Which payment system should you choose in a physical and online store

Starting a commercial activity is associated with many decisions, including the form of payment available to customers in your store. Therefore, you should choose a payment system depending on whether it will be traditional or online sales. You will learn payroll system about this payment system on the market and what to consider when choosing it.

Payment methods in a traditional store

A traditional store is the most common type of trading company. The purchase of goods in the store is based on the money box, which can be expressed in the shape of money (banknotes and change) or can be in electronic form. Thanks to special payroll system , you can easily carry out electronic transactions in stores using a payment card, credit card, or even a telephone.

payroll system

Types of terminals and payment methods

The main element of the payment system in an ordinary store is the payment terminal (POS). Payment terminals are small electronic devices that are primarily used for cashless payments.

  • POS payment terminal allows payment of:
  • Card with a magnetic strip, chip or proximity
  • Smartphone, watch or keying with proximity function
  • BLIK code, which is generated on the Smartphone.

To make a payment, you need connectivity, usually online. Information about the payment is transferred to the bank that issued the card through the authorization center. If the customer has sufficient funds in the account, then his account is debited with the amount of the transaction, and a message appears on the terminal confirming it. On the other hand, if the transaction fails for various reasons, e.g., no connection to the bank or no funds on the client’s account, the transaction will be notified about the rejection of the transaction.

As for the type of terminals, the basic type is stationary terminals, which are connected to a telephone line, either landline or mobile (GPRS), and portable terminals that operate via mobile internet. Other elements, such as a monochrome or color screen, or keyboard or touch operation, are not very important. They also do not affect the quality of use of the device. The matching of the appropriate terminal model depends mainly on the type of activity.

Payment service providers

Choosing a payment system in the store is not just about purchasing a card payment device. It is also the choice of service provider and payment system operator.

Who can be a payment service provider is indicated by the Payment Services Act. It defines a closed list of entities that can be providers of such services and the scope of their activities

According to the Act, payment service providers may be:

  • Domestic bank, foreign bank branch, credit institution
  • Electronic money institution
  • Branch of an entity providing postal payment services

Payment institution