The History of POS
Modern day retail businesses rely on many different technologies and software programs to stay organized and on top of their transactions. Perhaps the most important tool to retailers is the point-of-sale system, otherwise known as a POS system. The earliest version of the modern POS system is the cash register, which is a machine used to calculate and record monetary transactions.
However, since the invention of the first universal credit card in 1950, consumers around the globe have used currency less and less to make purchases. This shift from paper (and metal) to plastic money necessitated a computerized “cash register” to ring up sales, process payments, and track sales paid for by credit card.
Today, POS software has become so advanced that retailers can also log inventory, customer data, and other important business data all from a tablet POS system small enough to hold with one hand.
POS System Cash Registers
As stated above, POS systems were developed as consumers transitioned away from cash-based transactions. Business owners and merchants needed a way to document transactions while also protecting their assets.
While many people contributed to the creation of the first point-of-sale system, Azel C. Hough is credited with combining bookkeeping and asset protection into a single device. This led to the creation of the first cash register in 1883. The term “cash register” was first used by James Ritty, saloonkeeper and resident of Dayton, OH. Ritty also famously nicknamed it the “Incorruptible Cashier.”
Modern-day POS systems did not come about until 1973. IBM released the very first POS system, which controlled 128 of their company’s cash registers. This kind of coordination between multiple units was unprecedented at the time.
POS systems have come a long way since their creation almost 150 years ago. Advancements in POS technology has been fueled by the rise of e-commerce and online stores. Today, merchants must equip their businesses with the latest POS systems, such as Clover POS, and SoftTouch, just to keep up with customer demands for convenience and prompt service.
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