Full Form of POS:
Point Of Sale
POS Full Form is Point Of Sale. POS is a method of capturing payment detail of the customer and also the product detail when products are bought at a store. It is a computerized network that records these details. We can track the use of first and earliest POS back in 1973. POS is controlled by a mainframe computer and numerous other connected computers. Merchants use this service to make the payment transaction safe and secure.
When a product is bought by the customer, he has to go to the checkout counter to pay for the product. An invoice is given to the customer which consists the product detail and cost detail. The customer is given the facility to choose from various payment methods. Then he is handed over a printed transaction receipt. All these activities are monitored and recorded by POS for future availability. POS consists of both hardware and software.
A POS may include scanners, touch screen monitors, cash registers, magnetic card readers etc. This system is extremely useful for the merchants because it helps them to analyze sales data of various products, maintain sales history, improve the accuracy of pricing etc. POS can be both real and virtual. Real POS can be seen in physical stores, and virtual POS can be seen in online stores.
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