The Full form of POS is Point of Sale. POS refers to a place such as a supermarket, shop, store, etc., where a transaction takes place while paying or buying a product or service. In simple words, it is a virtual or physical place where a customer pays for an item or items to purchase them from the seller or exchange money for a product or service, e.g., online shopping cart, a showroom, a store, a shop etc. So, it can be a physical store where orders are processed, bills are paid, and checkout happens using POS systems and terminals, or it can be a virtual sales point such as a mobile electronic device or computer.
POS may include a variety of Input or output devices like a computer, printer, barcode reader, magnetic card reader, and touch screen display. For example, a computer at a POS in a super market may contain the price and discount of all of their items and also allows analysing the inventory, sales data, and existing and new account etc. The retailers can start accessing their POS system as a result of cloud-based servers by picking up any device like a smartphone, tablet, laptop, desktop with internet connectivity and logging into their business portal.