If a transaction is done online, what is POS?

Alfonso Llanes, studied at Florida International University

Answered just now

Point of sale is a term that has been in use for many decades in commodity trade, mainly, international ocean transportation. It merely means that the price of the commodity is calculated from the point where it is physically located i.e. Port, warehouse, dock, grain elevator at spout etc.

Some examples of point of sale include:

• London Metal Exchange, grade A cathodes, spot price, CIF European ports
• London Metal Exchange, aluminum standard grade, spot price, minimum purity 99.5 percent, CIF U.K. ports
• China import Iron Ore Fines 62% FE spot price CFR Tianjin port
• Malaysian, straits, minimum 99.85 percent purity, Kuala Lumpur Tin Market
• EU import price, unpacked sugar, CIF European ports.
• Sugar Central American and Ecuador, U.S. importer's price FOB U.S. ports
• Georgia docks, ready to eat whole body chicken, packed in ice, spot price

In addition, transportation companies also make use of point of sale pricing whether the commodity is sold on board a vessel, alongside a vessel, at warehouse or other location in order to calculate freight charges for transportation, cargo handling, stevedores, dunning, port equipment rental and so on.

In recent years the concept has been applied to retail sales that use computers and software not only for pricing the item but for accounting, inventory control, taxes, sales history etc. If one is trying to figure out what it means in a bill it refers to a purchase made in-person at a retailer.

A point of sale software system (POS) is a combination of devices and software for keeping track of transactions and effecting sales. They can be complicated programs that integrate with other systems for intranet accounting system.

Today, companies using a POS system are able to run reports based on sales, supervise employee performance, recall what people bought on past visits and confirm that they are keeping the accurate stock on their shelves. A POS system saves time to store owners, bookkeepers and sales associates by performing repetitive tasks and automating manual processes.

Using a POS as the central app in a retail store system ensures that the owner gets the most from inventory, and the best returns from a brick & mortar store. This integration also allows to sell everywhere from one inventory source with all products listed and available in-store and online.

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