Glossary Of Wholesale Terms

PACKING TERMS

Lot

A lot does not refer to a specific quantity of items, but simply consists of a group of assorted merchandise, usually organized by type, brand or style. Lots are shipped in carton shipping boxes.

Master Case

Lot consisting of brand new merchandise, still in its original packaging, usually acquired directly from the brand. Master cases can also be referred to as overstock.

Pallet / Skid

A portable wooden (and sometimes plastic) platform on which shipping boxes can be stacked and shipped. ​Standard pallets are 40″ x 48″ and typically moved using forklifts or pallet jacks.

Container / Truckload

Several pallets of merchandise transported in a sea shipping container or full truck. About 9-10 pallets fit into a 20ft container. While a 40ft container or truckload fits approximately 20-21 pallets.

INDUSTRY & MERCHANDISE TERMS

Shelf Pulls / Closeouts

New merchandise that was displayed for sale in a store, but was never sold.

Customer Returns

Merchandise that at one point was sold to a customer at a store, but was then returned to the store for various different reasons.

Refurbished

Merchandise that may have minor cosmetic blemishes, but have been tested and restored to their original working condition.

Retail Value

The value of merchandise based on the original retail price of the goods when offered at stores.

SHIPPING TERMS

LCL

An ocean shipment of less than a full container of pallets – Less than Container Load.

LTL

Less than Load – A shipping term used to describe a shipment of less than a Full Truckload of pallets. 

BOL

Shipping paperwork required by shipping companies with information including origin and destination of the shipment, as well as the description of the merchandise being shipped. 

Liftgate

A moving platform at the rear of a truck that is used to lower merchandise pallets to the ground/curb. A liftgate is required when a loading dock or forklift is not available at delivery.

PAYMENT AND SELLING TERMS

Reseller's Permit

A state issued permit that allows a company to purchase merchandise without having to pay sales tax at the time of purchase.

Credit Card Fees

Fees credit card companies charge vendors for collecting money via credit card.

Wire / Bank Transfer

An electronic method of payment used by banks, used to transfer funds from one bank account to another bank account.

Take All Offer

A wholesale merchandise offer for the total amount of merchandise available. These offers are available at the lowest prices, but usually cannot be broken down into smaller quantities.

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