“POS” is an acronym for “point-of-sale.” Even if your business doesn’t use a
POS system, chances are you’ve seen one being used. Most retail stores,
restaurants, stadiums, theme parks, casinos and hotels use
POS systems to “scan” items for purchase or place orders and
calculate bills.
Retail point of sale systems have roots dating back to the 1870s when the
cash register was invented. In the 1970s, computer-driven cash registers were
introduced allowing client-server technology, peer-to-peer communications,
backups and remote access. Only recently have these systems advanced and now are
integrated in most all hospitality industries. POS systems today are quicker,
more secure and more reliable than ever before. POS systems process
transactions immediately as they occur and can be linked can be linked with your
merchant services account. These systems allow for the
fastest processing possible, better customer service, and increased accuracy in
record keeping.
Most POS systems are industry specific. A good example is a touch-screen
terminal at a restaurant with a key for each menu item. A waiter can specify a
certain table and input the order of each diner. The system then displays the
orders, either on a screen or by printing them, for the person preparing the
food, and generates an itemized bill that can be sent to a credit card terminal for processing. The entire process, from
taking the order to presenting the bill, is streamlined and efficient.
A POS system has several different components that can be customized for your
business. Software is the mechanism by which your sales are input and
computed. Specific POS software is available for businesses ranging from
Pilates studios to garden supply stores. Software can be programmed for a
variety of functions, such as to input orders or accept credit cards. Hardware
is the POS equipment used to input the sale, for example, a touch screen or a
scanner.
Purchasing a POS system is an important decision that can have a big impact
on your business. Making a well-informed decision is crucial. This guide
reviews common terminology related to POS systems describes the benefits of a
POS system and the different types available, and offers helpful tips for
choosing a POS system vendor.