Of course, the hardware is also supported by the use of software, which captures the customer information and communicates with the other financial institutions involved in the processing of card payments. POS system is short form for a Point of Sale system, which is a broad term describing a hardware terminal that accepts credit and debit card payments from customers on behalf of retailers. Meaning POS transactions are essential to the ongoing operation of businesses. Not surprisingly, Point of Sale terminals have become a critical component to generating revenue for physical businesses. In most cases, Point of Sale systems are designed to accept certain credit cards, may operate in multiple currencies, offer receipt generation, and streamline payment processing and related business operations. POS transaction, meaning a payment that is processed through a Point of Sale (POS) terminal, is an example of a financial exchange with a merchant that provides goods or services to a customer. Do You Want Help Opening Bank Accounts?.This article is part of our free series on offshore payment processing, which you can access by clicking here.įeel free to use the table of contents to jump ahead to the sections most relevant to you. In this article, we’re going to share everything you need to know about POS transactions, including their meaning, how they work, and the difference between POS transactions and several alternatives. POS transaction, meaning a transaction at a Point of Sale terminal, is a common way for retailers to capture customer payments.
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