Cashless Payments

Cashless payments are digital methods for exchanging financial transactions between two parties. Using cashless payments provide an alternative to using traditional paper or coin currency. Cashless payments use a payment gateway to transfer funds using debit cards, credit cards, or ACH electronically by means of mobile phone, website, kiosks, or other digital device.

Related Terms

  • Contact-Free Payment

    Contact-free payments are transactions processed in a manner that removes the physical interaction between the purchaser and the merchant.  A contract-free payment can be accomplished through a...

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  • Payment Gateway

    A payment gateway is an application service provider that authorizes credit card, debit card and electronic check payments for businesses. A payment gateway facilitates the transfer of...

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