Point of Sale (POS)

The term point of sale (POS) refers to the place or stage in a commercial transaction at which a buyer enters into a contract with a seller to purchase goods or services. In a narrower use of the term, it is used specifically to denote the point in a transaction at which payment for goods or services is settled.

A point of sale terminal is a physical or virtual location at which point of sale transactions are made. This may be any location at which payments for goods or services are settled in cash, an online checkout or an electronic teller system through which credit card, debit card or mobile wallet transactions can be made.

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