A POS (point of sale) transaction is what takes place between a seller and buyer when a service or product is purchased, commonly using a POS system to complete the payment transaction.
Sellers usually use a Point of Sale system to complete a sales transaction. So we can say that a POS system is a combination POS software and POS hardware to create a POS machine for processing a payment transaction.
Let’s talk about a POS terminal
A POS terminal is similar to a POS system. A POS terminal is the electronic equipment processing all the card payments and performing the sales transaction. In most stores, POS software is combined with a POS terminal to manage everyday sales operation and transactions.
So now that we have learned about what Point of Sale means and the POS terminal, let’s move on to discussing the types of POS systems there are.
Types of POS systems
- Salon and Spa POS systems. This type of POS system is used in the salon. This POS will have vital information like appointment reminders, online appointment calendar, and inventory management. Online employee scheduling, retail functionality, customer database with details for nail styles or haircuts, and employee management. Salon and Spa POS system can be used for other business types like fitness clubs, massage parlors, tattoo parlors, pet grooming, etc.
- Retail POS systems. This type of POS system is used for retail businesses. Retail POS systems have some particular features and requirements that other POS systems don’t have. Retail POS features include inventory tracking, gift registry, purchase orders, layaway, and employee commissions.
- Bar POS systems. This POS system is designed specifically for bars. The faster and efficient your bar POS system is, the more success you will get in your bar business. Especially for busy bars, you need a fast and efficient bar POS system. The faster you can process a transaction, the happier your customers will be, and you will also get to generate more revenue for your business.
- Restaurant POS systems. This POS system will help you accept cash and credit card payments. It will also make you track all your tax data and sale. Most POS systems also have features to streamline your operations and make your restaurant more efficient.
- Small business POS systems. This POS system comes in many sizes, and shapes. So all you have to do is go online and search for small businesses POS systems. You will come across different shapes and sizes of POS systems for small businesses.