Point of Sale (POS) Glossary
A receipt in a retail environment is usually a record of a sale. Receipts may also be issued as proof of a return, notably when money is credited back to a customer’s card payment. Receipts can also be generated as proof of being on a waiting list to buy a product, for layaway installment payments, and for other reasons for documentation between a store and consumer that may not be a sale.
Receipts are usually issued by a point of sale register, at an eCommerce store, emailed, or included with a shipped product.
A business may choose to deny issuing a refund without a valid receipt. Depending on their policies and procedures, they may give credit, exchange only, or other limited options. However, some POS systems may track sales linked to a customer, and then the business is less dependent on a printed receipt to process returns.
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.