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Not card-to-card, but via POS terminal: Proper ways to implement cashless payments
Not card-to-card, but via POS terminal: Proper ways to implement cashless payments
One of the main requirements of the modern era is the widespread application of cashless payments. Almost all retail establishments have the necessary technical capabilities to accept such payments. In Azerbaijan, the volume of cashless transactions is also growing rapidly.
According to the "Digital Payments Overview" by the Central Bank of Azerbaijan, in 2024, an average of 163 cashless transactions were carried out per capita in the country. This figure is 70 transactions or 75.3% higher than in 2023. At the same time, the use of plastic cards among the population is also increasing dynamically.
However, some business entities prefer to accept cashless payments not through official POS-terminals, but via card-to-card transfers. Modern technologies, however, allow payments, including contactless payments, to be made without presenting a physical card.
Accepting cashless payments through POS-terminals creates a number of advantages for both entrepreneurs and customers. This method is more advantageous in terms of transparency, security, and accounting, while also accelerating integration into the modern financial system.
Advantages of POS-Terminal Payments for Businesses
POS-terminals enable customers to make payments quickly and conveniently using credit and debit cards. This technology ensures the security of transactions by protecting customer information during the payment process. As a result, both the business and customer financial security are enhanced.
Compared to cash, transactions conducted through POS-terminals are faster. This reduces queues, speeds up service, and ultimately allows more customers to be served.
POS-terminals automatically record sales and payment transactions. This provides business owners with accurate data on sales, simplifies the tracking of revenue, and eases the process of financial accounting.
Furthermore, POS-terminals can integrate with e-commerce, mobile payments, and other digital payment methods. This gives businesses the opportunity to expand online sales and serve a larger customer base.
Thus, POS-terminals offer significant advantages for businesses in terms of automating financial operations, ensuring security, enhancing customer satisfaction, and increasing overall operational efficiency.
According to legal requirements, it is recommended to accept cashless payments specifically through POS-terminals. This helps protect business entities from potential fines and financial sanctions.
Ways to Protect Against Fraud and Cyberattacks
POS-terminals enable customers to make payments quickly and conveniently. Compared to cash, card payments take less time, which allows customers to save time.
This system also ensures the security of payments. Transactions made through POS-terminals encrypt card and personal data, which strengthens protection against fraud and cyberattacks. Additional security measures, such as entering a PIN code or biometric authentication, increase user consent and the reliability of the transaction.
Card payments also eliminate the need to carry physical cash. This offers advantages in terms of both security and convenience for customers. The risk of losing or having cash stolen is minimized.
POS-terminals support various payment methods. Consumers can easily make payments either with physical cards or through mobile payment applications (Apple Pay, Google Pay, etc.). This provides them with more options and convenience.
In addition, POS-terminals facilitate international payments. Transactions made with cards in foreign currencies and with tourists from various countries can be easily carried out through this system, which provides an additional advantage for international trade and tourism.
Some POS-terminals also offer customers the opportunity to take advantage of loyalty programs and discount campaigns. Additionally, under the “VAT Refund” project implemented in Azerbaijan, buyers who make payments via POS-terminals can receive a portion of the value-added tax paid during their shopping.
All these advantages make payments via POS-terminals more attractive and beneficial for consumers.
Impact on the Country’s Image
In a situation where the number of business entities is rapidly increasing, the payment methods offered also have a significant impact on the economic position of our country. Implementing payments in accordance with the law is not only economically beneficial but also contributes to strengthening Azerbaijan’s position in the tourism sector.
Cashless payments made through POS-terminals are a familiar and convenient payment method for both local and foreign tourists. The availability of this system increases financial transparency in the country and provides tourists and foreign businesspeople with the opportunity to conduct reliable and transparent financial transactions.
Azerbaijan has hosted a number of prestigious international events in recent years and welcomed numerous guests from various countries. During such events, the demonstration of modern infrastructure, advanced service sectors, and new technologies plays an important role in shaping the country’s international image. The development of tourism is one of the key directions for ensuring the sustainable growth of our economy.
In this context, the role of business entities is especially important. Given the approaching tourist season, upcoming international events, and the benefits of legal compliance, it is crucial to establish a modern, secure, and transparent environment in the commercial sector.
