Point of Sale or POS may be termed as a cash wrap or check-out, usually located within a restaurant or store at which transactions occur for exchanging goods and services. A POS refers typically to electronic hardware along with peripherals normally applied for conducting a transaction. It may include a cash register, dedicated computer or perhaps even mobile smart gadget like tablet computer. The term is used interchangeably by Value Added Resellers (VAR) when discussing aspects of hardware and checkout location. Merchant service-providers that process transactions done using credit cards along with their Independent Sales Organizations, or ISOs, use the term POS again in reference to a standalone credit card terminal. In this context, a POS is only the peripheral device which reads the credit card. It then sends data for the transaction in-between the store and credit-card processing device and could issue a receipt upon approving such transaction. The hardware of a POS System by Simtek is for instance connected to POS software as well as peripherals. It facilitates a store clerk for instance in managing the sales process effectively.
Functions of POS Software
POS software manages calculations of a transaction at basic level. As an example, the software installed in a POS System by Simtek is quite scalable however, with modules being added for inventory, accounting as well as customer relationship management (CRM). Choices of value priced software are available which afford the owner of a small shop some very useful tools that even fortune 500 retailers employ. Good examples of POS peripherals devices include:
- Receipt printers that produce physical records of transactions
- Magnetic stripe reader (MSR), which automates entry of driver’s license, credit card or loyalty card information
- Bar Code Scanners – These automate entry of information present on products, coupons and loyalty cards. The information gets referenced in Quick Response (QR codes) as well as Universal Product Codes (UPC).
- Cash Drawer is a drawer connected to POS, applied for storing cash and coins safely.
- POS Keyboard – This is typically a retail-hardened keyboard designed to withstand constant application within a retail environment and is employed for entering product, customer or service data. It many times features a built-in MSR. A good number of large stores utilize mechanical keyboards oftentimes rated for usage that is above a standard consumer keyboard.
- Signature Capture is applied for saving the electronic record of a client’s signature.
- Electronic Scales are used for automating weight-information data-entry
- Computer Display is utilized as computer display for showing information and may come along with touch-screen technology.
Corporate Applications of POS Systems
Large firms typically customize or build the hardware, software and peripherals they require to suit their needs. The aim is processing transactions in the fastest and most accurate framework to keep clients happy, accounting accurate and associates trainable.
Small and Medium business entities (SMB retailers) buy off shelf hardware bundles typically with software that is custom-made for their industry-vertical. This software today no longer requires being placed on a computer within the store. A cloud can be utilized for its hosting and sold as service model (Saas) under the software.
Mobile POS is available at present that keeps users of POS systems like the POS System by Simtek from getting tied down to specific store-locations. The gadgets facilitate a part or all functionality of both the hardware and software present within a traditional POS system on a gadget that fits a user’s hand.