What is a POS and what does it do?
The POS terminal (Point Of Sale/Service) is a device, that allows the 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).
The advantages for the merchant when using a POS are:
The POS terminal provides an additional service for the merchant’s customers which helps increase sales. Statistics shows that when paying with a card, the client is ready to spend more money.
The most popular card brands are processed: BORICA, VISA, VISA Electron, MasterCard, Maestro, and JCB.
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 thanks to merchants statements in the bank (or e-banking).