what is pos

A POS or point of sale is a system that allows the processing and recording of transactions between a company and its consumers, at the time in which goods and/or services are purchased. It is the place where a customer makes a payment for products or services at a store. 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. POS systems are one of the most complex software systems available because of the features that are required by different end-users. Many POS systems are software suites that include sale, inventory, stock counting, vendor ordering, customer loyalty, and reporting modules. Sometimes purchase ordering, stock transferring, quotation issuing, barcode creating, bookkeeping, or even accounting capabilities are included.