A point-of-sale (POS) system is a computerized system that handles the sales transactions at a store. It includes the hardware and software needed to run the system, as well as the devices used by employees to process sales transactions. The POS system includes a cash register, which is the primary device used to process sales…
DetailsMerchant services for small businesses are a type of banking service that allows business owners to accept payments from customers via debit and credit cards. Merchant services usually include a payment processing gateway, which is a secure online portal that allows businesses to authorize, approve, and process card payments. Why are merchant services important for…
DetailsLitecoin is a digital asset and a payment system invented by Charles Lee. It uses the same encryption techniques as Bitcoin. Litecoin is peer-to-peer and open source. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Litecoins are created as a reward for a process known…
DetailsHigh risk merchant services are a type of payment processing service that is designed for businesses that have a higher than average risk of chargebacks. This can be due to the nature of the business, the products or services offered, or the customer base. Some high-risk businesses include: • Adult entertainment • Debt collection •…
DetailsA mobile point-of-sale system, or mPOS, is a mobile device, typically a tablet or smartphone, that merchants use to accept payments from customers. mPOS systems can be used to accept payments in person, such as at a retail store, or remotely, such as on a website. There are a number of factors to consider when…
DetailsMobile payment processing is the ability to make payments with a mobile device, such as a smartphone or tablet. This can be done with a dedicated app, through a website, or even by using text messages. In order for this to work, you need to have a credit or debit card that is linked to…
DetailsA merchant identification number (MID) is a unique number assigned to a merchant by a card-issuing bank or network. The MID is used to identify the merchant to the card-issuing bank and the card-processing network. The MID also may be used by the merchant to track sales activity and payments. For example, a MID may…
DetailsCash flow banking is a term used to describe the process of managing a company’s liquidity by optimizing its available cash and short-term investments. The goal of cash flow banking is to ensure that the company always has enough cash on hand to cover its day-to-day expenses, while also maximizing the return on its short-term…
DetailsA merchant cash advance (MCA) is a type of business loan that gives companies quick access to funds in exchange for a percentage of their future credit card sales. MCAs are an alternative to traditional bank loans, which can take weeks or months to obtain and often require collateral. With an MCA, businesses can get…
DetailsSmall business merchant services are a way for small businesses to process payments. This can be done in a variety of ways, but the most common is through a credit or debit card. The business will need to sign up for a merchant account, which is then linked to the bank account. When a customer…
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