Typical Features for a Payment Terminal

In today’s retail world, the cash-only business is a fast fading fixture of the past. These businesses represent significant security risks to their owners, and owners are also finding that customers aren’t carrying cash on hand like they used to. The world has largely shifted to electronic transactions, and the POS terminal has become a fixture for these businesses that they cannot afford to do without.

The modern POS terminal has features that can accommodate nearly any aspect of a transaction.

Multiple Methods of Entry

Customers who use debit or credit cards don’t always have a card with a working magnetic strip. In these situations, it’s helpful to have a keypad to enter information on the customer’s behalf. In order to accept debit card payments, the customer also has to input his PIN into the keypad.

Different Functions

Most modern businesses have a developed refund or exchange policy, and the POS terminal needs functionality to support those actions. Loyalty programs are also becoming popular, and gift cards never truly fell out of style. POS terminals also make it easier for restaurants to accept tips and gratuities from customers.

Support and Security

All of this functionality requires a solid support system, including the ability to remotely update terminals and patch out vulnerabilities. In addition, businesses also benefit from easier setups because so many of these terminals allow for remote initialization.

Aside from security patches, there is also secured PIN pad authorization, which is crucial for keeping terminals locked down.

Bio: As former CEO of AlertPay Inc., Firoz Patel represents a unique combination of experience and leadership skills. Read an article about Payza here to learn more