what is pos system

A POS system, or point-of-sale system, is a set of devices, software, and payment services that merchants use to make sales in person. It manages customer purchases, accepts payments, and provides receipts. 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 the modern version of cash registers. Typically, the three main components of a POS system are hardware, software, and payment processing services. 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. Cloud-based POS systems are becoming increasingly popular among merchants. Modern POS systems are commonly programmable or allow enhancement with third-party software programs. These systems can be tailored to meet specific needs.