1. 2.11: Process the Sales Transaction

2. Sales transactions include:
Cash or sales check
Simplest transaction
Cash = Anonymity
Writing a check, should verify ID
Sales Check
Written record of transaction
Date, items, price, tax, TOTAL

3. Sales transactions include:
Debit card sales
Personal Identification Number (PIN)
Linked & withdrawn from bank account
Perfect if don’t carry cash or checkbook

4. Sales transactions include:
Credit card sales
Customers spend more when they can “charge it”
Buy now, pay later
Businesses pay a transaction fee
1.79%-3.25%

5. How much does the retailer owe?
Debit sales
For example: Ce’Mour’s Hair Studio is charged a nominal fee regardless of the amount purchased
Credit sales
For example: Paynet Systems’ charges are based on a sliding scale

6. Sales transactions include:
Layaway sales
With an initial deposit, item is removed from stock and held customer pays it off
On approval sale
Reserved for regular customers
Customer takes product home for further consideration
Credit info. obtained by business

7. Sales transactions include:
Cash-on-delivery (COD)
Customer pays when item delivered to home
Not as efficient, chance of fraud
PayPal
Accepted payments online
Prevents ID theft
Sent to anyone with an address
Must leave website to go through PayPal
Difficult to handle returns

8. How much do I owe? Multiply unit price times the quantity purchased.
Add the totals together to determine the subtotal.
Calculate sales tax.
Calculate shipping charges if applicable.
Add the subtotal, tax and shipping charges.
Item Qty. Price Extension
Socks 2 $2.99 $5.98
T-shirt 1 $7.99 $7.99
Subtotal: $ 13.97
Tax (7.5%) $1.05
Shipping $2.00
TOTAL $17.02

9. Read shipping/delivery tables to determine the amount of shipping/delivery charges.
How much would it cost to ship a 2.5 lb. package from NC to Canada via UPS Standard?
How much would it cost to ship a 3.75 lb. from NC to NY via air?

10. What is a special order?
The request of an item not normally in stock or carried at a store

11. How does accepting special orders affect retailers?
Continue to meet customers’ needs and establish their loyalty
Time consuming to find the item, place, track, and deliver order
May lose money on an item if a price is quoted to a customer before the total cost (price, shipping, tax) is made aware to you---the retailer.

12. What is the nature of telephone orders in selling?
Instant communication
Customers calling on impulse
Have sudden need and want need filled
People buy where they feel comfortable
Give them that feeling when they call
Smile
Must talk to the person as you do to someone in person
Must be in control—ask the questions
Must be polite and courteous—not pushy and aggressive
Must have information to share with the potential customer

13. Procedures for processing telephone orders
Intro – obtain names and titles
Find need
Recommend product/Upselling
Overcoming objections
Closing & Process Sale by
Check availability of product in stock
Customer name/customer number
Contact info/. (phone / address)
Catalog number, if they have one
Items they wish to purchase
Sales tax/shipping charges/total
Payment method
Arrival time (when they should expect the items)
Thank for business