Lingo To Know When Looking For A POS System
Apr 26, 2017
There are several abbreviations used in marketing, but none are as important as the point of sale, or POS for short. For retailers, POS refers to the moment a customer completes a transaction. By comb
credit card reader and barcode scanner, this process has become faster and more sophisticated than ever before. Today, a point of sale system can be customized to a retailer’s specific needs with integrated tools and features.
Before you decide on a POS for your business, here’s a few pointers on words you need to know:Merchant Account A merchant account allows a business to accept debit and credit card payments with the assistance of a third-party processor. The processor is sometimes called an acceptor.
Without a merchant account, most businesses wouldn’t be able to grow, and online businesses wouldn’t exist. These essential accounts make it possible to process and manage different types of payments; but this service doesn’t come without a price. The company providing the service determines fees and rates.PCI DSS Compliance PCI DSS stands for Payment Card Industry Data Security Standard. This abbreviation sets the standard for payment security.
When a payment solution is PCI compliant, it means that there are built-in features to ensure data is properly encrypted and secured. Whether you’re buying payment terminals, or a merchant theme for an e-commerce site, always look for this abbreviation to ensure your business is operating within standard security regulations.Wireless vs. Mobile