POS (Point of Sale) services allow businesses to accept a variety of electronic payments, such as debit and credit cards, from their customers. A typical POS service from a bank includes:
- POS Terminal: A device for swiping, inserting, or tapping cards.
- Payment Gateway: The service that securely processes the transaction.
- Settlement: The process by which the funds are transferred from the customer's bank account to the business's bank account.
- Customer Support: Help with technical issues or transaction inquiries.
If you are a business owner looking for a POS service, you should inquire about the following from any bank:
- Transaction Fees: The cost per transaction.
- Monthly or Annual Fees: Any recurring charges for the service.
- Terminal Cost: Whether the terminal is rented, leased, or purchased.
- Settlement Time: How long it takes for the funds to be deposited into your account.
- Card Types Accepted: Which credit and debit cards the terminal can process (e.g., Visa, Mastercard, RuPay).
