Vanessa Schmitt 4 January - 4 min read
A Point of Sale (POS) system is the software used to make sales and take payments for goods and services within a business.
While a POS system’s role is to facilitate financial transactions, the latest fintech innovations have revolutionised POS systems to manage multiple aspects of business.
Advanced POS systems are an essential component of running a business and can integrate seamlessly with business operations in real time.
While traditional cash registers store money and record sales, integrated POS systems are the ‘brains’ of a business, providing a single source of digital truth across many facets of a company.
POS systems generate transactions and record data, which can then be used for inventory tracking, financial reporting and storing customer information. Business owners can use a POS system to see how many products they sold, how many products are in the warehouse and how much money is coming in.
New generation POS systems provide features tailored to individual business needs, such as automatically sending out overdue invoice reminders and tracking staff rosters.
Why are POS systems important?
Many businesses still use outdated manual data entry processes to handle their operations, such as invoices and orders. The manual effort and costs associated with manual processes is a huge drain on productivity.
What are the different types of POS systems?
What to look for in a POS system
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