Point of Sale (POS) Glossary
Payment type or tender is the method that a customer pays for goods or services. Payment types may be cash, credit, debit cards, Apple Pay, checks, gift cards, and others. Payment via a combination of methods is known as a split tender transaction, which is helpful to customers who may have limitations on using a payment type.
A point of sale system may take multiple tender types depending on a store’s policies and procedures. As payment types continue to evolve and new ones are introduced, merchants must decide which tender methods best suit their businesses and equip their POS systems to accept them. Many consumers have a preferred payment method and may be more likely to use a business that accepts that type of tender.
Customers love promotions! Buyers are often pulled in by one deal and wind up buying regularly priced merchandise in addition to, or sometimes instead of your discounted items.
An eCommerce website is open 24/7 and accessible from all over the world. Being online and having physical store opens your business to a global market.