All You Need To Know About POS Machine In Nigeria etc PRICES OF POS MACHINE:In our previous article, we discussed on how to start up a POS business in Nigeria, i guess you learnt a lot by now.
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In this article precisely we are going to discuss in full details, on everything in general about the POS machine in Nigeria, before we continue, i believe everyone reading this post, truly understand what POS Terminal means in our society in a brief description
What is POS machine?
POS machine is simply an electronic tool applied at retail places to conduct card payments which involves the reading of clients credit, and debit cards before transferring funds or withdrawing, for a particular purpose.
In this modern world,day by day the level of technology is being advanced, back in those days when POS are only meant for card payments, it has currently upgraded, to using payments like mobile wallets, and also includes the following forms of payment, which are
1.Cash and cheque.
2.Debit, credit and prepaid cards with a magnetic strip.
3.Debit, credit and prepaid cards with an embedded chip.
4.Contactless payments through mobile wallets, unified payments interface UPI or a quick response code (QR code)
Haven fully known what the POS Terminal means, what stricks your mind, is
How Does POS Terminal Works? And what are the different types of POS machine
There are currently three ways in which a POS terminal can accept card payments transactions which includes:
1.Swipe:cards with magnetic stripe are swiped to initiate the transaction
2.Insert:cards with microchip are inserted into the POS machine and it remains there throughout the transaction process.
3.Tap Europay MasterCard and Visa (EMV) chip cards can also use nears field communication (NFC) for contactless payments by tapping on the POS terminal.
MOREOVER, When a debit card or credit card is initiated in a POS terminal:
The machine connects to the acquirer bank that provides the banking and card services to the merchant., and then asks for authentication by the customer.
If using the Visa or Mastercard on the terminal, the card issuing bank is contacted for approval., once successfully submitted ,
The card issuing bank performs a few quick checks to ensure that the transaction is valid and issues an approval response.
That means your transaction is successful and a receipt is generated.
Haven, understand what the POS machine means, and how it’s operates?
Types of POS machine
The POS Terminal, are of different sizes, shape, and provides business of all kinds,which accepts different types of payment includes the following which are highly recommended for beginners.
1.mPOS This kinds of POS Terminal, hasn’t freedom of mobility, there was a need for sleek and handy POS devices that are wireless and can be carried anywhere. and
Also provides a fairly low cost of ownership and is a good option for mainly small and medium-sized retail businesses that want to maintain a decent customer experience but focus anywhere payment acceptance including at the counter, customer’s doorstep or a kiosk.,
it’s highly recommended for merchants involved in collection or delivery business.
2.ePOS (Virtual POS)
Payment service providers are trying to find innovative low-cost solutions for brick and mortar retail merchants to allow payment acceptance without the overhead of device costs. In this direction, POS devices are further evolving to an ePOS (electronic POS).
3.Peripheral Services Around POS
To further expand the capabilities of the POS system, additional peripheral solutions are provided as services by payment providers. These can transform a simple POS terminal into a complete payment solution. These are meant to enhance business efficiency and act as great tools beyond just payment acceptance. These include:
1.Multiple payment methods
GPRS POS terminal:is one of the oldest versions of a POS. Originally, it used to be a wired device worked by connecting with a standard telephone line. These days it uses GPRS SIM cards for data connectivity.
Haven understands, all these aspects,
about the POS machine, next is
POS PRICES IN NIGERIA 2022
The cost of a POS system is around $40–60 However, the exact POS price depends on your chosen type of POS hardware, software, and level of customization. For example, while some POS software can only run on the devices of their brand, open source POS systems can run on most popular devices in the market. In addition, costs vary based on the credit card processing, especially for small retailers. As you can see, many factors can influence the cost of a POS system, so there is no single answer that works for all.
If you Need any POS machine, at cheap and affordable prices? you can message our vendors, for help. Always Available