A machine used for recording cash and credit receipts from sales. It typically includes a paper tape to provide a receipt to customers and print each transaction. Sales are reconciled daily with actual cash and credit receipts, with entries logged into the appropriate journal.
Cashback refers to the option given to customers to receive cash back while making a purchase with a debit or credit card at a point-of-sale terminal.
Data capture refers to the process of inserting information into a computerized system. It enables efficient storage, retrieval, and utilization of data, often in real-time, to facilitate optimized business operations.
EFTPOS is an abbreviation for Electronic Funds Transfer at Point of Sale, referring to a payment system that allows customers to make payments using electronic methods directly at the place of purchase.
Electronic Funds Transfer (EFT) involves the transfer of money from one bank account to another through electronic means, leveraging computers and communication links. It encompasses various seamless financial services, including home banking and point-of-sale systems.
EFTPOS is the automatic debiting of a purchase price from a customer's bank or credit-card account through a computer link between the checkout till and the bank or credit-card company, often involving chip-and-PIN systems for secure transactions.
Marketing costs are the expenses incurred by an organization in carrying out its marketing activities, including sales promotion costs, salespersons' salaries, advertising, and point-of-sale promotional materials, such as display stands.
Over-the-counter (OTC) retailing refers to store-based retailing operations where merchandise is sold directly to consumers over a counter at stated prices.
A Point of Sale (POS) is the location where a purchase transaction occurs between a consumer and a business, finalizing the sale of goods or services.
The place where a retail transaction is completed, forming a critical component of the sales and inventory management process in retail operations.
A point-of-sale (POS) system is a combination of hardware and software that allows retail businesses to conduct and manage sales transactions effectively, often replacing traditional cash registers.
