What Is a Point of Sale System?

Operating a retail store calls for a range of administrative, management and marketing skills. From ensuring that there’s enough inventory to putting together monthly sales reports, these skills are necessary in ensuring that your store runs smoothly.

Having an efficient point of sale (POS) system can go a long way in making sure that all your operations are running smoothly. In this article, we speak to two industry experts who’ll share tips on what you must have in a POS and how to choose the best option for your retail store or restaurant.

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Hardware Components of a POS System

These are the common physical components required to get your POS up and running.

Displays the product database and enables other functions, such as employee clock-in and viewing sales reports. Tablets—especially iPads—are popular for replacing bulkier monitors.

Automates the checkout process. Scanning barcodes pulls product info and adds it to the checkout total. Barcode scanners can also integrate with inventory management systems to automatically adjust stock levels.

Since the EMV payment standard went live in 2015, secure and EMV-compliant credit card readers are a must-have. Non-compliant retailers face potentially huge losses on account of fraud liability.

Email and text receipts may be gaining popularity, but paper receipts remain essential for providing customers with a quick snapshot of their purchase or returns.

It may fade away in years to come, but cash is still king. Until then, you’ll need a secure place to store cash for transactions. Another benefit of cash: there are no associated credit card fees.

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