Whether you’re in the process of purchasing a new point of sale system or your line of work requires the use of a POS terminal, understanding the point of sale industry’s terminology will make your life much easier!
At Appetize, we want to make point of sale systems as easy as possible, from the transactions to learning PCI Compliance. In this blog post, we’ve created our own dictionary for point of sale terminology. Once you know these words, you’ll have a better understanding of the point of sale industry and this ever-changing market as a whole. Let’s dive in!
A mobile payment and digital wallet service by Apple Inc. that allows customers to pay with their iPhones. This form of payment is becoming expected amongst iPhone users.
You may have heard this term used at Appetize, as it’s one of our most popular products. The All-In-One integrates cash drawer, credit card reader, barcode scanner, receipt printer, and customer facing display.
The only modern enterprise point of sale platform for enterprise businesses in industries ranging from sports and entertainment arenas, educational campuses, theme parks and attractions to professional services in travel, restaurants, and more.
Activate is Appetize’s POS application that can be accessed exclusively by customers to offer the most modern enterprise point of sale solution.
Connect is a tool for Appetize customers to access analytical data and menu management from anywhere, anytime. Users can access Connect using their smartphones or online devices.
A device which reads the barcode of a specific product with a laser and transfers the information to a receiving system. These can be hand-held, counter-embedded, or even placed upon kiosks.
Software in the final stages of development. In the POS industry, the provider launches new software in beta versions.
The ability to add, delete, and/or edit multiple inventory items. This can be done in our Connect software.
Customer Facing Display, A part of the point of sale terminal that faces outbound for the customer, allowing you to display itemized order information, tipping, and digital signature to your customers.
Refers to applications, services or resources made available to users on demand via the Internet from a cloud computing provider’s servers.
Card Verification Value, on your credit or debit card is a 3 digit number on Visa, Mastercard, and Discover branded credit or debit cards. American Express is a 4 digit numeric code.
Central Processing Unit, A physical computer device that processes and transfers information and instructions as needed by a program. This can reside in either its own standalone box, or can be part of a larger multi-use device, such as an All-In-One interface.
Electronic Benefit Transfer, an electronic system that allows state welfare departments to issue benefits via a magnetically encoded payment card.
Electric Data Transfer, An interactive document management system that simplifies and expedites the process of registering data reports.
The computer-to-computer exchange of business documents in a standard electronic format between business partners.
Europay, Mastercard and Visa. A global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions.
A system that users put in place to communicate, and only the two users on receiving ends can read the message. This protects data and makes processes and files private and secure.
A point of sale terminal that replaces legacy cash registers with a modern, computerized platform.
You might’ve heard this term when Appetize refers to handheld devices, as Hawkers are the venue’s staff or volunteers that move throughout the venue taking orders via handheld devices.
A complete list of items within a venue.
With a modernized point of sale platform, businesses can keep track of inventory in real-time, so no items ever go out of stock.
A point of sale device that allows customers to create their own orders and checkout without the need of an attendant. Incorporating kiosks into businesses ensures lower wait times and increased order sizes.
Near Field Communication, A short-range wireless connectivity standard that let’s devices communicate when they are touched together, with magnetic field field induction.
Payment Card Industry Data Security Standard, applies to companies that accept credit card payments. They must abide by PCI compliant hosting providers to host date securely.
The devices and software where sales are made.
Price Look-Up, Codes that contain numbers so cashiers can look up items and ring up customers quickly.
An enhancement to EMV credit or debit cards that allows customers to insert their cards into a reader, rather than traditionally using the swipe method.
Return On Investment, The ratio between the profit and cost of an investment.
Stock-Keeping Unit, A number or code assigned to a product to identify the price and other various characteristics to distinguish . Allows for quicker transactions.
When customers want to split up their check by order or evenly by total. Appetize software provides a control to split the check, so waiters or servers don’t have to do it manually.
When there are two or more payment methods, like cash, credit card, mobile payment, being used for a single transaction.
The act of processing a transaction at the register.
Paper slips that are printed by the kitchen printer with item preparation information.
The code that distinguishes the transaction with the POS database.
When the latest version of your POS software is loaded. Appetize sends release notes emails to clients once the software has been updated.
Now that you know the jargon, learn more about the products! Contact us today for more information at firstname.lastname@example.org.