What Is a Point-of-Sale System?
A POS or Point of Sale system is a system that mixes and eases the payment processes of a retail store. It is made up of the software that is usually used for recording all the details of each sale as it occurs while updating the inventory records and providing customer management features that enable easy operation of your store. It further generates reports for you so that easy analysis of the sales data is made possible. The hardware of a POS may also consist of a bar code scanner, cash drawer, receipt printer, order puncher, and other peripheral equipment based on your unique needs.
Innovations in the POS System
Point of Sale in retail has experienced a lot of development over the years, but now, we have witnessed very innovative POS systems with rapidly changing technology. The improvements, including payments in PayPal using face recognition and e-receipt generation, have brought more ease and comfort for customers and retail shop owners. Retail business owners are demanding more unique innovations to stand out from their competition.
No Checkout POS
The point of Sale System has revolutionized retail transactions. Imagine a store where you arrive, walk around in the aisles, look for your required item, pick it up, and walk out of the store with it. An innovative POS can generate payments the minute you walk out the door automatically. There would be no physical POS system and no requirements to scan barcodes. Originally introduced by Amazon, this innovative POS system is now making its way into mainstream retail businesses. The new POS system uses sensors and artificial intelligence to make the payments by a customer’s virtual cart where the customer is charged for the products without physically completing the transaction.
Mobile POS App
Order and pay while on the move the next time you head out to eat or grab a coffee. Make use of an innovative POS system in interactive apps on your phone that allows you to order your food and pay for it as you go. You can enjoy your meal and leave quickly during your busy lunch hours. This innovation was introduced by a United Kingdom-based coffee shop. It simply quickens your transaction and cuts your mealtime, allowing you easily and comfortably end your experience in the shop while providing business owners a hustle-free counter. The same Point of Sale system is being followed by a shoe shop in the United Kingdom where you can buy a selected product by simply scanning the code on your product while paying automatically.
Virtual Shopping with Tablets
Innovative POS Systems are also helping enhance the customer experience by avoiding travel to every physical retail store. The products are kept on display, where a giant tablet is provided in the window, allowing customers to go through the latest collection of clothing of their favorite brand. The customer has access to designs, colors, and a whole variety of choices at their fingertips without wasting their time going through stacks and rows of clothing. The same tablet can then be used to place your order and pay for it, too. This POS is gaining quick popularity in the United States.
Make your Face your Money
A hotel in Birmingham has presented the public with a unique innovation in Point of Sales, where all customers must smile as they check out. Their smile triggers a picture that is matched to your profile picture on PayPal, allowing you to make payments on the go without having to go through any hassle of waiting in line. Once the payment is made, an e-receipt is generated.
POS Systems are revolutionizing the way customers experience shopping. As newer POS systems are created, the customer experience is enhanced, benefitting both the business and customers.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.