A point of sale (POS) system is a device or set of devices, software, and payment services that merchants use to make sales in person. It is the place where a customer pays for a product or service at a store. The POS system allows businesses to accept payments from customers and keep track of sales. It calculates the amount owed by the customer, indicates that amount, and may prepare an invoice for the customer. The POS system can work in different ways, depending on whether you sell online, have a physical storefront, or both. It can also include features for additional functionality, such as inventory management, CRM, financials, or warehousing. POS systems are used by businesses to process transactions, and they can be accessed remotely by authorized parties. They can also generate reports, help manage inventory, track employee hours, and manage membership programs. POS systems range in cost from free to a few thousand dollars, depending on your business needs.