One of the most important factors when starting a business is deciding how customers can cancel products and services. The more options offered to them, the greater the probability of making a sale. That is why having several possibilities is the best option, in this way only the consumer’s decision is what will affect the closing or not of the transaction.

For their part, debit card payment through POS have become one of the preferred options for customers, especially when it comes to large sums and whose price they cannot afford with physical cash at that time. However, in order to offer them this alternative, a point of sale terminal or POS (point of sale or POS) that recognizes this type of card is required.


Advantages and disadvantages


Among the main advantages of having a point of sale terminal in a store are:

• The customer definitely feels more comfortable buying with this payment method. As long as they can use their debit card there, many competing businesses that don’t have one are at a disadvantage.

• The business acquires professionalism

• SMEs gain access to system investments that are currently only in the hands of large businesses. In addition, with a POS they can accept electronic payment methods, with which they generate a debit history that benefits them when requesting a loan to expand the business.

• There is greater security in the transaction, both for the client and for the business.

• It is more likely that a customer decides to buy with his debit card to obtain benefits from his bank, participate in a rewards program, and even spend more money in the store, since most prefer to save cash for other things. Statistically speaking, business sales increase by 30%.

• It is much less expensive for the business to pay the commission for accepting credit card payments than the cost of handling cash.


Among the disadvantages of not having a credit card machine are:


• Customers will have limited forms of payment and may take longer to cancel (count cash, give exact change).

• There is more risk of loss due to theft on the premises (they take the cash), it can also be lost or damaged in an accident (with fire, for example).

• If customers do not have cash or debit at the time of purchase and the business does not have a point of sale machine, customers can still withdraw cash with them from ATMs. However, this represents a waste of time and money for them, so they may decline the purchase.

How to have a POS machine for Business in Nigeria



To opt for a point of sale terminal for debits cards, it is necessary to meet certain requirements:

• Have a business . It must be legally established, so your proof of address and operating license must be current.

• Choose a bank and open a merchant account. Any business must establish a merchant account through the bank or financial institution to which it is attached. An application-contract is then made to work with Visa and Mastercard (the most common), but it can also be extended to support other companies such as American Express and the likes. However, this request is made separately. For its part, this checking account will be credited with profits from sales through the POS.

• Have a telephone line . The point of sale terminal will only work if a telephone line is connected to the equipment. It can be the one used in the business or a separate one. However, it is recommended that it be the second option, since if a call comes in while the POS is in use, the connection is interrupted immediately.

• Processing equipment. Once the merchant account is approved, the processing equipment is obtained as a financial lease or lease through the banking institution. This equipment consists of a card reader connected to a modem.

Note: there are options to acquire a point of sale terminal without the cost of granting it, and in which it is not required to maintain an average balance; however, it is necessary to open and maintain an account that has a monthly cost.

Finally, having a point of sale terminal is a responsibility that comes with rules that must be respected in order to continue enjoying the service. Many business owners charge their customers the cost of using the point of sale terminal with a credit card and this is not only illegal, but also breaks the agreement of the financial institution and can be penalized. Another bad practice is to require a minimum purchase amount to be able to use the POS. Any of these actions could end in the loss of the merchant account.