A point of sale deposit is an advance payment made by customers at a point of sale terminal towards expenses anticipated in the near future or as a security deposit.
For example, the deposit amount paid may be for children’s school lunches or a partial deposit for a custom order. The mode of payment could be check or credit card.
Modern POS software includes advanced features to accept deposits and group them separately, deducting the deposit from the total bill when the order delivery is complete.
There is provision to refund the deposits (or any goods returned) in the software used at the point of sale terminal.
In the retail industry, the point of sale is where the customer makes a payment to the merchant in exchange for the goods or service provided by the merchant.
Modern retailers use computerized POS systems which include software and hardware designed to meet business requirements and customer needs.
The advanced features of POS systems include sales, returns, transfers, inventory management, financial statements, warehousing, order processing etc.