POS

A Point-of-Sale (POS) is a transaction takes place between a merchant and a customer when a product or service is purchased, commonly using a point of sale system to complete the transaction. POS may also stand for point of service, or the time when customers interact with merchants, or point of purchase, or a place where sales are made, whether at a mall, market, city, or restaurant. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer (which may be a cash register printout), and indicates the options for the customer to make payment. It is also the point at which a customer makes a payment to the merchant in exchange for goods or after provision of a service. After receiving payment, the merchant may issue a receipt for the transaction, which is usually printed but is increasingly being dispensed with or sent electronically