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Growth

What is a POS (point of sale)?

What is a POS (point of sale)?

What is a POS (point of sale)?

What is a POS (point of sale)?

Discover the future of POS systems, how they work and what type you should get for your business.

Discover the future of POS systems, how they work and what type you should get for your business.

4 Oct 2024

A point of sale is a place where a customer pays for goods or services. Usually, there will be a device at this location which is used to take payments, such as standalone, cloud-based, and mobile terminals. 

Traditionally, POS devices – such as cash registers or larger payment terminals –  were set up in fixed locations in stores and other retail spaces. However, with advancements in technology, these systems have become more mobile. This helps businesses to accept POS payments in any location they need to.  

A point of sale is a place where a customer pays for goods or services. Usually, there will be a device at this location which is used to take payments, such as standalone, cloud-based, and mobile terminals. 

Traditionally, POS devices – such as cash registers or larger payment terminals –  were set up in fixed locations in stores and other retail spaces. However, with advancements in technology, these systems have become more mobile. This helps businesses to accept POS payments in any location they need to.  

A point of sale is a place where a customer pays for goods or services. Usually, there will be a device at this location which is used to take payments, such as standalone, cloud-based, and mobile terminals. 

Traditionally, POS devices – such as cash registers or larger payment terminals –  were set up in fixed locations in stores and other retail spaces. However, with advancements in technology, these systems have become more mobile. This helps businesses to accept POS payments in any location they need to.  

A point of sale is a place where a customer pays for goods or services. Usually, there will be a device at this location which is used to take payments, such as standalone, cloud-based, and mobile terminals. 

Traditionally, POS devices – such as cash registers or larger payment terminals –  were set up in fixed locations in stores and other retail spaces. However, with advancements in technology, these systems have become more mobile. This helps businesses to accept POS payments in any location they need to.  

What does ‘POS system’ stand for?

POS stands for point of sale. The term POS system encompasses the hardware and software that businesses use to take payments and manage transactions.

Historically, POS systems were often large and clunky, consisting of big cash registers and heavy hardware. Today, we have sleek terminals and more mobile solutions, including tablets, smartphones, and compact card readers. 

POS stands for point of sale. The term POS system encompasses the hardware and software that businesses use to take payments and manage transactions.

Historically, POS systems were often large and clunky, consisting of big cash registers and heavy hardware. Today, we have sleek terminals and more mobile solutions, including tablets, smartphones, and compact card readers. 

POS stands for point of sale. The term POS system encompasses the hardware and software that businesses use to take payments and manage transactions.

Historically, POS systems were often large and clunky, consisting of big cash registers and heavy hardware. Today, we have sleek terminals and more mobile solutions, including tablets, smartphones, and compact card readers. 

POS stands for point of sale. The term POS system encompasses the hardware and software that businesses use to take payments and manage transactions.

Historically, POS systems were often large and clunky, consisting of big cash registers and heavy hardware. Today, we have sleek terminals and more mobile solutions, including tablets, smartphones, and compact card readers. 

How do POS systems work?

POS systems work by processing transactions through various payment methods, including cash, credit and debit cards, contactless payments, and digital wallets.

Here’s how they work: 

  1. Transaction initiation: The sale begins when a customer decides to purchase a product or service and the cashier begins the checkout process.

  2. Payment processing: Once the cashier has added every item to the order, the customer pays using their preferred payment method.

  3. Transaction completion: The POS system processes and approves the payment and generates a receipt for the customer.

POS systems work by processing transactions through various payment methods, including cash, credit and debit cards, contactless payments, and digital wallets.

Here’s how they work: 

  1. Transaction initiation: The sale begins when a customer decides to purchase a product or service and the cashier begins the checkout process.

  2. Payment processing: Once the cashier has added every item to the order, the customer pays using their preferred payment method.

  3. Transaction completion: The POS system processes and approves the payment and generates a receipt for the customer.

POS systems work by processing transactions through various payment methods, including cash, credit and debit cards, contactless payments, and digital wallets.

Here’s how they work: 

  1. Transaction initiation: The sale begins when a customer decides to purchase a product or service and the cashier begins the checkout process.

  2. Payment processing: Once the cashier has added every item to the order, the customer pays using their preferred payment method.

  3. Transaction completion: The POS system processes and approves the payment and generates a receipt for the customer.

POS systems work by processing transactions through various payment methods, including cash, credit and debit cards, contactless payments, and digital wallets.

Here’s how they work: 

  1. Transaction initiation: The sale begins when a customer decides to purchase a product or service and the cashier begins the checkout process.

  2. Payment processing: Once the cashier has added every item to the order, the customer pays using their preferred payment method.

