Looking for information about POS and how it works??
The world of technology is really picking up and slowly we are moving into a cashless economy as directed by CBN.
What is a POS Machine ?
POS machine the acronym for point of sale machine is a system that allows a buyer to make a cashless payment with his debit card. This device is only accepts payment to the account registered in it, making it very different from an ATM machine.
How a POS machine Works
This machine can be used by everyone to make payment, it very easy Like using an ATM machine also.
The owner of Machine is advised to charge the machine full to avoid stories.
- Once the calculation for the total goods purchased is made
- The buyer will hand his debit card to the seller
- The seller slots in the ATM machine and type the amount purchased
- The buyer the checks the amount and makes sure its the same, before secretly entering his pin.
- Once the transaction is successful, the sellers account will be credited while the buyer receives a debit alert.
- Two transaction receipts will be printed out, one for the buyer and the other for the seller.
Is this process safe and secure??
The transactions are been handled by Interswitch so its 100% safe.
All debit card that have been activated for online transaction can run the payment method smoothly.
Personal experience and rating
I have made several payments with POS machines and all went smoothly. So I rate this method 99% easy and stress free.
Over to you, what’s your experience and rating?
Drop them in the comment box below.