what is a pos

A POS or point of sale is a device or system that is used to process transactions by retail customers. It is the time and place at which a retail transaction is completed, where the merchant calculates the amount owed by the customer, indicates that amount, and may prepare an invoice for the customer. A POS system allows the processing and recording of transactions between a company and its consumers, at the time in which goods and/or services are purchased. POS systems are increasingly interactive, particularly in the hospitality industry, and allow customers to place orders and reservations and pay bills electronically. POS software is like a command center that allows you to find items in your library and ring up sales. More robust point-of-sale solutions also feature helpful tools such as sales reporting, customer engagement software, inventory management, and more. A POS system 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.