All you Need to Know about Point of Sales
Point of sales is quite a common concept, but not everybody knows about it. It is, in fact, one of the most important concepts in the world of marketing. I am here to give you all the information related to it:
What is point of sales?
Point of sales, popularly known by its abbreviation POS and also known as point of purchase, is nothing but the place as well as time in which a retail transaction is finished or completed. The merchant calculates the amount that the customer owes and needs to pay; once the amount is calculated, an invoice is prepared for the customers. This invoice is generally a cash register printout and indicates different options available for the customer to make the payment.
In simple words, it is the time, or point, at which the customer needs to make the payment to the merchant for the goods he has purchased or services he has enjoyed. Once the payment is received by the merchant, he gives a receipt for the transaction made. This receipt is usually a printed one, but may be electronic at times.
Point of sales is quite an important concept in all the locations around the globe and is traditionally adopted in countries like Malaysia. The moment you search for point of sales Malaysia or POS Malaysia, you are allowed to go through websites of various shops (both online and land based) where this concept is adopted to ensure the transaction is carried in a good way.
How is point of sales carried?
In order to calculate the actual amount that the customer owns, merchants use weighing scales, scanners, manual cash registers, electronic cash registers or bar codes. Once the amount is revealed to the customer, he makes the payment with the help of various other hardware or software options, EFTPOS (electronic funds transfer at point of sale) terminals or touch screens.
Why is point of sales important?
POS is important because unless the customer knows the exact amount he needs to pay for the products he wishes to own or the services that he has enjoyed, he can’t pay the merchant for his products or services.
On the other hand, if the merchant is unable to tell the customer how much he owes him, he is unable to receive money for his products or provided services.
Moreover, POS allows both, the merchant and the customer, to keep a track of sales and/or purchases.
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