Point-of-Sale is a location where the transaction of payment for goods and services takes place. The point-of-sale machine allows you to charge your account by using your debit or credit card. By using this means of payment, the amount of cash you carry will be less, thus decreasing the risk of losing your cash.
Where can you use Point-of-Sale?
Point-of-sale can be used at merchants (supermarkets, Gas Stations, etc.) to pay for goods and services rather than paying by cash.
You will need to become acquainted with the merchants who offer the point-of-sale service.
Advantages of using Point-of-Sale:
- You do not have to walk around with cash to pay for goods and services.
- Saves time from joining a line to withdraw cash.
- Provides a record of the transaction (recorded on your bank statement).
Disadvantages of using Point-of-Sale:
- Takes a little more time to complete the transaction than when paying by cash.
- If the POS terminal malfunctions and you do not have cash on hand, you will not be able to make the purchase.