What are Payment methods for POS Software

If you use POS Software as a super shop management software, you need to integrate a payment system with it.

Payment methods

The ability to support different types of payment methods is probably the most basic and basic requirement expected of competent point-of-sale software. However, many shopkeepers neglect to check what these payment methods really are and whether their point-of-sale system is suitable for your business and works well in your home country. This article describes various aspects of payment that you need to pay attention to when using a point-of-sale system.

a. cash

This is very easy. The staff will receive the money from the customer and refund it in exchange (if yes). However, to open the cash drawer when an order is created at POS, you need to consider whether the POS is connected to the cash drawer. Otherwise, staff can easily open the cash drawer at any time and it will be difficult to see the amount of cash.

In addition, POS requires you to be able to open a session and set a denomination for one currency. That way, you can accurately count the amount of each denomination when opening and closing sessions.

b. Cards (VISA, MASTER, ARAMEX, etc.)

It’s basically any card you can think of. This must be supported by a device that can proceed with card payments. There are several ways to proceed with payment.

Use a standalone terminal (virtual terminal-can be a hardware terminal that can be easily opened in a browser or swipe / tap the card): This terminal can be paid with a card without POS I can do it. This method typically involves manually entering the amount required to continue and then swiping / inserting / tapping the card to allow payment to continue. A reference number is displayed indicating that the process was successful. You can manually enter this reference number in the POS or check with your payment provider later so that the accountant can work with it.

In this way, you can use any device supported in your country and any POS.

Use integrated terminal: If the POS is integrated with the terminal, you do not need to enter the order amount into the terminal and manually enter the reference number into the POS. If your POS doesn’t support your device, don’t forget to ask your device/payment processor to provide you with an API / SDK to integrate with your POS. Magestore is developing a number of projects that require customers to integrate with their own country-specific devices or with devices supported by the same payment provider and e-commerce. Discover our success stories.

Integrate with a payment gateway using a card reader: In this way, if a customer wants to pay with a card, the payment form will be displayed directly on the website. However, instead of manually entering the card information as the customer does on the website, staff can swipe the card on the device.

c. e-wallet

You can enable some names such as Apple Pay, Google Pay, Wechatpay, etc. There are several ways to handle these payment methods.

Use a payment terminal: You can use a payment terminal that supports these payment methods. Verifone P400 Stripe is an option that supports Apple Pay and Google Pay.

Fixed QR Code Scan: This is a fixed QR code and can be understood as a Merchant Bank account. Whenever a customer pays, scan the QR code and manually enter the amount to pay to send the money. The staff then checks the Wechat checking account to make sure they have received the funds and manually enter their transaction reference number into the POS. This can be called a standalone e-wallet.

Dynamic QR Code Scan: This QR code is created after every transaction, the customer simply scans it, the money is automatically transferred to the merchant’s electronic wallet and the reference number is automatically entered in the POS Will be done. This is called an integrated e-wallet.

d. Bank transfer/check

Basically, you choose to manually transfer money to your bank account and pay by check, so the seller will have to check with your bank later.

e. Company billing account

All companies have credit restrictions, so different employees of that company (B2C) or the company itself (B2B) can choose to pay later within a limited amount. The system needs to create a payment number for each person in the company and calculate the total at the end of the month. In addition, the system can warn or ban employees from using this payment method if the total amount exceeds the limit.

f. Store credit

Customers can purchase credits and use them in one store in the future. For example, you can spend $ 50 to buy a $ 100 credit. this is,