Q:
What is a POS transaction?
A:
Quick Answer
A POS or point of sale is the point at which a retail transaction is finalized, usually coinciding with the moment a customer makes a payment in exchange for goods. POS transactions are usually completed using debit or credit cards.
Continue Reading
Credit:
Rubberball/Mike Kemp
Rubberball Productions
Getty Images
Full Answer
To complete a POS transaction, the card usually needs to be authenticated with a PIN number. Signature authorized transactions are also a common occurrence. The information transmitted via the PIN number travels through ATM networks until it reaches the bank, which authorizes or declines it. POS transactions have become common after 1990 and today are used in countries all over the world.
Learn more about Business ResourcesSources:
Related Questions
-
Q:
What are some different types of e-commerce?
A: Electronic commerce, or e-commerce, is a subset section of e-business, which is the exchange of goods and services via computer networks such as the Intern... Full Answer >Filed Under: -
Q:
What is a simple purchase agreement?
A: A simple purchase agreement is a contract between two or more parties for the exchange of goods or services. Simple purchase agreements are usually made fo... Full Answer >Filed Under: -
Q:
What are some facts about DealFind in Canada?
A: Dealfind was a Canadian coupon website with a business model that consisted of getting local and national businesses to offer discounted products or coupon... Full Answer >Filed Under: -
Q:
What's an invoice?
A: An invoice is a bill a company sends to a customer that states the amount of money due for goods or services purchased. Invoices generally list the company... Full Answer >Filed Under:
