Point of Sale (POS) Glossary
Depending on company procedures, at the end of each shift or day, a point of sale register’s till must be closed out. The drawer is balanced by totaling the cash, checks and electronic receipts plus the POS drawer’s starting total. POS systems may help automate this process.
Each POS register is usually assigned to one employee, so any shortage or overage can be attributed to that person. Management needs to resolve any discrepancies and may act against the employee if the register does not balance.
In today’s increasingly cashless society, some point of sale terminals, such as tablets, may mostly, if not exclusively take electronic payments. In this case balancing only requires reconciling transactions with electronic payments and no physical money counting is necessary.
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.