It is a deal between the trader and the customer which denotes a trade of goods, services along with financial instruments. A large business agreement can also be called a transaction.
They are the real records for the act of the deal, so they enable both parties of the bargain have the access to the most essential information such the date, ID, buyer, seller and many more details which can be seen from the personal account of the holder.
In the reality, it is also a kind of activity which has a financial worth that can change the amount of money both on the receiver’s account and the sender’s. After this process the transaction is presented in the form of a report of the successful financial operation. If the customer needs a refund or has some problems with purchases, this person can use the report of the transaction as a proof of the deal’s existence.
Sometimes the term is used to talk about the act of cashing out the funds from the ATM. So it can also be called a transaction.
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