POS terminal stands for point-of-sale terminal and is a device by which monetary payments can be made. Payment through a POS terminal is computerized as opposed to the traditional method of paying via a cash register or till.
Point-of-Sale terminal explained
A POS terminal, also referred to as a “check-out”, has the ability to keep a record of customer transactions. This means that all customer orders, debit and credit card transactions can be tracked and a history of such kept for future requirements. They are capable of being connected to other network systems however the framework of a POS terminal will typically be connected to a core computer as used by the owner of the terminal.
Depending on the outlet using the POS terminal, the structure of how the POS terminal operates can vary, for example food outlets will typically have the complete food and drink menu stored on the POS database. POS terminals have a number of benefits and are becoming increasingly popular to use in retail stores and other outlets worldwide.
The main definition of a point-of-sale terminal is that it is a form of electronic device adopted by business entities to verify and process debit and credit card transactions. The device is capable of reading a consumers bank account number and bank account name when they pay with their debit or credit card via the POS terminal.
Most businesses around the globe integrate a point-of-sale terminal as a method of accepting payment transactions from customers. It is an efficient and instant method of transacting payments for goods and services directly from the consumer’s account.