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.
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.
You’ve probably been at the register at the grocery store and asked if you wanted to contribute money to a charity as you checked out. Maybe you donated, or perhaps you found it was annoying. It might have depended on your mood that day, or possibly the charity was a deciding factor.