Point of Sale (POS) Glossary
A return is when a customer brings or sends an item back to a merchant. Depending on store policies and negotiation with the buyer, a retailer may offer a refund, store credit, or exchange for another item. Store policies are often posted near the register, on the point of sale receipts, and on an eCommerce website.
Depending on store policies and the reasons for the return, merchants may charge a restocking fee. This restocking fee may offset the cost of returning the item to a salable state or the reduced value of an open box item. Defective items are usually not subject to restocking fees. However, instances of buyer’s remorse, incorrect size, and other stated reasons might incur a 15%-20% fee, which can be programmed into a POS system to facilitate the return.
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.