  3. Transaction completion: The POS system processes and approves the payment and generates a receipt for the customer.

Types of POS systems

There are a variety of different POS systems available, from streamlined, more basic solutions to bigger devices that offer more features. Each different system usually caters to specific business needs. 

These are some common types of POS systems:

Mobile POS system

A mobile POS system can work in two ways, either using a smartphone or tablet with a separate terminal or by turning any mobile device into a payment terminal using Tap to Pay. 

Standalone POS systems

These are traditional fixed POS systems that are often used in retail stores. They include a computer, monitor, cash drawer, receipt printer, and barcode scanner. They can accept cash, chip and pin, contactless, and digital wallet payments. 

Cloud-based POS systems

Cloud-based POS systems usually integrate both online and in-person payments. All data is stored online, allowing businesses to access their transaction information from anywhere. They’re usually licensed through software providers who charge users via monthly or annual subscriptions and offer features such as data dashboards and inventory management tools.

Self-service kiosks

Primarily used in industries where customers need to self-serve, for example fast-food and retail, self-service kiosks let customers place orders and pay without needing assistance from staff. You’ve likely seen them lined up in your local McDonald’s or Burger King. In retail stores, they can allow customers to purchase products online through the kiosk and be picked up at a later date. They accept various types of payments such as credit and debit cards, contactless payments, and digital wallets.

There are a variety of different POS systems available, from streamlined, more basic solutions to bigger devices that offer more features. Each different system usually caters to specific business needs. 

These are some common types of POS systems:

Mobile POS system

A mobile POS system can work in two ways, either using a smartphone or tablet with a separate terminal or by turning any mobile device into a payment terminal using Tap to Pay. 

Standalone POS systems

These are traditional fixed POS systems that are often used in retail stores. They include a computer, monitor, cash drawer, receipt printer, and barcode scanner. They can accept cash, chip and pin, contactless, and digital wallet payments. 

Cloud-based POS systems

Cloud-based POS systems usually integrate both online and in-person payments. All data is stored online, allowing businesses to access their transaction information from anywhere. They’re usually licensed through software providers who charge users via monthly or annual subscriptions and offer features such as data dashboards and inventory management tools.

Self-service kiosks

Primarily used in industries where customers need to self-serve, for example fast-food and retail, self-service kiosks let customers place orders and pay without needing assistance from staff. You’ve likely seen them lined up in your local McDonald’s or Burger King. In retail stores, they can allow customers to purchase products online through the kiosk and be picked up at a later date. They accept various types of payments such as credit and debit cards, contactless payments, and digital wallets.

There are a variety of different POS systems available, from streamlined, more basic solutions to bigger devices that offer more features. Each different system usually caters to specific business needs. 

These are some common types of POS systems:

Mobile POS system

A mobile POS system can work in two ways, either using a smartphone or tablet with a separate terminal or by turning any mobile device into a payment terminal using Tap to Pay. 

Standalone POS systems

These are traditional fixed POS systems that are often used in retail stores. They include a computer, monitor, cash drawer, receipt printer, and barcode scanner. They can accept cash, chip and pin, contactless, and digital wallet payments. 

Cloud-based POS systems

Cloud-based POS systems usually integrate both online and in-person payments. All data is stored online, allowing businesses to access their transaction information from anywhere. They’re usually licensed through software providers who charge users via monthly or annual subscriptions and offer features such as data dashboards and inventory management tools.

Self-service kiosks

Primarily used in industries where customers need to self-serve, for example fast-food and retail, self-service kiosks let customers place orders and pay without needing assistance from staff. You’ve likely seen them lined up in your local McDonald’s or Burger King. In retail stores, they can allow customers to purchase products online through the kiosk and be picked up at a later date. They accept various types of payments such as credit and debit cards, contactless payments, and digital wallets.

There are a variety of different POS systems available, from streamlined, more basic solutions to bigger devices that offer more features. Each different system usually caters to specific business needs. 

These are some common types of POS systems:

Mobile POS system

A mobile POS system can work in two ways, either using a smartphone or tablet with a separate terminal or by turning any mobile device into a payment terminal using Tap to Pay. 

Standalone POS systems

These are traditional fixed POS systems that are often used in retail stores. They include a computer, monitor, cash drawer, receipt printer, and barcode scanner. They can accept cash, chip and pin, contactless, and digital wallet payments. 

Cloud-based POS systems

Cloud-based POS systems usually integrate both online and in-person payments. All data is stored online, allowing businesses to access their transaction information from anywhere. They’re usually licensed through software providers who charge users via monthly or annual subscriptions and offer features such as data dashboards and inventory management tools.

Self-service kiosks

Primarily used in industries where customers need to self-serve, for example fast-food and retail, self-service kiosks let customers place orders and pay without needing assistance from staff. You’ve likely seen them lined up in your local McDonald’s or Burger King. In retail stores, they can allow customers to purchase products online through the kiosk and be picked up at a later date. They accept various types of payments such as credit and debit cards, contactless payments, and digital wallets.

