Over the years, the mode of payment has evolved, passing through various stages, dictated by technological advancement. With that too, keeping track of payments has also advanced. Decades ago, there was the basic cash register, which the owner of the business used to keep money, and also keep a record of certain transactions in his shop, but it was limited. These days, with the advancement of the point of sale system, keeping a track of financial transactions has become very easy. But that is not where the convenience ends.
A point of sale system refers to an array of devices, which help a customer complete his financial transaction, that is, pay for his goods. In simpler words, the system includes everything that regards sale and payment in an establishment. These days, it is normal to find a point of sale system in businesses such as a restaurant, grocery shop, boutiques, electronic stores, and any other place where you make a purchase. Businesses, every day, are adopting this new system that is nothing short of convenient, saving you time, and making your financial dealings more orderly.
As noted above, a point of sale system includes a number of devices or gadgets, that have been interested to work together, each serving its purpose. These features are what make the system effective or even make it work at all. While the traditional system was made up of a cash drawer, and a machine where the attendant had to manually input transaction information, modern-day systems are a bit more sophisticated.
Now let’s review some of the basic features of a point of sale system, and the functions they perform.
Basically, the point of sale system consists of the hardware and software.
This is where you observe the transaction that is about to take place. It also displays product information including name and price. Depending on the type, you may be able to interact directly with the monitor, through touch, to perform certain operations, or select services.
This old component has not been phased out completely since people still purchase things with cash. Although newer ones may feature better security and the technology to produce the exact change.
Another key component of a point of sale system. This device, which may be small, reads the detail of cards put into it, and uses the information to either complete or invalidate the transaction. The card reader usually has a keypad where the customer can input his pin. This is a very important feature, since these days, a lot of people prefer to shop with cards rather than cash. The card reader may be provided by a client, sometimes a financial institution, and every transaction made transfers the money to a prearranged account.
This particular device uses laser technology to read the barcode on a product, and translate the information, taking note of the product name and price, and adding it to be calculated alone, or together with other products. A barcode scanner saves the attendant time for inputting product information manually, as by merely pointing the device at the barcode of the product, all necessary information is transferred.
A receipt printer prints the details concerning the transaction, including products purchased, and amount. It also includes details such as date and time of purchase, serial number, and other details that make it easy to track that particular transaction, and also to lodge a complaint, if necessary.
For a point of sale system to function properly, it has to run on software. It is the software that keeps everything together, making it all function seamlessly, even across separate devices. The software also manages the financial transactions, keeping a record of sales, and how much money is coming in. There are several types of software used, with some installed on-site, that is within the establishment, while others are cloud-hosted. Each has those whom they favor, as it is normal to see small stores with on-site software, although it may be slightly expensive since you have to regularly maintain it, and pay someone to set it up from the onset.
Point of sale systems for modern-day businesses have grown beyond what they were many years ago. It is not just where you pay, or checkout, but rather a place that provides an account of financial transactions, together with details of products. It is a place where a deal is concluded. Technology has, over the years, simplified things, and given a touch of convenience to old practices, saving time and cost, and the business of payment is not left out of such convenience.
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