Point of Sale (POS) Terminal
A Point of sale (POS) terminal is a device placed in a merchant location that is connected to the bank’s system or authorisation service provider via telephone lines.
In essence, a POS terminal is a computerised replacement for a cash register, an electronic point of sale system, as it can process credit and debit cards. The point of sale system is designed to authorise, record, and forward data by electronic means for each sale. It can also include the ability to record and track customer orders, connect to other systems in a network and manage inventory.
A POS terminal has a personal computer, on which application-specific software is integrated, in order to serve the particular environment in which the point of sale terminal will operate. For example, a restaurant will have specific restaurant software installed on it.
POS terminals are used in most industries that have a point of sale, such as a service desk or retail point of sale of some kind including restaurants, lodging, entertainment or museums.
Different companies sell point of sale terminals or systems in the UK such as Streamline or Worldpay. Point of sale terminals can be fixed or can move, and they can now accept contactless and mobile payments.
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