It is an electronic tool applied at retail places to conduct card payments. The POS machine is used as the equipment which 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 in order to check for a sufficient amount of money to transfer to the vendor, afterward conducts the transfer. The sale transaction is documented and a receipt is printed/sent to the consumer through the email or text.
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 to pay for it as well as to pay an additional per-transaction charge.