what is a pos transaction

A POS (Point of Sale) transaction is a payment made by a customer for products or services purchased, either at a physical cash counter or online. It is recorded when a buyer makes a payment while purchasing goods from a seller. A POS transaction can be conducted in person or online, with receipts generated either in print or electronically. POS reconciliation occurs when businesses match POS system transactions as shown on the company’s bank statement to that in their books. A POS transaction is a purchase made by a customer at a physical retail location using a payment card or another form of electronic payment. The transaction is recorded by a POS system that captures the purchase details, including the item(s) purchased, the price, and the payment method. Whenever you accept debit cards as a form of payment, that transaction will appear on the customer’s credit card statement, often with “POS” or “POS debit” in the description.