What is tender or payment type?

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.