We've put together a list of buzzwords and colloquial terms that every small business owner should know.
The A-Z of payment terms
Bluetooth pairing is a way to connect devices. It's a bit like calling someone – you need to meet and get their number. Once two devices are connected, like the Yoco Go and your smartphone, they can exchange information.
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 cash advance is a sum of money that helps you achieve your business goals. Whether that's a store renovation, a big stock order or another form of investment, the injection of cash can help you grow your business.
Starting a business? To make things official, you'll need to register it with the CIPC. The Companies and Intellectual Property Commission manages trademarks, patents and copyright in SA.
Who needs printed slips these days? You can keep your business green by sending your customers digital receipts via text or email instead. Everyone wins!
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!
Payment links make it easy to accept card payments online without a website. You create and share your link. Your customer clicks the link, enters their bank details and pays you. Simple!
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.
Process payments online
Looking to sell on a website? Once your customer chooses a product and wants to buy, you'll need to be able to process payments online. And to do that, you'll need an online payment gateway.
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!
Virtual card payments
Virtual card payments is another way of saying online card payments. If a business can accept virtual card payments, they can get paid from anywhere.
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!