No business can stay operational for very long unless it brings in money. As a Small Taxpayer in Cambodia; your food business should make it convenient and easy for customers to spend money with you. Giving your customers choices about how to pay using your Point-of-Sale Software is vital to support the ongoing function of your business, and your ability to turn a profit.
In this article, we will explain what a payment gateway is, how it works, and finally, explain why having a Point-of-Sale system combined with your monthly tax declaration will make it easy for you to run your food or restaurant business. If you are a Small Taxpayer restaurant or food business in Cambodia, this article is for you.
What is a payment gateway?
Put simply, a payment gateway is an eCommerce solution in the form of software that authorizes credit card payments [ABA Pay, Wing, Pi Pay, etc. ] for your business. When a customer is ready to pay your business with their ABA app, or a Wing payment, your payment gateway will handle the transaction, transferring the money from the customers’ credit/debit card or wallet into your business bank account or wallet. All of these interactions are done securely, reducing the possibility of fraud by any party, using point-to-point encryption or tokenization.
How a Payment Gateway Works
A payment gateway focuses on securing the sensitive information given by the user throughout the process. It ensures security by encrypting data like credit/debit cards and bank details that have been provided by the user.
The following are the basic steps showing how a typical payment gateway works.
Step 1: Credit card information is swiped, dipped, or manually entered into your ASEANTAX POS system.
Step 2: The ASEANTAX POS payment gateway encrypts cardholder data and sends it to the payment processor.
Step 3: The payment processor notifies the card-issuing bank [ABA Bank, Acleda, Sathapana, etc.], and the transaction is either approved or rejected.
Step 4: The ASEANTAX POS payment processor communicates the authorization or declines back to the payment gateway.
Step 5: The gateway notifies the transaction originator [your restaurant or food business]. If approved, funds are deducted from the customer’s account and settled into the merchant’s [your] bank account.
How do I know what is best for my customers?
Making it as easy as possible for your customers to pay is essential for increasing sales and customer satisfaction. Offering your customers with an efficient and convenient payment process is critical. If the transaction is too confusing or takes too long, they may give up and go elsewhere.
When deciding on your choice of payment gateway, one of the key considerations you need to make is what will work best for your customers based on the type of product or service that you are providing, in addition, a solution that will save your business time, which in-turn will reduce your costs.
How ASEANTAX POS can help you
We know you are busy running your business. For Cambodian restaurants and food delivery businesses; having a POS system greatly saves you time and speeds up the transaction process. We also know that it can be very time consuming to reconcile Cambodia Tax for Small Taxpayer. That is why we developed the ASEANTAX POS system to combine your sales and monthly tax declaration requirements.
ASEANTAX POS will simplify the transaction process for your staff, which can help them move through lines much more quickly. Plus, with ASEANTAX POS, you can decrease employee theft; make sure that all inventory that goes out the door has been paid for by customers – not by you, unknowingly.
Why ASEANTAX POS is risk-free for you to try
We are offering you a 6-month free subscription (worth $240 USD) to try ASEANTAX POS.
Do It Yourself: ASEANTAX POS was made for the taxpayer, it’s simple to use, it’s a POS system for your food business, and it does your tax too!
Done With You: Our team of tax professionals is available for any tax-related question you may have.
Done For You: Our ASEANTAX POS will automate your food business with a POS system that automatically calculates your monthly and/or yearly tax declaration in real-time, applying any and all exchange rates for all different sales, salary tax, and more!
Combine your POS with your tax. IT’S THAT EASY