A point of sale transaction refers to the act of exchanging payment for goods or services, typically carried out within a retail environment. Such transactions can take place either in person or through online channels.
Businesses employ a point of sale (POS) system to facilitate the processing of card payments or other electronic payment methods within a physical establishment. A POS setup encompasses both hardware and software components. The POS hardware generally encompasses a credit card reader and a cash register, although modern trends have shifted towards utilizing tablets equipped with cloud-based POS software. This software is responsible for gathering transaction data and accurately recording these sales within a company's financial records.
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