what are pos systems

A point-of-sale (POS) system is a combination of hardware, software, and services that enable merchants to make in-person sales. A POS system manages customer purchases, accepts payments, and provides receipts. It calculates a customers purchase amount, adds sales tax, processes the payment, and logs the time and date of the transaction. After completing the transaction, many POS systems generate a paper and/or digital receipt as well as adjust inventory records. POS systems are the modern version of cash registers and are used to process transactions by retail customers. They can be physical devices in brick-and-mortar stores or checkout points in web-based stores. POS software is the program or application that executes the various functions required at the point of sale. At the most basic level, POS software enables you to calculate transaction amounts, track sales, and monitor inventory. More advanced POS solutions also feature helpful tools such as sales reporting, customer engagement software, inventory management, and more.