Business transactions range from simple and basic, as in a
point of sale transaction, to highly complex, as in providing contractor services for
construction of a large building. For complex business transactions the steps might
involve such things as letters of understanding, legal documents including contracts,
preliminary plans, finalized plans, permit applications, subcontractor agreements,
financing options, lines of credit with a bank, agreements for architects and project
managers, project schedules and timelines, agreements for construction delay penalties,
insurance coverage, and many, many more.
To answer your
question I will list the steps for a point of sale
transaction.
The old fashioned and simplest point of sale
transaction would be receiving cash for an item and writing a receipt for the
purchaser.
Today, the point of sale transaction could be in
a retail store or online.
Step 1 is the offer of the item.
This could be done by displaying the item in a retail store, or advertising it
online.
Step 2 is the sale itself, which involves receiving
payment, documenting the sale and providing the item to the
customer.
Payment can be by cash, check, electronic funds
transfer (EFT), credit card or debit card.
For checks it is
necessary to ensure that the check is properly filled out, dated and signed. For credit
cards it is important to note that the card has not expired, and that the bank approves
the charge when the card is swiped.
Software is an
important part of the modern point of sale transaction. The seller should design her
software package to record items sold, amount paid, method of payment, date of sale,
and, importantly, demographic information on the buyer that will be useful in
advertising, inventory control and future sales.
In
addition to the sale of a products, point of sale transactions may also offer warranty
extensions and maintenance agreements.
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