Glossary Terms for the Point of Sale Industry
Cash Register
A cash register is a unit that holds money and also computes transactions. Today people are using POS ordering terminals and cash drawers as a POS cash register for the restaurant, hospitality, or retail business.
Customer
A customer is a person, group of people, or organization that buys goods and services from your company, whether it’s a restaurant, hospitality, or retail business.
Expenses
Expenses are the costs of operating your business.
Handheld POS
A handheld POS, also known as wireless POS, are portable handheld devices that offer the same functionality of a normal point of sale system. It’s used to streamline table service and wait staff can place orders and process credit cards right at the table.
Invoice
An invoice is a document that states the amount of money owed by one party to another.
Margin (gross profit)
The margin is the difference between the price of an item that you pay for and how much you sell it for.
On Hand
On hand is a term that refers to the amount of inventory that you currently have.
On Order
On order is a term that refers to the merchandise that has been ordered but has not yet been received by your business.
Opening a Drawer
“Opening a drawer” is a phrase used to refer to the process of recording the initial amount of money in a drawer before processing tickets.
Order
An order is a request from a customer to buy a product.
point of sale
Also known as the point-of-purchase. The point of sale (POS) is the physical location where the transaction occurs and goods or services are sold to customers.
point of sale System
A POS system is a system that electronically manages your retail sales or restaurant or hospitality sales, computes the amount of hours worked by employees, and makes managing and running your business a lot easier.
Processing Fees
Processing fees are fees that are applied to your company with processing credit card transactions.
Profit Percentage
The profit percentage is the difference between the price of an item that you pay for and how much you sell it for, expressed as a percentage.
Refund
A refund is money or in-store/in-house credit given to a customer for returning previously purchased merchandise or to make a customer’s experience of restaurant or hospitality venue when there has been employee error, for example.
Sale
A sale is a transaction between a customer and whomever the customer is buying the product from where a specific amount is paid for the product.
Target Market
The target market is a defined group of consumers that the retailer, restaurant, or hospitality venue tries to sell most of its products or services to.
Transaction
A transaction is record of sale that involves the exchange of goods and/or services.
Turn Rate
The turn rate is a measure of how fast your inventory is selling.
Vendor
A vendor is a person or business from which retailers, restaurants, or hospitality venues purchase merchandise for resale. |
