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Payment gateway – The service that encrypts and securely sends payment details from the customer to the payment processor and back to the merchant. It links the merchants eCommerce store or point of sale (POS) system and the financial networks involved. Security is the core of any payment processing system.
Thats why weve compiled this guide to help you understand how POS systems work, the key features to look for, and how to choose and implement the right software for your retail store. TL;DR A point-of-sale (POS) system is a combination of software and hardware used by businesses to facilitate in-store sales.
It encompasses various elements, including the target customer segment, value proposition, distribution channels, revenue streams, key resources, and coststructure. This approach is commonly used by eCommerce platforms, point-of-sale (POS) systems, and other software that facilitates online or in-person payments.
This approach helps simplify merchants’ coststructures and can be advantageous if customers are comfortable with the pricing strategy. However, you can be well-equipped to make an informed decision by focusing on critical components such as security level, compatibility with your Point of Sale (POS) system, and pricing.
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