Software components of a POS system
The retailer will purchase, install, and host the software on their own computer system and update it as necessary. They will also need to purchase or lease their own POS hardware, like a barcode scanner, cash drawer, card reader, receipt printer, and more.
A cloud-based POS system has centralized payment processing, inventory management, customer loyalty program, and more. The systems will all communicate with each other.
Displays the product database and enables other functions, such as employee clock-in and viewing sales reports. Tablets—especially iPads—are popular for replacing bulkier monitors.
Credit card reader
Since the EMV payment standard went live in 2015, secure and EMV-compliant credit card readers are a must-have. Non-compliant retailers face potentially huge losses on account of fraud liability.
Automates the checkout process. Scanning barcodes pull product info and adds it to the checkout total. Barcode scanners can also integrate with inventory management systems to automatically adjust stock levels.
Email and text receipts may be gaining popularity, but paper receipts remain essential for providing customers with a quick snapshot of their purchase or returns.