A point of sale, or point of purchase, is where you ring up customers. When customers check out online, walk up to your counter, or pick out an item from your stand or booth, they’re at the point of sale
How Does It Work?
Your firm may collect payments from customers and keep track of sales with a Retail POS system. It appears simple enough, but depending on whether you sell online, have a physical storefront, or both, the arrangement can operate in a variety of ways.
The cash register in a store is referred to as a point-of-sale system. Modern POS systems are totally digital, allowing you to check out a customer from anywhere. All you need is a POS app and a device that can connect to the internet, such as a tablet or phone.
1. A customer makes the decision to purchase your goods or service. They may ask a sales representative to ring them up if you have a real store. A bar code scanner might be used by that partner to look up the item’s price. Some best POS systems, such as Square Point of Sale, allow you to visually scan things with your device’s camera. This phase occurs when a consumer completes their shopping cart and clicks the checkout button on an online store.
2. Your POS system analyzes the item’s price, including any applicable sales tax, and then updates the inventory count to reflect the transaction.
3. Your customer is the one who pays. To complete their transaction, your customer will need to pay using their credit card, tap card, debit card, loyalty points, gift card, or cash. Your customer’s bank must then authorise the transaction, depending on the type of payment they pick.
4. The transaction at the point of sale is complete. This is the point at which you make a formal sale. The payment is processed, a digital or printed receipt is generated, and you ship or hand the things to your customer.
