6 Things You May Not Know About POS Business
If you look around your environment carefully, you will discover that the POS business will soon take over people’s work in the commercial bank. Why? It’s because many people will prefer doing money transaction with POS centres. It makes it easy for people to either withdraw, deposit or, transfer money into their accounts with a little charge without necessarily going to the bank.
However, many people have it in mind to establish a POS business or have one, but they lack the knowledge about the business, every business requires deep research before investing in it. Some POS Business holders are losing money but they don’t know due to a lack of knowledge about the business they are doing.
POS means Point of Sales, it’s a mobile device used in Supermarkets to pay for the goods you buy, but it has been turned into a business in Nigeria. The POS business is also known as agent banking began in 2013 after the Central Bank of Nigeria released its guideline on the operations and management of the business. The business is very simple to start and it doesn’t require a lot of capital that is why we have many POS Centers in every street in Nigeria.
In this article, I will tell you six things you may not know about the POS business
As a POS business holder, Your Bank or POS provider sees you as a Merchant and you will get a User ID on the company’s Merchant database.
The POS machine you are provided from the bank or FinTech Company is referred to as Terminal. There is a unique ID for each Terminal provided for each Marchant. A Merchant can’t get two POS terminals with the Same ID numbers.
3. Where to get Your Terminal ID
Your Terminal ID is writing on your POS machine or in the receipt printed from the POS machine. That is your Identity in the bank anything you have a complaint to lodge.
4. How to get printing paper for your POS
Some POS Business holders don’t know it’s the responsibility of your POS provider to give you printing paper. As a Merchant with a unique ID, You are not expected to use your money to buy POS paper. Visit your provider always to get POS paper.
5. Bank Charges on the POS
Bank charges are very important in POS business because it determines your daily profits, we have some POS providers that charge 0.5% on any transaction you perform on the POS, and some Charge 0.7% on any transaction. Please, get a POS with small Bank charges to increase your daily profits.
The majority of POS business holders have never heard the word “Chargeback” before. A chargeback is the payment amount that is returned to a debit or credit card after a customer disputes the transaction or simply returns the purchased item. As a POS business holder, you need to keep your receipt for 1 year because the bank can call you anytime to provide a receipt for a particular transaction.
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