Alternative Virtual POS Solutions
Although online commercial transactions are growing rapidly and reaching large volumes, banks continue to resist this trend. This approach, which hinders the culture of entrepreneurship and the country’s development economy, has been ongoing for years. And it doesn’t seem likely to end anytime soon. Fortunately, alternative virtual POS solutions are quite advanced.
The availability and wide scope of virtual POS solutions offered by financial companies acting as intermediaries provide entrepreneurs with significant convenience and benefits. The strong vision and technical expertise of these technology-driven companies enable them to offer advanced solutions to meet virtual POS needs.
- Fraud prevention solutions against credit card fraud
- Ability to use different credit cards in a single transaction
- Single payment and installment options
- Ability to make purchases with a debit card
- One-click payment
- The ease of processing refunds or partial refunds
- Save money by using multiple POS systems for a single fee
- The user dashboard helps businesses streamline their financial tracking
In addition to these main advantages, every company has its own unique advantages and solutions. I’ve listed the leading companies below; you can find more detailed information about their solutions on their websites.
Financial companies that provide these services charge an annual fee and a per-transaction commission. The annual fee and transaction commissions may vary depending on your current turnover or the projected transaction volume.
Major Alternative Virtual POS Solutions
Paynet is one of the oldest payment solutions in Turkey. Originally available only to Arena Bilgisayar’s dealers, Paynet is now open for use by all businesses. Thanks to its history, it is currently the POS system with the largest transaction volume in Turkey.
Founded in Turkey in 2012 specifically to address the need for virtual POS solutions, iyzico has used the investments it has received to develop its technologies and now offers a variety of solutions. In addition to its POS system, it provides POS solutions for online marketplaces through iyzibazaar and for international sales through iyziglobal.
PayU, a subsidiary of Naspers, has been operating in Turkey since 2011. As a global company, PayU enables payments in 25 different currencies. Through its app, StartupU, it offers an affordable package tailored to new startups.
Paytr, which began operations in 2009, develops payment methods tailored to specific needs in addition to virtual POS solutions.
Founded in 2012 by the founders of Gittigidiyor, iPara was acquired by Multinet in 2013. In addition to POS solutions, iPara also provides digital wallet services to individual users.
These companies, which operate under a license issued by the Banking Regulation and Supervision Agency (BDDK)—the government agency responsible for overseeing banks and financial institutions—are subject to government oversight.
Since they are forward-thinking companies with a global outlook, their employees are equally forward-thinking. They don’t hesitate to go the extra mile to provide a solution tailored to your needs, so feel free to be open and assertive about your questions or concerns. You won’t encounter the kind of off-putting situations you might find at banks.
Although they all have POS systems in common, you should do your research thoroughly before signing a contract to find the solution and terms that best suit your business.
Since the fees or commissions they charge per transaction are ongoing, making a wise choice or negotiating a good deal here will consistently benefit your profits. I recommend that you pay close attention to this.
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