What is a POS (Point of Sale)? Ways of payment via POS

POS machines (English: Point of Sale) are devices that accept card payment, POS machines will connect to the Internet with the bank to make payments when requested from customers.

POS Machine (Point of Sale)
Concept

POS machine in English is Point of Sale.

Point of Sale POS (Point of Sale) is the machine that accepts card payment, the POS machine will connect to the Internet with the bank to make payments upon request from customers. The bank can verify the card and accept payment. Therefore, payment via POS is basically very safe.

Any store, supermarket, hotel or restaurant in the world can register to use this device of the bank. You can then pay by card at those stores.

Currently there is one more compact POS machine, called mPOS. Stores will use smart phones to log in to mPOS, plug in ATM cards and make payments … Similar to traditional POS machines.

Ways of payment via POS
To ensure convenience compared to paying with cash, paying with a bank card via a POS machine is also extremely simple. Up to now, there are 3 payment methods via POS according to the increasing popularity as follows:

Pay by phone (without using the card)

You will know this through payment apps like Android Pay, Apple Pay, Samsung Pay. You will place the phone near the POS machine, enter the PIN and you’re done. You only need to download this application to a compatible smartphone that can be paid via POS without using an ATM card. This application is not known by many, but will replace ATM cards in the near future.

Pay by plugging the card

This is for EMV chip cards – This technology is available on Visa / MasterCard / JCB international cards … It is much safer than magnetic cards many times. However, usually this way will not need to enter a PIN at checkout.

Payment by swipe card

This is the most common way to pay via POS. You will swipe the card, enter your PIN and complete the payment. This payment method is for magnetic card – The technology is applied to domestic cards, the most popular is domestic debit card.

Benefits when using the POS machine
To take advantage of the benefits of this service, business units must have a business license. Meanwhile, cardholders only need to own one of the payment cards in the market to have easy transactions. Specifically, the payment by swipe the card through the POS will bring benefits to both sides as follows:

For units that accept cards

+ Improve the business efficiency of the business by attracting more customers. In addition, the service also helps diversify forms of payment for customers.

+ Reduce cash management costs, minimize risks of counterfeit money and torn money, cash counting and saving personnel costs, transaction time.

+ Easily manage revenue through cards with the bank’s transaction reporting system. Thereby, the payment unit will be able to easily check the daily purchases, closely monitor sales and change the sales program in a timely manner.

+ Increased interest income from cash flows via current accounts at banks.

+ Creating an image of a dynamic and modern organization, suitable to the cashless payment trend of Vietnam and the world.

+ Many banks also provide free wireless and wired equipment, free initial training manual for sales and cashier department.

+ Maintenance service, quick support of the bank unit.

+ Time to process card payment transactions on POS quickly: The operation of making payment transactions via equipment is 4 seconds / transaction. Moreover, the money paid by customers will be transferred directly to the account of the bank’s opening unit.

For customers

POS accepts all domestic and international cards within the Napas alliance. Cardholders no longer need to carry cash when paying at a store.

(Reference: thebank.vn)