Retail Services

Key terms and concepts

Term	Definition
Cash float	The amount of money in a cash drawer at the commencement of trading to enable change to be given to customers.
Cash handling procedures	The procedures for receiving, changing, securely storing and issuing cash.
Cash register	Equipment used to record transactions and temporarily securely store cash.
Cash drawer	A receptacle for the temporary storage of cash. It can be part of a register system or a stand alone unit.
Cheque	A negotiable instrument instructing a bank to pay a specific amount of money to the named payee.
Credit card	A plastic card with a magnetic strip which has been issued by a bank or business to allow the holder to purchase goods and pay for them at a later date.
Customer account	Money which is owed to a business by a customer for goods and services bought on credit.
Denominations of change	The breakdown of money into separate units.
EFTPOS	Electronic Funds Transfer at Point-Of-Sale.
Gift voucher	A voucher issued by a retail outlet which can be exchanged for goods or services, usually to the value specified on the voucher.
Lay-by	A payment method which allows customers to pay off goods over a period of time. The retailer holds the goods until they are paid for in full.
Point-of-sale terminal	A computerised terminal at the point of sale used for recording transactions.
Scanner	Also called a barcode reader or Point-of-Sale scanner. It is either a hand held or stationary input device used to capture or read the information contained in a barcode.