Payment or trade terminal, POS terminal

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Payment or trade terminal, POS terminal

A payment (merchant) terminal is an electronic device used in retail stores, restaurants, and other points of sale to process customer payments using bank cards (both credit and debit). These terminals provide communication between the merchant and the acquiring company or acquiring bank to authorize and process payments.

Operating principle of the acquiring terminal:

The seller enters information about the payment amount russia email list on the acquiring terminal. This information can be entered manually or read from a barcode if the goods have such codes.
The customer provides their bank card to the merchant. The merchant inserts the card into the terminal to read the data from the magnetic strip of the card or read the information from the microchip if the card is equipped with a chip. There are also contactless payment methods, where the card is brought closer to the terminal to be read via NFC (near field communication).
The card data is sent for authorization. The acquiring company or acquiring bank contacts the bank that issued the customer's card to verify that there are sufficient funds and other factors that may affect authorization. If the payment is approved, the merchant and customer are notified of the successful transaction.
The seller issues the customer a receipt or check confirming the payment. This is important for accounting of purchases and returns.
The transaction is completed and the money is transferred from the customer's bank card to the merchant's account. This process usually occurs at a banking institution or payment processor.
To ensure security and compliance, payment data is typically encrypted and protected during transaction and storage.