A POS system is synonymous with POS terminal. However, a POS terminal is the electronic equipment performing the sales transaction and processing the credit card payments. Used in most storefront businesses, a computer terminal combined with the POS software helps to manage everyday sales transactions and operations.
Like you learned, with the combination of the POS software and a POS terminal, you now have the full definition of a POS system. A point of sale system is the heart of a business and used for many essential tasks such as inventory management, labor reporting, menu customizations, price adjustments, staff management, sales reporting, customer management, marketing initiates, and so much more. The next time you’re at a restaurant or retail store, ask the clerk what type of system they are using, and you’ll soon learn there are hundreds of different kinds of systems out there.
To dive deeper into the meaning and definition, we are also going to explore the various types of POS systems for sale there are available on the market.