Since the ancient history exchange of goods has been a part and parcel of human existence. No man is sufficient in his resources to be able to survive completely on his own. This has given rise to exchange of goods between people. Thus the beginning of the barter system. Barter system can be equated to modern day business transactions. However, these transactions became concretized with the introduction of money in human history. This can be assumed to be the beginning of what is known as the retail market.
Business, sales and retail are inter related concepts in a country’s economy. There has to be transactions done between a buyer and seller in order to run the economy of a country smoothly. Retail is the selling of goods, between the buyer and seller in small or large quantities, for consumption purpose rather than resale purpose. Retail is the base of any business. In every country there is sales of goods in a retail market. The place where this retail transaction (buying and selling) happens is called the Point of Sale (POS).
Retail in Singapore:
Singapore is known for being the commercial hub of Asia. It has been ranked as the greatest business center in ASEAN. Retail transactions, rise and fall in shares is an everyday phenomenon in this place. For Singapore’s economy to remain as thriving as it is now, it is imperative that the retail transaction take place smoothly. In order to make this happen the POS in Singapore has to function well and not cause hassles to buyers and sellers.
In the POS in Singapore, sellers or marketers prepare invoices where the amount for the payment is mentioned. The customer or buyer makes the payment and receives a receipt for the same. With technological development in Singapore, such payments are done using technologically advanced systems. The POS systems are used to track the sale at each transaction. This is done to keep a track of the sales and also for tax purposes.
As sales in the retail market is very critical, high security has to be maintained. Often there are instances of employee theft. This leaves a lot of sensitive data vulnerable. Thus security of the POS system is very important. In Singapore where the business is the base of the economy, security of the point of sale is very important and of utmost necessity.