Point-of-Sale (POS) payments
When optimizing your POS payment solution there is a lot to consider. Given the new capabilities of many (often cloud based) POS solutions and payment terminals, performance can improve, and overall costs can come down.
Cloud POS solutions
Cloud POS (Point of Sale) solutions are POS systems that leverage cloud computing technology to manage transactions, store data, and integrate various business processes over the internet. Unlike traditional POS systems that require on-premise servers and local data storage, cloud POS systems offer numerous advantages in terms of flexibility, accessibility, and scalability.
Adding new locations or terminals is simpler and more cost-effective with cloud POS systems. Businesses can scale up or down based on their needs without significant investment. Many cloud POS solutions offer APIs for custom integrations, allowing businesses to tailor the system to their specific needs.
POS payment terminals
A POS (Point of Sale) payment terminal is a hardware device used to process transactions at the point where a customer makes a purchase. It is a critical component of a POS solution and is typically used in retail, hospitality, and various service industries to facilitate sales and manage payment processes.
POS payment terminals may vary from traditional CTAP which are easily deployable and are used by many providers, to payment terminals with provider proprietary ‘closed loop’ protocols, which are tied to a specific solution and provider. Verifone and Ingenico as most common brands with a wide variety of terminal options.
POS payment terminals also enable Tap-to-pay (contactless payment) technology to allow customers to make payments by tapping their contactless-enabled card, smartphone, or wearable device.
SoftPOS
Traditionally, POS payments were accepted primarily on secure, purpose-built POS payment terminals certified under PCI security standards.
Software Point of Sale (SoftPOS) represents a new approach, allowing card payments to be accepted through software on a device functioning as a Point-of-Sale. This is often a tablet or smartphone. As a contactless “Tap-to-Pay” solution, SoftPOS enables merchants to accept payments on any NFC-enabled Android or iOS device.
Customers can pay straight after they’ve made their choice, without the need to wait in line at the cash register.
mPOS
With mPOS, a secure payment device is typically connected to the merchant’s smartphone or a card reader, often via Bluetooth, to facilitate payment acceptance.
In this setup, the secure payment device handles most of the payment processing, while the smartphone or card reader primarily serves as a communication channel. mPOS is portable and versatile, enabling merchants to accept payments from customers anywhere.
It’s often viewed as an ideal solution for mobile (micro) merchants or small shop owners.
Endless aisle
An “endless aisle” is a retail concept that allows customers to browse and purchase a broader range of products than those physically available in a store. By leveraging digital technology, endless aisles enable retailers to offer an extensive inventory without the limitations of physical shelf space.
Stores install digital kiosks or provide tablets where customers can browse the retailer’s entire catalog, including items not physically in stock at that location.
Customers can search for products, read reviews, check availability, and place orders directly from these devices.
Customers can enter enter their PIN directly on a touchscreen device (pin-on-glass, like a smartphone or tablet) instead of a physical keypad. By using existing mobile devices as PIN entry points, businesses may save on the costs associated with purchasing and maintaining traditional PIN pads and dedicated POS hardware.
Unattended
An unattended payment solution is a type of payment system that allows customers to complete transactions without the need for a cashier or attendant.
These systems are commonly used in environments where automated, self-service transactions are beneficial, such as vending machines, kiosks, parking meters, ticket machines, and fuel pumps.
Unattended payment solutions provide convenience, flexibility and efficiency, enhancing the customer experience by allowing 24/7 service and reducing labor costs for businesses as there is no human interaction.
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