POS stands for Point-of-Sale; it’s where you take money from the customer in exchange for goods or services. The main function of your point of sale system is to automate the sales process and keep a detailed history of all transactions.
Card accepted in HBL POS terminal are:
A Merchant is a legally registered multinational or a retail company that agrees to abide by the agreement signed with a bank or any other card acquiring company to accept and process cards payment from their establishment by offering their goods and services to the card holders.
POS basically means ‘Point of Sale’ and refers to the area where customers can pay for their purchases.
The process where the merchant account is settled or credited from the proceeds received from the acceptance of cards is known as a merchant payment.
A point of sale terminal (POS terminal) is an electronic device used to process card payments. A POS terminal generally does the following:
The POS terminal needs at least a telephone line or an internet connection to function or SIM card required to operate wireless POS Terminal.
Any company needs to fulfill the following mentioned points to become an eligible merchant:
-The company should be legally registered and should have good background related with its sales potentiality and market presence which should be able to at least attract a potential number of cardholders.
-The Company should not be blacklisted or should not have any criminal or fraud history.
-The company must agree and accept to all the terms and conditions / policies mentioned by the acquiring bank. (The bank which acquires and processes card payments).
-The company must have a bank account / an account with the acquiring bank would be more recommended. So that the proceedings of the sales can be transferred to the account.
The Procedures to acquire POS Terminal are as follows:
-(some of the basic required documents)
Company registered certificate.
VAT or PAN Certificate.
Foreign Exchange Permit Certificate (For Companies who do FCY transactions especially Travel Agencies)
Shareholder List or Certificate
Application / Request letter for acquisition of POS terminal.
Other Documents as needed.
4.The Company should have at least a telephone line / Internet Connection to set up the POS terminal in their establishment.
5. The Company should have eligible staffs without any fraud or criminal history to operate the POS terminal and should be educated enough to understand the instructions required to operate a Pos Terminal.
6.The Company should take all the responsibility of the POS terminal and its transaction and should take the full custody of the POS machine and protect it from any damage or threats.
POS Terminal has really taken over the traditional way of making payments and acquiring highly potential card members. Some of its tantalizing benefits of owning POS are as follows:
Besides the above mentioned basic advantages there are many other factors that help a merchant to grow his business and market share.
The frequency for card transaction through the use of the POS Terminal is set by the Issuing bank or the financial institution which issues the card.
The Limit of any card which can be used per day depends upon the limit assigned to the particular card by the issuing bank. So it may be different on each card as defined by the issuing bank.