A point of sale refers to the physical or virtual location where assets or services are exchanged for cash. This could be an EFTPOS terminal, a barcode scanner, through the checkout functionality on online stores and even modern ways such as Apple Pay. Sophisticated point of sale systems also implements inventory and stock tracking, enabling you to manage sales and orders more effectively.
For example…
Take for instance an old-fashioned supermarket checkout. You load up your trolley with groceries and head to the checkout whereby the operator scans the items you have bought to ring up the amount you need to pay. The same supermarket may also have other types of point of sale including online orders where you have a virtual checkout and pay by credit card or solutions like PayPal online.
