What is a POS and what does it do?
The POS terminal (Point Of Sale/Service) is a device, allowing merchants to accept electronic payments with debit and/or credit cards. The POS terminal transfers the money from the account of the cardholder to the merchant’s bank account. It is installed on the premises in the client’s servicing zone or near the checkout. Electricity and phone line are required (the phone line is busy only during the transaction). Alternatively, our Bank offers mobile POS terminals utilizing GSM/GPRS connectivity.
The advantages for the merchant, when using a POS, are as follows:
The POS terminal provides an additional service for the merchant’s customers, which supports the sales increase. Statistics shows that card payments conduce the client to spend more money.
The most popular card brands are processed: BORICA, VISA, VISA Electron, V PAY, MasterCard, and Maestro.
The POS saves the time for counting money. The money is transfered directly to the account and there is no need for counting, specialized transport or cashiers commissions.
The payment is guaranteed as the bank becomes a part of the payment process.
Better reporting and accounting due to merchants statements in the bank (or e-banking).