A Point of Sale (POS) transaction is a payment made by a customer for products or services purchased, either at a physical cash counter or through an online store. The process of a POS transaction typically involves the following steps:
- The customer selects the products or services they wish to purchase.
- The cashier or point of sale system calculates the total amount due, including any applicable taxes or discounts.
- The customer provides payment, which may be in the form of cash, credit/debit card, or other electronic payment methods.
- The point of sale system records the transaction details, including the purchase amount, payment method, date, and time.
POS transactions can occur in person or online, and receipts may be generated either in print or electronically. POS systems are becoming increasingly interactive, particularly in the hospitality industry, with features that allow retailers to monitor inventory and buying trends, track pricing accuracy, and collect marketing data.
