HOW POINT OF SALE SYSTEM WORKS?
POINT OF SALE SYSTEM
A point of sales system is used to manage the cash, inventory, sales, and record all kind of transactions. A perfect point of sale system would be the one that is customizable. It comes with a group of hardware that has been customized pre purchasing. All the new owners have to do is to have it customized according to their business needs if it has an option of being altered. The iPad POS system is one of the most efficient and popularly used systems worldwide. The main reason for the popularity is that it has a very easy to use interface and is customizable.
The most important and basic part of POS system is a server and the output terminal depending on the number of checkouts. The hardware that is a part of the POS system, be it POS retail or POS restaurant are:
- The output terminal that is used for display. The output terminal also displays details about the inventory management keeping the manager updated.
- A keyboard that is used to punch in information depending on the purchases and the transactions taking place.
- A cash register for dispensing cash and keeping it safe.
- A barcode reader that is used to update the inventory at the back end and update the sales receipt at the point of purchasing.
- A credit card reader.
- A receipts printer.
Today, many businesses have touch screen monitors at their checkout spots. This has eliminated the need for keyboards for many businesses. The newer POS systems come with iPads, other tablets, and portable devices so that you can access the system from anywhere. The POS software does not have a fixed price; the price can be a few hundred to thousands. The price depends on the features that the software has. Off the shelf, the software may cost less than the customized software as they have been exclusively designed according to your business need.
The function of the Point of sale system
When as a customer in a retail store buys a product, and comes to the checkout counter. The cashier scans the barcode that has been pasted on the product. The barcode is scanned using the barcode scanner; it is connected to the monitor. Once scanned the product details are displayed on the screen along with the price of the product. At the back end, the inventory is being updated, by showing one product less than the morning stock. All products are duly scanned, and a total bill is prepared. If the person pays cash, the command to unlock the cash drawer is sent. The money is put in and the display cleared after the attached printing unit prints the sales receipt. If the customer pays the bill through a credit card. The credit card reader deducts the total bill from the client’s account and credits it to the store’s account. Multiple copies of receipt are generated. After this transaction, the screen clears, and the next customer is served.
The manager can get a holistic view of the inventory levels and the total sales that they have made. In some retailing and restaurant businesses, there is a set level of stocks, once the stock gets less than the set amount a request of repurchase is directly sent to the vendor. The POS system also helps the managers identify the sales that they have made on the daily, weekly and monthly basis. This data can help them employee appropriate measures to implement to boost sales during the periods when it is low. The fast selling and slow selling products and brands can also be identified. Restaurants processes are streamlined into a more efficient flow, where the customers are served more quickly than ever before.