Find the best POS system for your business

Selecting the right POS system depends on your specific business needs.

Best POS systems for retail

Retail businesses can benefit from a POS system that offers powerful inventory management, customer tracking, and sales analytics. This could be a cloud-based terminal or a traditional standalone system. 

However, some retail businesses now favour more mobile solutions that allow them to take payments anywhere. Services like Tap to Pay can be great for retail stores who want to take payments on the go. 

Best POS systems for restaurants

Restaurants usually require flexibility with their terminals as they will be taking payments from various areas in the restaurant. A cloud-based or mobile POS system can work best for restaurants, ideally still with the traditional Chip & PIN terminal to cater to different customer needs. 

Restaurant operators often opt for POS systems that include features such as table management, split billing, and an integration with kitchen ordering systems.

Best POS system for small business

Small businesses need affordable, easy-to-use systems that can scale as they grow. If taking payments on the go is important, then a mobile POS system may be the best option. To reduce costs, using Tap to Pay could be considered the best choice for small businesses as it is easy to set up and doesn’t come with high costs.

Learn more about picking the best pos system for your business.

Selecting the right POS system depends on your specific business needs.

Best POS systems for retail

Retail businesses can benefit from a POS system that offers powerful inventory management, customer tracking, and sales analytics. This could be a cloud-based terminal or a traditional standalone system. 

However, some retail businesses now favour more mobile solutions that allow them to take payments anywhere. Services like Tap to Pay can be great for retail stores who want to take payments on the go. 

Best POS systems for restaurants

Restaurants usually require flexibility with their terminals as they will be taking payments from various areas in the restaurant. A cloud-based or mobile POS system can work best for restaurants, ideally still with the traditional Chip & PIN terminal to cater to different customer needs. 

Restaurant operators often opt for POS systems that include features such as table management, split billing, and an integration with kitchen ordering systems.

Best POS system for small business

Small businesses need affordable, easy-to-use systems that can scale as they grow. If taking payments on the go is important, then a mobile POS system may be the best option. To reduce costs, using Tap to Pay could be considered the best choice for small businesses as it is easy to set up and doesn’t come with high costs.

Learn more about picking the best pos system for your business.

Selecting the right POS system depends on your specific business needs.

Best POS systems for retail

Retail businesses can benefit from a POS system that offers powerful inventory management, customer tracking, and sales analytics. This could be a cloud-based terminal or a traditional standalone system. 

However, some retail businesses now favour more mobile solutions that allow them to take payments anywhere. Services like Tap to Pay can be great for retail stores who want to take payments on the go. 

Best POS systems for restaurants

Restaurants usually require flexibility with their terminals as they will be taking payments from various areas in the restaurant. A cloud-based or mobile POS system can work best for restaurants, ideally still with the traditional Chip & PIN terminal to cater to different customer needs. 

Restaurant operators often opt for POS systems that include features such as table management, split billing, and an integration with kitchen ordering systems.

Best POS system for small business

Small businesses need affordable, easy-to-use systems that can scale as they grow. If taking payments on the go is important, then a mobile POS system may be the best option. To reduce costs, using Tap to Pay could be considered the best choice for small businesses as it is easy to set up and doesn’t come with high costs.

Learn more about picking the best pos system for your business.

Selecting the right POS system depends on your specific business needs.

Best POS systems for retail

Retail businesses can benefit from a POS system that offers powerful inventory management, customer tracking, and sales analytics. This could be a cloud-based terminal or a traditional standalone system. 

However, some retail businesses now favour more mobile solutions that allow them to take payments anywhere. Services like Tap to Pay can be great for retail stores who want to take payments on the go. 

Best POS systems for restaurants

Restaurants usually require flexibility with their terminals as they will be taking payments from various areas in the restaurant. A cloud-based or mobile POS system can work best for restaurants, ideally still with the traditional Chip & PIN terminal to cater to different customer needs. 

Restaurant operators often opt for POS systems that include features such as table management, split billing, and an integration with kitchen ordering systems.

Best POS system for small business

Small businesses need affordable, easy-to-use systems that can scale as they grow. If taking payments on the go is important, then a mobile POS system may be the best option. To reduce costs, using Tap to Pay could be considered the best choice for small businesses as it is easy to set up and doesn’t come with high costs.

Learn more about picking the best pos system for your business.

The future of point-of-sale systems

The future of POS systems lies in the ability to adapt to changing customer behaviour and technological advancements. Innovations like Tap to Pay and unified commerce systems are making it easier for businesses to streamline their operations and offer seamless customer experiences.

