Point of sale refers to that particular point where something is sold, it can be a market, a mall or a store. However, sales are only possible when you give something in return for your purchase. Looking from the angle of the salesmen, he offers you a product for which you pay to him. The check out counter where you make payments in order to get your objects is the actual point of sales when we talk in terms of digital payments.

Trying to understand it in terms of digital payments, the machines that a merchant offers you to swipe your card from in the real point of sales.

There are majorly three types of PoS services.

Physical Point of Sale

Requirements for a physical point of sale service

  • Machine with a card reader or biometric reader
  • Merchant bank account
  • Data network connectivity with GPRS or landline

Set up of PoS

  • Documentation with a bank for merchant bank account
  • Deposit the minimum required amount
  • Collect device
  • Set up the machine, configure and train the operator

Service requirements

  • Card of a recognised bank
  • Biometric authentication or PIN entering
  • Assisted mode

There is no limit to transfer funds for a regulator, however, the merchant bank might set up transfer limit for his account.

Mobile Point of Sale

Requirements for a mobile point of sale service

  • Smartphone
  • Mobile app from your respective bank
  • Internal or external biometric reader
  • Bluetooth connection or connection through a jack
  • Internet connection, data or wi-fi
  • QR code or Barcode scanner 

Set up the mobile PoS

  • Merchant bank account
  • Download App
  • Register device or mobile with the merchant’s bank account and bank
  • Instruction to run the mobile PoS through the application

Service requirements

  • Card of a recognised bank
  • Account wallet
  • QR code or Barcode scanner
  • Self-service or customer care

There is no limit to transfer funds for a regulator, however, the merchant bank might set up transfer limit for his account. The transaction costs vary from bank to bank and are based on available information.

Virtual point of sale

Requirements for a mobile point of sale service

  • Smartphone or online platform/web browser
  • Internet connection or wi-fi
  • E-payment gateway
  • Virtual account for a transaction
  • QR code in some cases

Set up the virtual PoS

  • Merchant bank account with certain credentials
  • Verification of user process

Service requirements

There is no limit to transfer funds for a regulator, however, the merchant bank might set up transfer limit for his account. The transaction costs vary from bank to bank and are based on available information.

Depending on the type of point of sales the requirement varies. It is subject to availability that you can choose. In all the cases, you might not find all the three times at the same place, however, it is becoming approachable and available nowadays as the demand is quite high.

Summary
Article Name
Point of Sale: Where sales payment go digital
Description
Learn about what is point of sale (pos),different types of point of sale, its requirements and setup process.
Author
Publisher Name
Instant Banking
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