We've put together a list of buzzwords and colloquial terms that every small business owner should know.
The A-Z of payment terms
Card payment machine
Card machine. Card reader. Swipe machine. Speed point. They all mean the same thing – a device that allows you to accept card payments. And Yoco has the best card machines for small business owners!
Card payments allow your customer to use a card linked to their bank account to pay you. This means you're not limited to cash-only transactions and you can make bigger sales more often.
A colloquial term for an app that lets you manage your money on your phone, including payments, debit orders and more. Small business owners can download and use the powerful Yoco App to get paid and grow.
Online payment platforms
Online payment platforms allow you to make or receive payments on the internet – either through apps like WhatsApp, on social media or through a website.
A payment gateway is a tool that allows you to get paid through a website. Yoco Gateway is a good example. Sign up for free and get paid online with Yoco Gateway!
The way your customer pays you. Cash and card are the two most common examples, with new methods like QR becoming more popular. The more payment methods your business accepts, the more sales you can make!
Payment portals are online spaces that you log into to view your account information. Payment portals for business owners would show your sales history, cash flow details and more. Yoco Portal is free for all Yoco merchants to use and is packed with information to help you run your business better.
Point of sale systems (POS)
A point of sale is a system that facilitates and records transactions between a customer and a business. Point of sale software like the powerful Yoco POS can track your sales history, products categories and more, helping you keep track of all the moving parts in your business.
When someone says POS machine, they're usually referring to a card machine. Before the rise of new technology, 'point of sale' often meant a physical checkout or countertop at a retail store. So a POS machine is the device that facilitates payment at the checkout – a card machine.
Shopstar is a South African software company that allows business owners to build an online store easily. They have low rates, simple design templates and great support. Anyone that has built their website on Shopstar can get paid on it using Yoco Gateway, and access all the benefits of being a Yoco merchant!
Wix is an international software company that allows its customers to create beautiful websites with simple drag and drop tools. If your website is built on Wix, you can become a Yoco merchant for free and accept online payments through Yoco Gateway!
WooCommerce is an ecommerce plugin, or payment gateway, designed for WordPress customers. If your website is built on WordPress, WooCommerce makes it possible to accept card payments. However, if you prefer a local option, you can also accept payments on your WordPress website through Yoco Gateway!
WordPress is a free, open-source content management system that allows you to easily build a website for your business. WordPress websites are compatible with Yoco Gateway.
Everyone makes mistakes once in a while. When someone says Yocco, they usually mean Yoco. And if you're reading this, you know who we are!