POINT ON SALE

Point on sale is the place where a retail transaction is completed. It is the point at which a customer makes a payment to a merchant in exchange for goods or services. At the point of sale the merchant would use any of a range of possible methods to calculate the amount owing - such as manual system, weighing machines, scanners or an electronic cash register. The merchant will usually provide hardware and options for use by the customer make payment - such as an EFTPOS terminal. The merchant will also normally issue a receipt for the transaction.