A lot of small business owners find the use of POS terminal as a payment option preferable to cash. This option eliminates the problem of not having the exact change for customers during transactions, and it also minimises employee theft. The fact that the businesses do not pay for the deployment and maintenance of the terminals either is also a big plus. From the lack of reliability from service providers to the lack of trustworthy staff, this method seems to be the ideal solution.
A POS terminal provides you with the option of accepting the exact agreed amount there an then without having to hunt for change, as well as providing your customers with an instant payment notification. A POS (Point Of Sale) terminal is a portable device that allows businesses accept bank card payments for transactions. Most POS terminals are issued by banks. If you are requesting a POS terminal from your bank, you will be directed to your account officer to obtain a form. However, some of these forms can equally be printed online.
Here Are a few things you should know if you are looking to get a POS for your business:
Merchants do not purchase the POS terminal. However, there has to be a certain minimum activity to continue enjoying the service which includes routine free maintenance.
The terminals are serviced only through the banks.
There is a charge of 1.25% on successful transactions which is deducted from completed transactions before being credited to your account.
Business owners also only need to fill the application form and the agreement, and then wait 14 days for a response.
What you need:
1. An Account – Before any bank deploy a POS terminal to your business outlet, you need to maintain an account with them.
2. POS Document and Agreement – You need to collect POS document from your account officer or the nearest branch of the bank.
3. POS Charges – POS terminals and support are free but you pay a fee per transaction. (Typically, 1.25% with a cap or NGN2,000)