What Does POS Stand For? The term POS is a familiar word with businesses. To a nonprofessional POS stands for Point of Sale. It is a system that a business uses to take money from the customer and provide them with an accurate receipt. All POS systems are computerized for accuracy and convenience. Merchants, retailers basically anyone that has something to sell can benefit from it. A POS system can be bought, as it is one whole component or can be put together by buying the parts separately. The basic parts of a POS system are:
• • •
• •
A POS Computer: This is the most important feature of the system and some POS computers like PC’s come with software that does not operate like a regular computer. Cash Drawer: The POS system is directly connected to the cash drawer, which opens only when the computer sends the correct signal. This feature is for preventing thefts. POS Monitor: Most POS monitors are touchscreen enabled that allows inputting to be done with ease. Scanner: The scanner scans the barcode on the product being sold. You can choose from hand held scanners and imbedded ones. Receipt printer: This too is connected to the system allowing you to quickly print off a receipt. Some printers have the option of printing the receipt where credit cards are used.
However, there are some optional parts that are available in a POS system. They may not be necessary, as most of these act as just additional components that are needed in some businesses. They are:
• •
Credit Card Terminal/Signature Capture Device: This helps when the POS system you have does not have an inbuilt credit card reading option. This comes with a pin pad that allows customers to input their PIN numbers and also their electronic signature. Customer Pole Display: It provides a display pole that allows a customer to see what is being inputted when their order is rung up. It also allows them to see if the order placed is correct.
As you build your business, consider which of these will be most useful. Build a system that will be convenient, easy to understand, and efficient. This will ensure good business and complete many transactions every day.