A point of sale (POS) is the place where customers pay for products or services in a retail space. In the past, this often meant a cash register but modern POS systems are usually digital. In a retail environment, the system is used to process payment and can also include features like inventory tracking and sales reports. For pharmacies, the POS can include features that can help manage the inventory of medications, over-the-counter products and other healthcare supplies.
A POS can be hardware-based or software-based. A desktop POS might incorporate a computer, monitor and keyboard while a tablet-based system uses a touchscreen or smartphone to enter data. Some POS systems also come with integrated credit card readers. Other hardware components might include a cash drawer and near-field communication contactless payment technology such as an Apple or Samsung pay chip and tap.
Most POS systems use a database to store information about sales and transactions, customer data and other details. These databases are often linked to an accounting interface that provides sales and cost of goods data to independent accounting applications. POS systems may also provide other functions, such as generating sales reports and providing specific buying analysis.
The POS can also be used to monitor employee performance and for loss prevention purposes. This can include identifying patterns of employee theft and fraud by looking at a list of all cancelled or refunded receipts. A POS system with a built-in closed-circuit television camera can be used for even more detailed monitoring.
A pharmacy POS can also have features that support customer loyalty programs, automatic nutrient depletion alerts and more. These features can help increase customer satisfaction and drive revenue in the long run. In addition, a pharmacy POS should be able to integrate with various other business software such as customer service management, inventory, payroll and reporting tools.
Some POS systems are designed to work with particular types of retail spaces, such as clothing stores, grocery stores or specialty goods stores. A specialized retail POS might come with hardware devices such as scales for produce or barcode scanners to ring up bulky items. The software will typically be customized for the type of store and may include inventory management, sales reporting and other functionality specific to that industry.
Point-of-sale software is sometimes referred to as a retail management system or an enterprise resource planning (ERP) solution. These systems are more comprehensive than a simple register and can be accessed remotely. The most common use for these systems is to track sales and inventory across multiple locations. This can help companies save time and money by reducing paperwork and errors in order entry.
A POS system can be connected to a database or cloud server to share information with other users. This can be especially useful for businesses with several outlets in different regions or countries, and allows them to keep track of inventory and sales at each location. The system can also help managers compare sales at different stores and make more informed decisions about store location or product offerings.