When can I expect my point-of-sale machine to arrive? Do you have any recommendations for an excellent point-of-sale terminal? Please describe the many kinds of POS terminals.
Are you trying to find explanations for the issues mentioned above? Therefore, you should probably take some time to read the following.
The POS machine: what is it?
The acronym “POS” stands for “Point of Sale Machine,” a portable device that allows people or businesses to take credit card payments.
Since its inception, the machine has been able to overcome issues with internet service provider dependability, theft, and employee confidence. The machine also has additional advantages, such as the ability to pay the precise amount of money that was agreed upon.
This is significant since it means you may end the time-consuming process. Paradoxically, the most significant advantage is the fast payment notification the machine will give your clients should you decide to invest in one.
There are, however, a few things to keep in mind before diving into the market to purchase one. Even a few POS are unavailable in Nigeria.
Banks are the most common source of these POS machines and are approved by a bank. However, this post presents the list of small POS machines available on the market and their pricing.
Types of POS machones
In case you don’t know, there are different POS machines that you might not be aware of, but I will list and explain how each of them works.
1. Mobile POS machine
If you’re a food truck seller or a door-to-door salesman who has to accept payments on the go, you can benefit from using a mobile point-of-sale system, which is hardware linked to a merchant’s mobile phone.
This POS system is also helpful for stationery shops that offer services like in-aisle checkout, which allows customers to pay for their purchases without leaving the aisle. A mobile point-of-sale system’s user and admin interface is provided by an application downloaded to the device.
2. Retail POS machine
It’s a more powerful and sophisticated computer system, running specialist software and usually linked via a gateway. Consider this model if you want to put the machine to use in a high-volume establishment that requires software for tracking and managing inventory (such as a restaurant, theater, or museum).
Additionally, the machine’s usefulness may be enhanced by downloading programs. Among the many features offered by the retail POS machine are the following:
- Data and Analysis
- Customer management
- Inventory Management
- Employee Management
- Accounting Management
- Order Management
3. Stationary POS machine
Dial-up and LAN connections are typical for these devices, which are often located in one place. They are the simplest and most cost-effective method of accepting credit cards. However, the machine’s performance may be enhanced by downloading additional apps.
How to Buy POS Machines from Banks in Nigeria
POS is rare in Nigerian shops (both physical and electronic stores). These days, most point-of-sale terminals used by shops and restaurants were first supplied by financial institutions.
It is common practice in Nigeria to lead those needing a POS Machine to either a paper or digital application. To be clear, this is not the norm. Getting a point-of-sale machine in Nigeria would follow your bank’s specific guidelines. Some of the methods used by banks in Nigeria are outlined below.
GTBank
To apply for a GTBank POS machine, you must be a current account holder. You must have had the account for at least six months, just like with Zenith Bank. The completed form will then be sent to sme@gtbank.com or handed to the appropriate officer. A Point-of-Sale (POS) Agreement Form will need to be signed.
First Bank
First Bank requires that you open an account with them before they would release your POS Machine. Come into any FirstBank location, ask for the POS request form, and fill it out. If you need to retrieve your POS Equipment, we can often get it to you in a week or less for free.
Zenith Bank
You must have a Zenith Bank current account for six months before applying for a POS Machine. Some of the information you’ll need to fill out the application form includes:
- Business Email Account
- Business Owner Account Number
- Phone Numbers and
- Other minor details
Remember that the typical processing time is 72 hours. To complete the process, please fill out this form and send it to possupportunit@zenithbank.com. Afterward, the bank will have you sign a POS agreement. When you’re done signing, you may pick up your POS system.
SKYE Bank
Skye Bank appears to be more forgiving than other banks because they accept applications from those with both checking and savings accounts. It only takes 14 days from the time you fill out the agreement form to the time you receive your equipment.
Conclusion
In Nigeria, point-of-sale terminals are few. However, the bank and other vendors will sell you what you need. Keep the following in mind if you’re thinking about getting a point-of-sale machine for your company.
A point-of-sale terminal is not something that shops have to buy. However, a specific level of usage is required to maintain access to the service.
A fee of 0.75 percent is typically withheld from a successful transaction before the remainder is deposited into your account.
