In business, Point of Sales or POS refers to the period or place where and when a business transaction takes place and is completed. Following this transaction, the merchant provides a cash invoice to the customer who has to pay the due amount. It also refers to the paid transaction between two parties for any goods and services. After making the due payment, the merchant provides a payment receipt and gives it to the purchaser.
POS system is classified in the three following categories depending on the size and the type of the enterprise, i.e., online, physical or offline, etc.
Mobile POS or mPOS refers to all the handy electronic devices in which you can visually control and manage data. It is used as a terminal on which a credit card reader can be attached. Such systems are also useful for processes like barcode scanning, payment processes, inventory management, etc.
One of the conventional and software or hardware-based POS systems. It carries different peripheral elements separately like barcodes scanner, receipt printers, cash drawers, etc. One of the best features of the POS system is that it has an immense capability for inventory management, reporting, and analytics, payment receipting, customer-relationship management, etc. It is best for distributor and channel member’s use.
It is an online web-processed Point of Sale system that goes smoothly with hardware systems. It is capable of performing all the functions of a Terminal POS except its installation process. Such systems are professionally maintained by the POS vendors.
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The point of the sales marketing process has gone through different evolution stages and the outcome we have received is the modern and advanced system of buying and selling. There are many other aspects of it that must be in your knowledge if you are operating a POS system. We have made it easier for your access by defining all in this particular document. Get an insight into the details of POS evolution with just a click on the download button for this template now!
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