Point of Sale (POS) Glossary
A purchase order is a request from a merchant sent to a supplier. Vendors may be wholesalers, factories, or other resellers. Purchase orders may contain many variables that include terms, items, quantities, shipping information, purchase order number, and costs.
Once accepted, a PO may be considered a legally binding contract in some states. However, POs may include contingencies for either party to cancel. After a purchase order has been delivered, the supplier will often issue an invoice and reference the original purchase order number.
An advanced point of sale system can automate purchase orders, making it much easier for the merchant. Some POS systems also handle check-in of merchandise as it is received from a vendor, which helps cases items from a shipment are missing due to error or non-availability.
Customers love promotions! Buyers are often pulled in by one deal and wind up buying regularly priced merchandise in addition to, or sometimes instead of your discounted items.
An eCommerce website is open 24/7 and accessible from all over the world. Being online and having physical store opens your business to a global market.