What is a POS System?
POS stands for Point-Of-Sale system and it refers to a system that manages from the moment at which a retail transaction is started, to completion when a customer pays a merchant in exchange for goods or services.
At its most basic level, we are essentially talking about an electronic cash register. Modern POS systems, however, do a whole lot more, including accepting credit cards, managing inventory, tracking employee hours, and offering extensive sales reports.
Additionally, many modern POS systems are flexible enough to integrate with other services to make business management easier, including alternative payment options and accounting solutions as well as integrate digital signage.
There are hundreds of POS systems currently available that offer a wide variety of features at different prices. Our goal in this section is to familiarize you with the key factors that you should consider when deciding which POS system, if any, you should invest in for your business.