POS (Point-of-Sale), also known as POP (Point of Purchase), is the time and place when a customer pays a merchant to get a desired product or service. It serves as the central point of your business where your sale, payment processing, and inventory management merges.
You can consider POS software as a computerized replacement for a cash register as it maintains a proper record of customer orders. Finding the right POS software for your business can eliminate many manual and reporting errors.
eCommerce businesses mainly use POS software for payment processing. However, it offers multiple benefits, such as:
- Comprehensive and precise sales reports: A POS system generates in-depth reports with high precision. It ensures that generated reports comprise details like the total number of sold items, top-selling products, total profit, etc.
- Inventory management: A POS system helps you precisely manage your products' stock so that you don’t have to deal with the consequences of overstocking and under-stocking later on. Whenever a customer cancels their order, the POS system lets you correct the product availability in a few clicks.
- Keeps customer data safe: The merchants must ensure the safety and security of their Customers’ card details at any cost. Cloud POS systems keep customer data secured and reduce the probability of data loss.
POS systems typically accept payment via credit cards, debit cards, NFC wallets, wire transfers, QR code wallets, gift cards, etc.