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Everything is done under one platform. And it’s all thanks to embedded finance and embedded fintech. Embedded finance isn’t entirely a new concept. Airline credit cards, payment plans for costly items, and car rental insurance are forms of embedded finance that have been around for a while.
Business owners are increasingly showing an overwhelming preference for SaaS platforms with embeddedpayment capabilities as part of their offerings. trillion by 2030. Not to mention the benefit of extra revenues from paymentprocessing fees collected on each transaction.
Around since the 2000s, mPOS systems have come a long way from their origin as a glitchy solution used primarily by micro-businesses to processpayments. Today, they’re known for their robust services, enhanced security, user-friendly interfaces, and the integration of advanced data analytics.
The desire for frictionless payments skyrocketed contactless transactions to 8.1 Customers now prefer to skip the slow, fraud-prone process of swiping or inserting magnetic stripe cards. The system generates a one-time encrypted code for each transaction, preventing fraudsters from stealing payment data. Read/write technology.
Customers in this age of instant gratification always expect a smooth and seamless online payments experience. As a business owner, you must have a clear understanding of how online paymentsprocessing works to be able to create a hassle-free checkout process that will keep buyers coming back to your eCommerce store.
Modern POS devices come with advanced features like mobile POS abilities, contactless payment options, inventory management, and more. A wide range of businesses can use POS systems, including those in retail, hospitality, or consumer services. As such, merchants are increasingly using POS software to run their businesses.
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