POS terminal: how does it work and what are its benefits?

Payment methods and methods have undergone major changes over the centuries, but never so much as in the last 50 years.

Over the last few decades, physical cash has been replaced by cashless means of payment (debit and credit cards, for example), which has meant that businesses have had to equip themselves with new solutions in order to receive these new types of payment.

The ultimate example of this reconfiguration of the way people pay and receive payment are POS (point-of-sale) terminals, instruments that have revolutionised not only payments, but also brought a series of benefits to businesses and customers.

POS terminal: meaning

The POS terminal or automatic payment terminal is the instrument through which a customer pays for their purchases, for example in a shop, restaurant or hotel, by inserting a credit or debit card and its PIN into the terminal itself.

Simply and quickly, the shopkeeper processes the sale and enters the value of the product or service into the terminal. The customer then inserts their card, enters their PIN and clicks OK to finalise the payment transaction.

This was, until recently, the only form and function of a automatic payment terminalbut with the advent of contactless and the NFC technology (Near Field Communication) all this has changed considerably.

With more and more cards, smartphones and wearables (wristbands, smartwatches, etc.) with contactless technology POS terminals have had to accommodate this new form of payment which, as well as not involving physical cash, also implies that there is no physical interaction between customer and retailer.

Even simpler and faster than previous terminals, these new contactless POS terminals allow customers to pay for their purchases by bringing their contactless payment device (card, smartphone, etc.) closer to the terminal, which also has a contactless payment device. contactless technology The operation is completed in just a few seconds without the need to enter a PIN.

An example of this type of terminal is the TPA REDUNIQ Easy, o TPA Android REDUNIQ Smart and the most recent REDUNIQ Soft.

Benefits of a POS terminal for your business

Different POS terminals necessarily bring different benefits to different retail businesses.

In light of what we've said above, let's take a specific look at what benefits each of these three REDUNIQ POS terminals can bring to your business, in addition to the well-known advantages such as greater efficiency in receiving payments, greater security, simplicity and fluidity in transactions:

REDUNIQ Easy

Designed as a POS terminal for businesses that process few payments and are looking for a POS with no membership costs, commissions, loyalty period or minimum revenue, with the REDUNQ Easy the monthly fee is adjusted to the business turnover. And to offer more and more benefits, this solution has gained additional features in recent months, such as the possibility of accepting contactless payments and MB WAY, allowing retailers to take advantage of yet another way to increase sales and, consequently, their turnover.

Advantages of REDUNIQ Easy

• There are no membership fees, commissions, loyalty periods or minimum income;
• Simplification of payments;
• Monthly fee adjusted to your business (you don't pay what you haven't invoiced);
• No fees (up to €7,500 in monthly invoicing you won't be charged any fees);
• Ideal for seasonal businesses (the monthly fee follows the turnover of the business);
• Allows payment in the customer's currency of origin (DCC - Currency Conversion);
• Free access to the REDUNIQ Client Area where you can consult transactions, financial documents and other information about your business.
• Communications, consumables and terminal maintenance, as well as access to the 24-hour customer helpline.

REDUNIQ Smart

The REDUNIQ Smart marks a real revolution in existing POS software.

As part of a new consumer paradigm that favours mobility, this TPA Android REDUNIQ Smart has made it possible for a business, be it a hotel, restaurant or shoe shop, not only to accept contactless payments with card, chip, MB WAY, Google Pay and Apple Pay, but also facilitates the management of the entire business structure from the moment, for example, of a reservation in a hotel or restaurant, to the moment when the accounts for the month or year are drawn up through the incorporation of a series of management apps that make businesses fully mobile and digital.

Advantages of REDUNIQ Smart

• Possibility of accepting payments from customers all over the world, by card or smartphone, with Contactless, chip, MB Way, Apple Pay or Google Pay;
• Registering orders, invoicing or preparing quotes and orders on the terminal even without an Internet connection;
• Access to apps with management software, easily integrated into the terminal, including the Tax Free app and the DCC service;
• A more mobile and digital business, since the entire purchasing process, from stock management to payment, is carried out on the same terminal;
• Possibility of online, real-time management of back-office, purchasing and supplier systems, enabling you to monitor and manage your business more efficiently.

REDUNIQ Soft

To talk about REDUNIQ Smart would be to talk about the most state-of-the-art equipment we can find in Portugal, but REDUNIQ didn't stop there and recently presented what will be the future of face-to-face payments: the REDUNIQ Soft.

This is a Android NFC payment solutionwhich allows your business to accept payments quickly and easily via an app on your smartphone.

Quickly and easily, after installing the application REDUNIQ Soft on your smartphone or tablet, transforming it into a real Android "virtual POS terminal" system, your business is immediately ready to start operating. receive payments via NFCQR Code payments or Contactless.

Advantages of REDUNIQ Soft

• Your business can now accept mobile payments via NFC, QR Code, mobile phone number or Contactless securely, without the need for a POS;
• You can accept payments anywhere, wherever your business is located;
• Simplified accessibility from your smartphone or tablet;
• Gains in sustainability, as you now enjoy a more digital service, without the need to print tickets;
• There is no monthly TPA fee.

To these terminals, you can also add the DCC- Currency Conversion which, among other things, allows your business to accept payments in the customer's home currency and receive additional revenue.

As we've seen, the evolution of POS terminals has been tremendous. From the simplest terminals to the portable POS terminal, they all bring vast benefits to your business, whatever it is and wherever you are.