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.
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.