What is a POS terminal?
POS Terminal is an electronic tool applied at retail places to conduct card payments. The POS machine is an equipment that accepts and processes the cardholder’s payment. The terminal’s duties involve reading the data of a client’s credit/debit card, transferring the money from the client’s account to the trader’s as well as recording the transaction details.
This tool, first of all, reads the magnetic strip on the credit/debit card of the client to check for a sufficient amount of money to transfer to the vendor. Afterward, it conducts the transfer. The consumer receives the sale transaction through the email or text. Also, the customer can get a printed check.
It is a conjunction of software and hardware which enables the vendor’s locations to receive card payments without updating the cash registers in order to examine cards right away. The prices for installing such terminals differ with the size of the business and the conditions. Small traders can rent the terminal and pay for it as well as pay an additional per-transaction charge.