A Point of Sale (POS) system combines software and hardware to manage sales transactions, inventory, and customer data. Key components include a terminal, barcode scanner, receipt printer, and software with features like sales processing, inventory management, customer management, and reporting. POS systems benefit businesses by streamlining operations, improving inventory accuracy, enhancing customer experience, and providing data-driven insights. Various industries use POS systems, including retail, restaurants, hospitality, healthcare, and entertainment. Popular POS software includes Square, Shopify, Toast, Clover, and Lightspeed.