A POS system is a business’ devices and software that enables them to accept consumer payments and track purchasing data.
A POS system, also called a point of sale system, is a collection of hardware and software that allows a business to accept consumer payments via credit card, debit card, digital wallet, or other methods. The POS system eliminates a significant amount of manual labor by calculating prices, recording transaction data, enabling consumer engagement, and generating useful analytics reports.
Because they’re a one-stop-shop for consumer payments processing, a POS system is nearly essential for today’s businesses, especially those with ecommerce presences. For in-person locations, POS systems typically come in the form of a terminal, register, cash drawer, handheld tablet, receipt printer, and/or card readers. Other systems might include self-service kiosks or scales for weighing items.
Most POS systems include a payment processing service that enables the business to accept multiple payment methods. Modern systems also track consumer purchasing data, giving the business useful insights via tailored reports they can use to analyze their operations.