What is the difference between third party POS and traditional POS?

1. Immediate opening: traditional POS needs to be audited and approved by the bank and pay a deposit before it can start using, while third-party POS can be opened immediately without paying a deposit.

2. Lower fees: traditional POS is more expensive because it involves banks and various other fees, while third-party POS does not have so many intermediate links, so the cost is relatively low.

3. More flexible: traditional POS needs to re-apply to the bank for modification if it wants to change the billing cycle or the return policy, etc., while the third-party POS is more flexible, and the relevant operations can be completed within the system.

4. Diversified Payment Methods: With the advent of the mobile Internet era, people are more and more inclined to use their cell phones to make online and offline payments; traditional POS only supports credit card operations, while the third-party platform covers a variety of modern payment methods.