In this regard, the use of POS-terminals equipped with modern technologies is of particular importance in providing higher service quality to customers and ensuring that business owners conduct operations securely and transparently.
One of the main requirements of the modern era is the widespread application of cashless payments. Almost all retail establishments have the necessary technical capabilities to accept such payments. In Azerbaijan, the volume of cashless transactions is also growing rapidly.
According to the "Digital Payments Overview" by the Central Bank of Azerbaijan, in 2024, an average of 163 cashless transactions were carried out per capita in the country. This figure is 70 transactions or 75.3% higher than in 2023. At the same time, the use of plastic cards among the population is also increasing dynamically.
However, some business entities prefer to accept cashless payments not through official POS-terminals, but via card-to-card transfers. Modern technologies, however, allow payments, including contactless payments, to be made without presenting a physical card.
Accepting cashless payments through POS-terminals creates a number of advantages for both entrepreneurs and customers. This method is more advantageous in terms of transparency, security, and accounting, while also accelerating integration into the modern financial system.
Advantages of POS-Terminal Payments for Businesses
POS-terminals enable customers to make payments quickly and conveniently using credit and debit cards. This technology ensures the security of transactions by protecting customer information during the payment process. As a result, both the business and customer financial security are enhanced.
Compared to cash, transactions conducted through POS-terminals are faster. This reduces queues, speeds up service, and ultimately allows more customers to be served.
POS-terminals automatically record sales and payment transactions. This provides business owners with accurate data on sales, simplifies the tracking of revenue, and eases the process of financial accounting.
Furthermore, POS-terminals can integrate with e-commerce, mobile payments, and other digital payment methods. This gives businesses the opportunity to expand online sales and serve a larger customer base.
Thus, POS-terminals offer significant advantages for businesses in terms of automating financial operations, ensuring security, enhancing customer satisfaction, and increasing overall operational efficiency.
According to legal requirements, it is recommended to accept cashless payments specifically through POS-terminals. This helps protect business entities from potential fines and financial sanctions.
Ways to Protect Against Fraud and Cyberattacks
POS-terminals enable customers to make payments quickly and conveniently. Compared to cash, card payments take less time, which allows customers to save time.
This system also ensures the security of payments. Transactions made through POS-terminals encrypt card and personal data, which strengthens protection against fraud and cyberattacks. Additional security measures, such as entering a PIN code or biometric authentication, increase user consent and the reliability of the transaction.
Card payments also eliminate the need to carry physical cash. This offers advantages in terms of both security and convenience for customers. The risk of losing or having cash stolen is minimized.
POS-terminals support various payment methods. Consumers can easily make payments either with physical cards or through mobile payment applications (Apple Pay, Google Pay, etc.). This provides them with more options and convenience.
In addition, POS-terminals facilitate international payments. Transactions made with cards in foreign currencies and with tourists from various countries can be easily carried out through this system, which provides an additional advantage for international trade and tourism.
Some POS-terminals also offer customers the opportunity to take advantage of loyalty programs and discount campaigns. Additionally, under the “VAT Refund” project implemented in Azerbaijan, buyers who make payments via POS-terminals can receive a portion of the value-added tax paid during their shopping.
All these advantages make payments via POS-terminals more attractive and beneficial for consumers.
Impact on the Country’s Image
In a situation where the number of business entities is rapidly increasing, the payment methods offered also have a significant impact on the economic position of our country. Implementing payments in accordance with the law is not only economically beneficial but also contributes to strengthening Azerbaijan’s position in the tourism sector.
Cashless payments made through POS-terminals are a familiar and convenient payment method for both local and foreign tourists. The availability of this system increases financial transparency in the country and provides tourists and foreign businesspeople with the opportunity to conduct reliable and transparent financial transactions.
Azerbaijan has hosted a number of prestigious international events in recent years and welcomed numerous guests from various countries. During such events, the demonstration of modern infrastructure, advanced service sectors, and new technologies plays an important role in shaping the country’s international image. The development of tourism is one of the key directions for ensuring the sustainable growth of our economy.
In this context, the role of business entities is especially important. Given the approaching tourist season, upcoming international events, and the benefits of legal compliance, it is crucial to establish a modern, secure, and transparent environment in the commercial sector.
In this regard, the use of POS-terminals equipped with modern technologies is of particular importance in providing higher service quality to customers and ensuring that business owners conduct operations securely and transparently.