Point of Sale- ( Abbr. – POS) Place where a sale is made.
What is POS?
Point of sale, also referred to as point of purchase, is where a customer completes a sales transaction. Anyplace where a product/service is sold/bought is the point of sale. It could be a mall, restaurant, grocery store, a theatre, salon, stationary shop or anywhere you make a transaction; the exchange of a product/service for a certain monetary value.
What is POS transaction?
The “point” where a customers tenders payment using any mode of payment, namely cash, card, wallet or mobile payments etc. in exchange for goods/services.
What is POS on a bank statement?
POS on a bank statement is usually used to describe the type of sale. You can see POS on your bank statement if you used your Debit Card to pay and complete a sales transaction. The details of the vendor you purchased from might appear in case of a Credit Card Statement.
Traditionally POS was limited to accepting payments and printing bills, but since the late 1990s POS systems have been the lifeline of a retail business. POS systems are being used for almost everything, from vendor management to inventory management and customer relationship management to auditing. POS systems these days do everything more than just accepting payments.
Here are a few features that modern POS systems have:
Sales And Store Management
- Tracks store credits
- Automatically prints detailed customer sales receipts
- Displays past and current sales
- Quickly reprints receipts and displays customer item sale histories
- Tracks item, vendor, and department sales performance
- Wish List/Gift Registry
- VAT for countries that impose a Value Added Tax
- Gift receipts
- Open multiple sales screens
- Consolidated item listing
- Serial number tracking
- Sales Manager. Allows you to view, reprint receipts, change, copy and void sales. View saved sales, open orders
(deposits), gift certificates and daily sales totals
- Generates targeted customer lists and mailing labels based on customer sales
Tracks customer interests
Displays notes for immediate customer identification
Displays detailed sales histories at time of sale
- Store credit
- Stores and analyses department, vendor and class information
- Creates powerful reports that provide you with the inventory you need for critical buying decisions
- Keeps your business competitive by tracking inventory departments vendors and classes
- Provides the information you need for timely ordering and maintaining minimum and maximum inventory levels
- Allows you to manage inventory for multiple locations through transfers
- Automatically generates purchase orders base on inventory minimums and maximums
- Creates reorders in minutes
- Bar-code-based Pricing Labels
- Receiving Histories
- Purchase Orders auto-generated by Minimums and Maximums or Sales
- Transfers and Transfer Order Creation for Multi-location environments
1. One of the first microprocessor-controlled cash register systems was built by William Brobeck and Associates in 1974, for McDonald’s Restaurants.
2. In the retail marketplace, 75% of all purchasing decisions are made in-store but only 5% of ad spend is invested in point of Sale advertising
3. In the UK alone, £1.15 billion is spent annually on promoting products at point of purchase.