What is the Full form of POS?
The full form of POS is the Point of Sale. It corresponds to a location where a transaction occurs when purchasing or billing for a service or product, such as a market, supermarket, and so on. In simple terms, it is a virtual or physical location that you charge for a product to buy it from the seller or trade cash for a service or product, such as a shop, a showroom, a supermarket, a shopping basket online, and so on.
- When checkout occurs, orders are issued, and expenses are paid utilizing POS terminals & systems, this can be a physical store or virtual sales point, including a mobile or computer electronic equipment.
- The amount of input or output system such as a bar code, computer, printer, magnetic card reader, and touchpad screen can be included in the POS.
- Besides, with evolving technologies and applications, the word ‘Point of sale’ or its definition has changed over time.
- E-commerce has expanded this idea from physical locations to the virtual world, so it will still be the last stage on the shopping trip, wherever it might be in the future.
- For instance, a system at a POS in a retail store can include the cost of all of its food products and could also enable the inventory, sales and account data to be evaluated.