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.
As a savvy small or medium-sized business owner, you know that you can’t outsell the giant mega-store. You build your customer base because you provide excellent service, an enjoyable shopping experience, and a fantastic value.