Point of Sale (POS) System Definition

Merchant Account Point of Sale (POS) System Explained:

What is a Point of Sale System? A Point of Sale System, usually referred to as a POS system, is a system of hardware and software that enables merchants to accept payments from customers at the checkout counter. POS systems traditionally include some combination of cash drawers, credit card terminals, receipt printers, barcode scanners, and computers that run software designed to keep track of sales and inventory, but advances in technology have opened up a number of new options for merchants in recent years.

In the modern market, cloud-based POS software is gaining in popularity as iPads and other mobile devices make payment acceptance more versatile and less reliant upon large, expensive hardware. Other innovations include in-store tracking of customers, synced ordering for servers, and real-time sales data. Typically, these stripped-down POS systems consist of only a mobile device, a card reader, and optional hardware depending on a merchant’s needs.

POS (Point of Sale) Video Explanation

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Phillip Parker is a former merchant services sales agent who believes the industry has been overrun by people who engage in fraud and deception in order to steal from hard working business owners. He created this website to help you avoid the bad players, save money on fees, and to get peace of mind with your merchant account. If you would like to help support his work, learn more about our cost reduction service. We can evaluate your statement, tell you exactly how much you're overpaying, and then help you dramatically reduce your fees with your current credit card processor. Looking to switch instead? See our list of the best merchant account providers.

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