When it comes to the ever-expanding world of POS systems, keeping up with the jargon can seem daunting.
However, to keep up with the changes in POS technology, it’s a good idea to learn some of the latest terminology.
1. mPOS (mobile POS)
mPOS refers to using any mobile device in the same way that you would use a traditional, stationary POS system.
Any of these electronic devices can be transformed into a mPOS by downloading an app created by companies like Square or PayPal. An mPOS system can be a cost-effective way for small business owners to handle their retail transactions.
2. PCI (Payment Card Industry)
PCI refers to the collection of security standards that have been put into effect by the Payment Card Industry to protect customers during their use of various POS systems.
These policies directly apply to any company or organization that accepts payments through the use of credit and/or debit cards.
3. NFC (Near Field Communication)
NFC works by placing two objects within close range of each other in order to use them.
Utilizing radio communication, this recently developed technology has been a game-changer in the retail world.
Mobile payment systems like the following make use of NFC technology:
- Apple Pay
- Samsung Pay
- Android Pay
4. mCommerce (Mobile Commerce)
Also known as e-commerce, this term covers any transaction that is handled online through electronic devices like:
When customers are using their mobile devices to purchase from online markets like Amazon and Ebay, they are taking full advantage of mCommerce retail.
5. IoT (Internet of Things)
IoT is an acronym that refers to the “Internet of Things.” This term refers to the collection of everyday objects and devices that have the ability to send and receive information to one another.
Such machine-to-machine (M2M) communication will allow virtually any electronic device, from a refrigerator to a cell phone to a security camera, to communicate with other devices. In turn, these devices will be connected to the internet, enabling revolutions in POS and other business software systems.