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It is no longer news that the world has gone cashless. Long gone are the days where people go around with wads of fat bills in their pockets to make payments needed for their everyday transactions. Technology has now made life and payment of transactions easier and less cumbersome than it used to be.
Nowadays, you’d see hanging in windows and doors of store; “POS is available” or you might have come across signs such as “we accept MasterCard and verve here”. Those stores have and make use of POS terminals to carry out payment transactions.
If you’re wondering what a POS is, I would be breaking it down for you below. A POS is an acronym for “point of sale”. It is also known by the name “point of purchase”. It allows for the payment of purchased items with the use of their master, verve, visa card, debit cards and gift cards.
They come with a variety of card processing card capabilities. Cards are either swiped or inserted into the machine to initiate or begin the transaction. The other options includes;
● Magnetic stripes
This has been briefly explained earlier. This type of reader is a bit old and outdated but is still in use. Purchasers are required to swipe their cards in the machines to initiate payments.
● Chip technology
A chip is usually seen on most cards. These chips are known as EMV technology chips. The cards are then inserted in the machine to initiate the transaction.
This is a new form of payment that allows you to make payment without using any of the above options. It makes use of Near field communication, say for example Google pay which in turn sends a signal to the POS terminal by breaking into the card on the hardware.
Seems pointless at first, but in online transactions customers don’t need to have their cards with them. All that they need is their card information which would be inputted into the system. However, you should note that there is still a need for the POS system here as information obtained is in turn related to the POS system which in turn processes the payment transaction.
Now that you know a little bit about POS terminals, it's time you got to know about some things to consider before getting one.
Things to consider before getting a POS terminal
Buying a cheaper POS might seem like a good idea. No matter how tempting this idea might be I’d like for you to dismiss it as you should note that a cheaper one might not come with basic functions which you might find on a relatively pricier one. So instead of being “penny wise and pound foolish “ it is advisable to get a good and equally affordable that would save from any hassle.
● Contracts and terms
Be on the lookout for rigid contacts which might be unfavorable to your business growth. Rather, opt for a subscription based POS that can be adjustable to suit your needs.
● Cloud vs on-premises
For starters it is advisable to start with the cloud based system. This system allows for the use of a simple device such as a tablet as an actual terminal which in turn leads to additional savings.
Secondly, this option gives you a free trial option. This gives the user a chance to try out their hands on the option before finally deciding.
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