and credit card number on receipts and other documents that are used in accounting and record keeping. It also records any special information about the person for future reference.
Some retailers use a combination ticket system and point of sale system to help keep track of inventory and sales. When customers pay for an item using store issued tickets, often called token or scrip, instead of cash or credit cards, the tickets are entered into the point-of-sale system to record each sale.
Conclusion:
The point-of-sale system is a valuable service to retailers because it automates the accounting process and gives information to management about customers buying patterns. It also allows employees of the store to serve customers on a timely basis, as they know what is being purchased and by whom.
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