Point of Sale (POS) refers to the location or moment where a retail transaction is completed. It is the place where a customer makes a payment for goods or services they have received from a business. The Point of Sale system is a combination of hardware and software used to facilitate and process these transactions efficiently and accurately.

Key components of a typical Point of Sale system include:

• Hardware: This includes the physical devices and equipment needed to process transactions, such as cash registers, barcode scanners, card readers (credit/debit cards), receipt printers, and sometimes touch screen displays.

• Software: The software running on the Point of Sale system is the brain behind the operation. It manages inventory, calculates prices, processes payments, and generates receipts. Modern POS systems often come with additional features like sales reporting, customer management, and integration with other business systems.