Whether you run a bakery or a retail clothing store, it’s important to fully understand your POS system. POS is short for “point of sale” in business. Here, we’ll review some basic information about POS systems, what happens during a customer transaction, and more. Let’s get started.
As we covered above, a POS (point of sale) system is necessary whenever a customer transaction occurs. These systems are electronic, and can even be handheld in some cases.
When a sale is made and the customer isn’t paying with cash, the entire interaction takes place on your POS system. This little electronic device will perform the transaction and process all of the credit card payments that come through during your business day.
The most important reasons for a POS system in any industry are as follows. First, it’s important to have a way to process non-cash payments from your customers. Second, it’s the best way to streamline your operations. Fewer and fewer people are carrying cash with them, which means you need to be prepared to process credit card payments in an efficient manner.