The world of Point of Sale ( POS ) systems can seem complex at first, with a lot of technical terms and acronyms. To help you navigate this landscape and better understand the available POS solutions, we've created a comprehensive glossary of the key terms you need to know. This educational resource will provide you with the definitions you need to make informed decisions about the right POS system for your business.
Glossary of Key Terms in POS Systems:
- API (Application Programming Interface): A set of rules and specifications that allow different software applications to communicate and exchange data with each other.
- Back-Office: The administrative part of the POS system where functions such as inventory, reports, configuration and employee management are handled.
- Automated Teller Machine (ATM): Although not a direct component of the POS, it is often integrated to offer cash withdrawal options to customers.
- Cloud POS: A POS system whose software is hosted on remote servers and accessed via the internet.
- Barcode: A visual representation of data in the form of bars and spaces that can be scanned to identify products.
- CRM (Customer Relationship Management): Software that helps manage interactions with customers and store relevant information.
- Cash Dispenser: A device integrated into the cash drawer that automatically dispenses change.
- EMV (Europay, Mastercard and Visa): Security standard for credit and debit cards that uses chips instead of magnetic strips.
- POS Hardware: The physical components of the POS system, such as the terminal, barcode reader, receipt printer, and cash drawer.
- Receipt Printer: A device that prints receipts for transactions for customers and the business.
- Real-Time Inventory: The POS system's ability to update inventory levels immediately after each sale.
- Self-Service Kiosk: A POS terminal that allows customers to place orders and pay without the assistance of an employee.
- Barcode Reader: A device that scans product barcodes to enter the information into the POS system.
- Card Reader: A device that reads information from credit and debit cards to process payments.
- mPOS (Mobile POS): POS system that uses mobile devices such as smartphones or tablets as terminals.
- Touchscreen: User interface that allows interaction with the POS system by touching the screen.
- PCI DSS (Payment Card Industry Data Security Standard): Security standard to protect credit card holder information.
- POS Peripherals: Additional devices that connect to the POS system, such as scanners, printers, and card readers.
- Point of Sale (POS): The location where a sales transaction is completed. It also refers to the system that facilitates this transaction.
- Refund: Returning money to a customer for a purchase.
- POS Software: The computer program that manages the functions of the POS system, such as sales, inventory, and customer management.
- POS Terminal: The main device where products are entered and payments are processed. It can be a fixed terminal or a mobile device.
- Transaction: Exchange of goods or services for money or other form of payment.
- UPC (Universal Product Code): A specific type of barcode used primarily in North America.
Understanding the key terminology of the POS system world is essential for choosing the right solution for your business and maximizing its features. This glossary provides a solid foundation for understanding the most common terms. If you have any further questions or need advice on POS systems, please don't hesitate to contact us at POS Store. We're here to help you find the perfect solution for your business.
