6 Benefits That a POS System Gives To Your Business

In general terms, a POS or Point Of Sale machine is a terminal or part of the checkout process that processes credit or debit cards and finalizes the transaction. Sometimes it can be a whole terminal with a cash register, printing uni, display monitor, etc. or sometimes it can be as small as a mobile.

Usually, it works like this:

1. A customer decides to buy your product or service.
2. Your POS system calculates the price of the item, including any GST, and then updates the inventory count to show that the item is sold.
3. Your customer pays.
4. The point-of-sale transaction is finalised.

• Sales Reports. A POS system gives you a good overview of your business and keeps record of its cash flow automatically.
• Adapt the Product Offers.
• Reduce Mistakes.
• Loyalty Programme.
• Employee Management.
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A POS system allows your business to accept payments from customers and keep track of sales. A point-of-sale system used to refer to the cash register at a store. Today, modern POS systems are entirely digital, which means you can check out a customer wherever you are.

There are a few different ways a “free” POS company makes money. As mentioned above, one way is through credit card transaction fees. When you purchase that POS company’s system, they’ll refer you to one of their credit card processing partners. They typically earn money for referring you.

Setting up POS hardware

1. Download the app from App Store or Google Play.
2. Open the app, enter your account credentials, or create an account.
3. Plug in the card reader to the headphone jack or lightning port, or connect via Bluetooth.

How to get POS Machine from bank in Nigeria

1. Open Current Account.
2. Fill POS Agent registration form.
3. Download & activate mobile POS App to start transacting.
4. Complete 25 transactions to get the POS machine.

It is free of charge to get a POS machine in Nigeria. However, you will be expected to make some charges for every transaction you accept with the use of the machine. POS Charges in Nigeria: 0.75% to a maximum cap of N1,200.

As stated earlier, getting a POS machine in Nigeria is absolutely free of charge, provided you get yours from one of the reputable commercial banks in the country.

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