How do I get a POS machine? Which POS machine is good to buy? What are the types of POS machines?
Are you in search of answers to the above questions? Then, you might want to sit down and read through this article.
What is a POS Machine?
A POS Machine is a shortened form of Point of Sale Machine and it’s a portable device that enables individuals or business organizations to accept bank card payment for transactions.
Since invention, the machine has been combating the issue of reliability from internet service provider, theft, and also staff’s trust. Apart from that, the machine provides other benefits which include the payment of the exact agreed money.
This is important as you’ll not be bothered about hunting for change anymore. But, the greatest part of the benefits is the instant payment notification that the machine will provide for your customers para venture you get one.
However, there are some considerations that must be taken note of before you finally enter the market to get one. In fact, you can’t even get a handful of POS machines in Nigeria.
They are mostly issued by the banks. Without a bank’s authorization, the machine won’t be much useful. Nevertheless, the little ones that can be found on the market are provided in this article coupled with their prices.
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Types of POS Machines
Currently, there is a wide spectrum of POS machines with many types of ancillary hardware and software integration to serve various merchants’ needs. However, the major three types have been discussed here. They include:
- Countertop POS Machine
These machines are usually stationary and connected through a dial-up connection or Local Area Network (LAN) line. In fact, they are the most economical and easiest way to process credit cards. However, different applications can be downloaded into the machine in order to improve the efficacy of the machine.
- Retail POS Machine
This is a larger and more robust computerized machine with specialized software that typically connects through a gateway. If your choice of use of the machine is in higher traffic stores such as restaurants, entertainment, and museums where inventory tracking management software is needed, then you might what to consider this type. Also, applications can be downloaded on the machine to improve the functionality of the machine. Below are some of the abilities of the Retail POS Machine:
- Accounting Management
- Inventory Management
- Employee Management
- Data and Analysis
- Customer management
- Order Management
- Mobile POS Machine
A mobile POS machine is a hardware that can be attached to a merchant’s mobile phone in a situation where the merchant is in a non-stationary position such as a food truck vendor or a door-to-door salesman. In addition, this type of POS can be used for merchants who have mobile checkout experiences throughout their stationery store such as in-aisle checkout. In Mobile POS machine, the hardware is coupled with an application that is downloaded on the device in order to provide the user and administrative interface of the device.
Cost of POS Machine in Nigeria
1. Veeda Smart POS Machine
Features and Specifications
- Intel Professional POS Industrial Motherboard
- Intel Atom D525 Dual Core, 1.8Gz Central Processing Unit
- HDD: 32GB SSD MSATA which can also be expanded
- Direct Rambus (DDR3) 2GB RAM Memory which can be expanded to 4GB
- A 5 Wire Resistive Touchscreen of 15.6 inches. It’s also waterproof
- Weight of 3kg
|Starting from ₦218,000|
2. Touchscreen Retail/ Restaurant POS Machine
Features and Specifications
- Intel Fanless CPU
- 320GB Storage and 2GB Memory
- Works with Windows 7 or 10
- Simple sales receipt view interface
- Track Customer info and purchase history
- Generate and print barcode
- Easy integration with POS Peripherals
- Single Resistive Touch Screen
- Weight of 0.5kg
|Starting from ₦163,000|
These are some of the few ones available on the Nigerian market, particularly Jumia. Let’s have a look at how to buy POS machines from Nigerian banks.
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How to Buy POS Machines from Banks in Nigeria
The fact is, you hardly find POS machines in Nigerian stores (both physical and electronic stores). Most POS Machines you find in use today by various merchants were issued by the banks.
Often when you need a POS Machine in Nigeria, you’ll be directed to get an offline or online form. However, this is not a standard procedure. The procedures for obtaining a POS Machine in Nigeria is dependent on your bank. Below are the procedures for some selected banks in Nigeria:
- Zenith Bank
If you wish to obtain a POS Machine from Zenith Bank, you must have held the current account for a minimum of six months prior to your application. Info required of you to be filled in the application form include the following…
- Business Owner Account Number
- Business Email Account
- Phone Numbers and
- Other minor details
An important point to take note of is the duration of processing, which is usually 72 hours. You’ll be required to email the filled form to email@example.com. After that, you’ll then be required to sign a POS agreement document with the bank. Your POS machine will be ready for collection upon signing.
For GTBank, they only allow current account owners to apply for POS machine. Also, like Zenith Bank, you must have held the account for at least six months. Finally, the filled form will be emailed to firstname.lastname@example.org or submitted to the officer in charge. Of course, you’ll have to sign a POS agreement form.
- SKYE Bank
Skye bank is somehow lenient in the sense that they allow both current and savings account holders to apply for the machine. In fact, you only need to fill an agreement form and then wait for 14 days after which you’ll get your machine.
- First Bank
To obtain your POS Machine from FirstBank, you need to have an account with them. Visit the retail department of any FirstBank branch and request and complete the POS request form. Usually, your POS Machines will be made available within a week for free collection.
There is a paucity of POS machines on the Nigerian market. But you can purchase it from the bank or other sellers. Have the following in mind if you intend to use a POS machine for your business.
- Merchants don’t purchase the POS terminal. However, there has to be a certain minimum activity to continue enjoying the service
- For a successful transaction, there is a charge of 0.75% which is usually deducted from completed transaction before being credited to your account
That’s all for now. Hope you find this article helpful?