With this in mind, the biggest POS technology advancements will likely be made for cloud-based and mobile systems. 

The future of POS systems lies in the ability to adapt to changing customer behaviour and technological advancements. Innovations like Tap to Pay and unified commerce systems are making it easier for businesses to streamline their operations and offer seamless customer experiences.

With this in mind, the biggest POS technology advancements will likely be made for cloud-based and mobile systems. 

The future of POS systems lies in the ability to adapt to changing customer behaviour and technological advancements. Innovations like Tap to Pay and unified commerce systems are making it easier for businesses to streamline their operations and offer seamless customer experiences.

With this in mind, the biggest POS technology advancements will likely be made for cloud-based and mobile systems. 

The future of POS systems lies in the ability to adapt to changing customer behaviour and technological advancements. Innovations like Tap to Pay and unified commerce systems are making it easier for businesses to streamline their operations and offer seamless customer experiences.

With this in mind, the biggest POS technology advancements will likely be made for cloud-based and mobile systems. 

Simplify POS with Mollie

If you’re looking for a cloud-based, integrated POS terminal then our Mollie Terminal could be right for you. It simplifies and combines all your in-person and online payments through one integration.

Here's what it offers:

  • Unified payments: Reduce manual work and improve efficiency by managing all online and in-person payments in one place. 

  • Easy integration: Quickly accept in-person payments with the Mollie Terminal – or Tap to Pay. 

  • Seamless omnichannel experience: Create a seamless online and in-store experience with a customised checkout flow. Accept all local and global payment methods and wallets. 

  • Simplified reconciliation: Eliminate the hassle of managing multiple partners by using the Mollie Dashboard as your one-stop shop for all your reporting and reconciliation needs.

  • Scalable solution: Scale and grow your business with dedicated features that ensure your payment system can keep up with your expanding needs.

Discover how our range of POS solutions can help your business.

If you’re looking for a cloud-based, integrated POS terminal then our Mollie Terminal could be right for you. It simplifies and combines all your in-person and online payments through one integration.

Here's what it offers:

  • Unified payments: Reduce manual work and improve efficiency by managing all online and in-person payments in one place. 

  • Easy integration: Quickly accept in-person payments with the Mollie Terminal – or Tap to Pay. 

  • Seamless omnichannel experience: Create a seamless online and in-store experience with a customised checkout flow. Accept all local and global payment methods and wallets. 

  • Simplified reconciliation: Eliminate the hassle of managing multiple partners by using the Mollie Dashboard as your one-stop shop for all your reporting and reconciliation needs.

  • Scalable solution: Scale and grow your business with dedicated features that ensure your payment system can keep up with your expanding needs.

Discover how our range of POS solutions can help your business.

If you’re looking for a cloud-based, integrated POS terminal then our Mollie Terminal could be right for you. It simplifies and combines all your in-person and online payments through one integration.

Here's what it offers:

  • Unified payments: Reduce manual work and improve efficiency by managing all online and in-person payments in one place. 

  • Easy integration: Quickly accept in-person payments with the Mollie Terminal – or Tap to Pay. 

  • Seamless omnichannel experience: Create a seamless online and in-store experience with a customised checkout flow. Accept all local and global payment methods and wallets. 

  • Simplified reconciliation: Eliminate the hassle of managing multiple partners by using the Mollie Dashboard as your one-stop shop for all your reporting and reconciliation needs.

  • Scalable solution: Scale and grow your business with dedicated features that ensure your payment system can keep up with your expanding needs.

Discover how our range of POS solutions can help your business.

If you’re looking for a cloud-based, integrated POS terminal then our Mollie Terminal could be right for you. It simplifies and combines all your in-person and online payments through one integration.

Here's what it offers:

  • Unified payments: Reduce manual work and improve efficiency by managing all online and in-person payments in one place. 

  • Easy integration: Quickly accept in-person payments with the Mollie Terminal – or Tap to Pay. 

  • Seamless omnichannel experience: Create a seamless online and in-store experience with a customised checkout flow. Accept all local and global payment methods and wallets. 

  • Simplified reconciliation: Eliminate the hassle of managing multiple partners by using the Mollie Dashboard as your one-stop shop for all your reporting and reconciliation needs.

  • Scalable solution: Scale and grow your business with dedicated features that ensure your payment system can keep up with your expanding needs.

Discover how our range of POS solutions can help your business.

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Table of contents

Table of contents

Table of contents

Table of contents

Table of contents

What does ‘POS system’ stand for?

How do POS systems work?

Types of POS systems

Find the best POS system for your business

The future of point-of-sale systems

Simplify POS with Mollie

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MollieGrowthWhat is a POS (point of sale)?
MollieGrowthWhat is a POS (point of sale)?
MollieGrowthWhat is a POS (point of sale)?