Humans have evolved in a very short period of time, the transformation from using stone based tools to computerised mechanical devices has happened in some thousands of years. It is of no wonder that even the banking and the retail systems have changed a lot over the years. First, it was the Automated Teller Machine (ATM) that revolutionized the functioning of the banks and other financial institutions. The invention of the ATM made it possible for people to not carry large amounts of cash with them as they could easily withdraw money from any of the ATM machines using their ATM or debit cards and so eventually the point of sale software was developed to make the experience of shopping completely cash less.
A brief history:
This concept of cash less transaction became very popular with the masses which led the banking, retail, manufacturing and other customer centric industries to invest in the R & D of other systems that could further enhance this experience of the customers. Thus, they took help of the several software Giants who excelled in creating many innovative computer based machines. Many such companies experimented with different devices and techniques and then it was the engineers at IBM, who developed the first electronic sales machine in 1973. The IBM 3660 Systems were meant to be used in stores to act as points of registering sales. In 1974, the New Jersey division of Pathmark store was the first merchant to install it. People welcomed this new technology with an open mind and so other stores also followed the example and started using such machines.
After lot of trials and errors and further R & D, two engineers by the name of Bob Henry and Martin Godwin successfully created the first POS software, which was based on Microsoft Windows Operating System, in the year 1992. They called this point of sale software as IT Retail, as it was primarily meant to be used in the retail sector to help the store owners as well as the customers. By using this software, the store owners or retailers could drastically reduce the time of service and so they were able to increase their sales volumes. On the other hand, the customers were happy as they could enjoy faster service and at the same time they were not required to pay for cash at the stores.
Once this POS software became very famous with the supermarkets or the retailers, the software developers then developed new point of sale software which were meant to serve the hospitality industry like restaurants, hotels etc. Since there is a possibility that travellers run out of cash quite often, they found this new mode of payment very convenient as it eliminated the risk of carrying large amount of money while travelling. Based on the customer’s response to this new system, the hospitality industry rapidly invested on such POS systems and finally they were introduced at all major hotel and restaurant chains across the globe.