POS Software Definition
The term “POS software” is simply a phrase that software development companies came up with to describe Point of Sale software. Technically, any software that helps facilitate payments at your sales desk and takes the place of a cash register is considered POS software.
How it works
With POS software, all sales and transactions are made through a computer. The computer is told – by scanning or product code entry – what you are selling, then the POS system displays the selling price and the quantity sold. As you scan or enter multiple products, the POS software calculates the total, including taxes, deposits or charges. To complete the sale, the POS software handles the payment– cash, cheque, credit card etc. – and will tell you how much change is due, print a card receipt for signature and a sales receipt for your customer.
The POS software records every sale you make and can help automate all kinds of tasks for you. For example, it can calculate your sales for the day, your sales tax totals, and tell you how many times you sell an item for a given time period.
But wait there’s more
While this is an example of POS software in its simplest form, there is a lot more to it…in fact, POS software can be a completely integrated retail management system that will automate all areas of your business.
The POS software might include:
- Point of Sale
- Inventory Control
- Purchase Order Creation
- Price Updates
- Bar Code Scanning
- Accounts Receivable
- Integrated pump/dispenser control
- Employee time & management
- Loyalty
- Promotions Management
- And much, much more!
The Challenge
The problem is that each POS software system is different, from the code it’s written in, to the industry it is designed for and the capabilities it has. The software you choose will have a huge impact on the productivity of your business.
In our next post, we’ll discuss key evaluation criteria for choosing POS software for your convenience store or retail gas station.
And, if you have specific questions about how POS software could impact your business, contact us for a free solution consultation.