Question

Please explore the Internet to locate a meaningful current event article discussing this week's TCOs that considers the many economic transactions in which you participate on a daily basis. You may purchase a cup of coffee at a coffee shop, pay your telephone bill, purchase stamps at the post office, or so forth. In many cases, the transaction is documented using a point-of-sale system. Using the Internet, find the definition of a point-of-sale system and read about the controls that have been established by the University of Toronto (Links to an external site.)Links to an external site. related to these systems to answer the following question: What is a point-of-sale system?

Answer 1

POS System

A POS system, or point of sale, is a combination of hardware and software built to centralize business operations. It manages the transactions for your business, including credit card processing, and the post-transaction operations that lead to customer fulfilment, whether in a retail or restaurant setting.

A POS system is 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.

Modern POS systems do more than just offer flexibility when processing daily transactions