Offline payments are the processing of payment transactions without the use of the internet. These types of payment options are most popular amongst retail outlets and traditional stores, enabling individuals to pay for goods and services at POS terminals with cheque or cash payments.
Why Offer Offline Payment Solutions
Offline payment solutions allow retailers to accept payment transactions for goods and services through a more traditional method in contrast to online payment solutions. Offline payments include the following methods:
- Bank wire transfers
- Postal payments
- Cash payments
- Cheque payments
To accept the above mentioned payments, retailers are required to install and integrate POS terminals – which also allow the processing of online payments such as credit and debit card payments.
A company which accepts offline payments is able to monitor its income and clear payments in a timely manner. Offline solutions are considered to be a faster and more efficient method of payment as most of the transactions are between bank accounts or are direct payments made over the counter. There are a number of advantages of offering offline payment solutions to your clients, these are outlined below:
- Direct payments – offline payments are transacted directly from an individual’s account, for example: cheque payments
- Instant – payments made through cash are immediate therefore there is no lag time
- Not online – these payments do not require internet therefore they are not reliant on technology
Furthermore, many retailers trust the method of offline payment solutions more than online due to its traditionalist appeal however, with the growth of technology, online solutions offer a gateway to a much larger scope of customers. With the right preparation and setup, an online payment solution can prove to be just as secure as that of an offline solution.
To learn about our services and how we can assist you with your business needs, view our Payment Solutions service area.