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What Is a Point of Sale (POS) System❓❓❓
A point of sale system, or POS, is the place where your customer makes a payment for products or services at your store. Simply put, every time a customer makes a purchase at your store, they’re completing a point of sale transaction.
The POS serves as the central component for your business; it’s the hub where everything—like sales, inventory and customer management—merges.
As evident as the benefits of a POS system are, we found that 56 percent of single-store retailers are still not using one. Instead, we found, many are still using a combination of manual methods, cash registers, QuickBooks and Excel for bookkeeping.
So why have retailers not taken that step to POS yet? To begin with, implementing new technology—especially technology that’s central to your business process—can be scary and overwhelming. Retailers need to consider the negative consequences of failing to have a POS in place.
“[Retailers] run the risk of slowing down their operations and missing critical data that could help them grow their business faster. Having key insight about their customers, their inventory level and when they should order more supplies are examples of information a POS provides.”
MARYLISE TAUZIA, PRODUCT MARKETING & EVANGELISM LEAD, SQUARE
Understanding what a POS system is—its software and hardware components, as well as capabilities—will enable you to make an educated buying decision.
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