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Glossary: 117 software-led payments terms to know

Payrix

A company releases its API to the public so that software developers can design products that are powered by its service. Integrated software vendor (ISV) A company specializing in developing or selling software that runs on one or more operating systems; ISVs often embed payment technology into point-of-sale systems for merchants.

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Digital Payments: 12 Digital Payment Options to Consider Accepting in Your Business

Stax

mPOS systems work through smartphones, tablets, and other wireless devices to accept payments from anywhere. Wireless devices allow business owners more flexibility. Peer-to-peer digital payments Venmo, PayPal, and even Facebook Messenger are examples of peer-to-peer electronic payment solutions.

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Global Payment Methods for SMEs in 2024: An All-Inclusive Guide

Subscription Flow

Furthermore, as money shifts in physical to digital forms, SMEs must modify their payment processes to stay up to date with industry developments. In nations like Ghana and Kenya, wireless financial wallets like M-Pesa are widely used and enable users to save and send funds digitally using their phones.

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Tap to Pay: What It Is and How It Works

Stax

This short-range wireless communication technology allows data exchange between devices close to each other, typically within a few centimeters. But the benefits made known during that time were more aligned with the original reason for its development. This makes businesses sub-merchants under PayPal’s own merchant account.

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Glossary: 117 software-led payments terms to know

Payrix

A company releases its API to the public so that software developers can design products that are powered by its service. Integrated software vendor (ISV) A company specializing in developing or selling software that runs on one or more operating systems; ISVs often embed payment technology into point-of-sale systems for merchants.