Payments refer to the transfer of funds from a buyer to a seller in exchange for goods or services. In a retail context, payments can be made using various methods such as cash, credit/debit cards, mobile wallets, and online payment platforms.


Types of Payments:

Cash Payments:
Transactions completed using physical currency.

Example: Paying for groceries with banknotes and coins.

Credit/Debit Card Payments:
Transactions made using credit or debit cards processed through POS terminals.

Example: Swiping a credit card to pay for clothing at a retail store.

Mobile Wallet Payments:
Transactions conducted using digital wallets on smartphones.

Example: Using Apple Pay or Google Wallet to make a purchase.

Online Payments:
Transactions completed over the internet using payment gateways.

Example: Paying for an online purchase using PayPal.


Benefits of Payments:

Provides multiple payment options to suit customer preferences.

Example: Allowing customers to choose between cash, card, or mobile wallet payments.

Enhances transaction security through encrypted payment methods.

Example: Using EMV chip cards to prevent card fraud.

Speeds up transaction processing, reducing checkout times.

Example: Contactless payments enabling faster transactions.

Customer Satisfaction:
Improves customer experience by offering preferred payment methods.

Example: Accepting various payment forms to cater to different customer needs.

Related Glossary

Related Resource

Get In Touch With Us

SkillNet Solutions, Makers of Modern Commerce, provides digital transformation consulting and technology services to companies that are looking to modernize their omnichannel touchpoints to better engage and transact with their customers.

By submitting this form I give my consent to SkillNet – and it’s partner(s) – to use my personal information to send me communications regarding their services, events, trainings, reports and products. For more details, please read our Privacy Policy.