Process the sale to complete the exchange.

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Presentation transcript:

Process the sale to complete the exchange. Marketing Indicator 2.11 Process the sale to complete the exchange.

Types of charges and discounts associated with purchases. Credit card fee (percent of sales based on a sliding scale) Travel & entertainment cards is slightly higher than bank cards 1.79% (MC/Visa) - 3.25% (Am Ex) Debit card fee (flat fee no matter how much purchase is) Purchase Discount – set amount of money business saves on specific order if the payment made within certain period of time. Ex: A purchaser brought a $100 item, with a purchase discount term 3/10, net 30. If he pays within 10 days, he will only need to pay $97. If not, amount needs to be fully paid within 30 days. Bulk discounts – purchasing a large quantity & getting a discount on the price

How do charges and discounts affect the price of purchases? Can increase the cost of items, overall, to cover credit card charges and frequent discounts Retailers want to make money, so they pass the charges/loss of revenue because of discount down to the customer

Tax Table Sales Tax and Example OHIO SALES TAX EXERCISE WORKSHEET + TAX TABLE

Shipping/Delivery Table Shipping Charges and Example WORKSHEET + CHART

Alteration Charges How to read & calculate from a chart WORKSHEET

How does technology speed up calculations of charges and discounts? Don’t have to figure “in your head” or by hand calculations of charges and/or discounts Cash register/POS (point of sale) terminal/Register does it for you, so you don’t have to make change Ex: $6.65 sale. You are given a $10 bill. How will you make change? Lessens the time taken to double check figures.

What is the impact of incorrectly calculating charges/discounts? Drawer/register doesn’t balance Costs the retailer money May cost the retailer a customer Ex: Overcharging the customer Ex: Customer loses confidence in store, as the transaction wasn’t correct Takes time to redo the sale/void out the previous transaction Books/accounting don’t reconcile

Manually calculate miscellaneous charges/discounts Manually calculate discounts Calculate flat-rate charges & discounts WORKSHEETS