A point of sale system typically consists of the software and hardware required not only to accept payments, but also to manage a business’s general day-to-day sales and processes.

Most point of sale systems will allow you to accept payments, process sales, run reports, track inventory, manage employees, reconcile tips and commissions, and even accept gift cards and set up loyalty programs.

Because point of sale systems usually encompass everything a business needs to manage their sale and payment processes, “merchant services” and “point of sale” are often used synonymously