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Describe POS (Point Of Sale)

What is POS?

The “Point of Sale” is where a retail transaction occurs. It can also be referred to as “Point of Service” or POP, “Point of Purchase”. Point of Sale systems enable a payment transaction, with software and hardware to manage the process.

What are the benefits of POS systems?

POS systems provide an innovative, fluid and easy transactional system for both customer and store. Advanced POS systems will even attract customers who like to use familiar, high-tech, iPad devices, prefer to touch-screen order, or just know that good POS delivers more accurate stock or menu item availability.
For employees POS systems should be easy to learn and use, and offer functionality, such as stock control and barcode scanning, or needing to remember detailed pricing or stock information which can save hours of work.
For managers and owners payment processing is safe and secure, customer details are safe, and important sales and marketing data is generated quickly to manage trends and fluctuation’s. Reconciliations take minutes rather than hours and weekly, monthly and yearly accounting is shortened to a simple report generating process ready to hand to a financial accountant. POS systems can also manage staff rotas, payroll and tips or commission schemes.
All in all, good POS systems improve customer service, effectively control any aspect of stock or money, give better management information and allow managers and owners efficient management of their staff and organisation.

Equipment Needed

POS Hardware

Hardware elements for POS include cash registers, payment terminals, barcode scanners and even scales, plus of course the computerised device which manages the process.
A cash register can be combined with a screen, a PC with a register, or an iPad or tablet device. Depending on the functionality of device and hardware, transactions are moving more and more towards a single device which can handle every aspect of the POS.

POS Software

POS software delivers the functionality required to process payments, manage pricing, generate receipts, manage discounts and loyalty schemes, conduct stock control, and daily and periodical accounting.
Good POS software will generate real time reports to help manage any aspect of a retail or hospitality business. POS software will deliver comprehensive reports for sales, marketing and accounting purposes.

Best POS providers in Canada

We’ve chosen our picks of the most popular and highest rated POS providers in Canada to start you on your journey in choosing a POS partner.

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