The world of payments is undergoing a major transformation. In the past, you had to make payments using your card and cash, but now you have options.
One of these options is Bank Transfer Payment which offers consumers more flexibility than POS systems. It also allows merchants to get paid faster and better protect their businesses from online fraud.
As a business owner, are you looking for a cheaper and faster payment method for ease of operation? A bank transfer payment is the best alternative to POS. Lenco provides a fluid and convenient banking platform for businesses that is very flexible and affordable, with no hidden charges.
What is POS?
POS stands for Point of Sale. This is a payment system where a customer swipes a credit card through a card reader to pay for a purchase. The customer’s credit card information is stored in the POS terminal and transmitted to the bank for authorization, which then sends an electronic signal back to the store so that they can process your payment transaction.
The main advantage of using POS over mobile banking is speed: you don’t have to wait around while it processes before you can use your account again; instead, everything happens instantly!
This makes it much easier than waiting on hold with customer service agents who may not have any answers at all (or worse: giving them bad advice). With instant approval from banks being so quick nowadays too—you’ll never have time run out before checking your balance again!
While POS seems to be the option that business owners are considering lately, you should know that it comes with its own disadvantages.
Disadvantages of POS
- POS systems are more expensive than the old cash register
- POS system can’t be used for payroll, record-keeping and other normal business operations
- You need a reliable Internet connection and Internet Service Provider to maintain a POS system which means you incur extra costs on the internet. And you will have no access if your Internet connection goes offline.
- Have the risk of getting infected with POS malware.
- There are some security risks as with all forms of payment systems that are accessible by the public.
- Also, there are times when the POS is down and you are unable to receive payment
- An increased transaction failure rate
What is a Bank Transfer Payment?
Bank Transfer Payment is a payment gateway that allows merchants to accept payments via bank transfer. While it can be used as an alternative to POS, it’s more than just another form of currency exchange.
Bank Transfer Payment was created in order to help small businesses save time and money with their daily operations. The service offers a number of benefits over traditional cash registers, including:
- Lower processing fees.
- No need for electronic receipts or sales slips – all transactions are processed automatically at night when there are no customers around so that customers don’t need to wait around while they wait in line inside your store; instead they can use their phones or tablets instead!
Also read: Introducing Category on Lenco
Which one should I use?
The best choice between POS and bank transfer payment is the latter.
In general, it’s cheaper and faster to use a bank transfer payment system than to use a point-of-sale (POS) terminal. In addition, it’s instant and convenient for consumers to make purchases with their cards at any store that accepts credit cards or debit card payments.
Bank Transfer Payment Gateway is Cheaper than POS
It is not just the cost of a physical terminal that makes a POS system expensive, but also the cost of the infrastructure and software required to run it. With a bank transfer payment gateway, you don’t need any hardware or software for your store—you just have to pay for any services offered by them (such as website hosting).
This means that you can save money on maintenance fees and support costs without sacrificing convenience or speed!
It’s Instant with Merchant Account
Bank Transfer Payment is instant with a merchant account. With POS, you will have to wait for the transactions to be approved and processed by your bank. You can also see the status of your transactions on the POS system or website but it’s not as fast as bank transfer payment where you get immediate results.
No extra charges
- No extra charges.
- No hidden fees.
- No extra costs or expenses.
In conclusion, we recommend that you use a bank transfer payment gateway instead of a point-of-sale (POS) system for your business. With the help of this solution, you can save money and time on transaction processing.
You can consider a flexible method of payment—bank transfer. With Lenco, you get to conduct transactions in a fluid and efficient manner. With Lenco, you have access to a fluid system of payment that allows you to make payments or transfer funds at no cost. There are a whole host of transactions that you can perform at little or no cost on Lenco.
Click here to learn more.