A point of sale (POS) is a place where a customer executes the payment for goods or services and where sales taxes may become payable.
A POS transaction may occur in person or online, with receipts generated either in print or electronically. Cloud-based POS systems are becoming increasingly popular among merchants.
POS systems are increasingly interactive, particularly in the hospitality industry, and allow customers to place orders and reservations and pay bills electronically.
Electronic POS software systems streamline retail operations by automating the transaction process and tracking important sales data. Basic systems include an electronic cash register and software to coordinate data collected from daily purchases. Retailers can increase functionality by installing a network of data-capture devices, including card readers and barcode scanners.