It takes only few seconds for a transaction. The response time of a TPS is important because a business cannot afford to have their customers waiting for long periods of time before making a transaction.TPS system are designed to process transactions virtually instantly.
The following are the important features of Transaction Processing System: Important features of transaction processing system Laudon define transaction processing system (TPS) as” transaction processing systems are computerized systems that perform and record the daily routine transactions necessary to conduct the business”. And it also includes cash registers, recording cash withdrawals, purchase order recording, purchases etc. Transaction processing often includes the activities like calculation, storage and retrieval, classification, summarization and sorting. And it also processes day to day transactions of an organization to carry on its business operations. A transaction processing system collect, stores, modifies and retrieves the transactions of an organization.TPS is an information system that processes data arising from the occurrence of business transaction. But today, with the development of information technology, data processing is done electronically. Previously transaction processing was done manually. It is the earliest type of information system. Transaction processing system is a important type of Management information system.
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