For one to complete the necessary transactions in a retail business, there is a point of sale to do it which is also referred to as the point of purchase. The amount that the customer needs to pay to the business is usually calculated at the point of sale. For all the services and the products that the customer has received, an invoice will be prepared showing the total amount accrued as well as the means of payment which he/she can use. Once an invoice has been generated, the customer will make payments for the goods or services at the point of sale. A receipt is generated once the payment is made which can either be printed, be sent electronically or can be dispensed for the customer to show that the transaction is complete. Use of a barcode scanner, weighing scale or cash register are some of the ways which are used in the POS system to calculate the total cost a customer needs to pay to the retail outlet for goods or services received.
POS systems are increasingly being adopted by many businesses as there is no need for price tags in a retail. Most of these retail businesses will use the POS terminal software that is more updated and can carry out more functions in a retail business such as inventory management, warehousing, financials as well as customer relationship management for the current and potential customers. When using the POS systems to determine the prices for selling the items, the code of the product is linked with the selling price during addition of stock where the product will only be scanned at the point of sale. There are also some other benefits that one can enjoy through the use of POS system for retail including the implementation of discounts on various products, loyalty schemes for the customers as well as controlling the stock efficiently.
A person with a retail outlet will need a POS system software hence has to consider several things to get a suitable one. The major concern for the POS system is to promise of security form those handling the system more so the cashiers who might bypass scanning certain items which they later benefit from on the sales window. To prevent such security bleaches, it is important for the POS system to have an admin window which can only be accessed by a superior person in the retail outlet to generate and inspect all the list of sales made in a day more so to those that were cancelled before completion, negative receipts as well as the refunded receipts. Since the POS system is a technological advancement, customer need it to be reliable and fast so as to save on time.