Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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Point Of Sale without payment guarantee
The customer's account number and bank sort code are read from the card's magnetic strip and a debit voucher is generated, which is legitimized by the cardholder's signature. In contrast to POS, no PIN has to be entered here and there is no payment guarantee.
Advantages and disadvantages
The low cost of transactions is the biggest advantage for the merchant. The disadvantage is the slower movement of money and the elimination of the payment guarantee, since there is no verification of the customer to ensure that the account is funded.