Lipa Payments • May 23, 2023
Payments Glossary
Navigating the payments industry can be challenging due to all of the acronyms and technical jargon used.
To assist in your payments journey, we have compiled a list of these terms and their meanings, all in one convenient location for better understanding.
Download Payments Glossary
With the festive season fast approaching, retailers are gearing up for one of the busiest times of the year. Transaction volumes and customer activity are at their peak, and retailers must ensure their operations are efficient and scalable to meet this demand. This is where SoftPOS (Software Point of Sale) steps in, transforming Android devices (OS11 and above, with NFC capabilities) into payment terminals that help retailers go beyond traditional POS systems. While often associated with lowering hardware costs for small merchants, SoftPOS has many missed oppurtunities, particularly valuable during high-traffic periods like the festive season and beyond.
At Lipa Payments, you may know us as a provider of payment software solutions for banks and fintech, empowering small merchants to accept digital payments using Near Field Communication (NFC) and Bluetooth Low Energy (BLE) technology. Our platform has already significantly reduced the need for dedicated card payment terminal hardware.
In the dynamic world of on-demand services, efficiency and cost-effectiveness are key factors that can make or break a business. The arrival of SoftPOS (Software Point of Sale) is a game-changer for solutions such as ridesharing apps, food delivery services, grocery delivery platforms and merchant on the go services. SoftPOS addresses various challenges faced in the Pay-on-Delivery and Pay-on-Arrival scenarios, making it a beneficial alternative to traditional payment acceptance methods.