A Point of Sale (POS) terminal machine is a portable device that allows businesses to accept ATM card payment for transactions.
Today, you can not only pay for items you bought through POS but also withdraw money from your bank account and deposit money into your bank account with a POS system.
All you require is your ATM Card.
The POS system was introduced in South Africa in 2012 by the Central Bank of South Africa in a bid to enforce the cashless policy in financial transactions in the country. Today, the POS system is very valuable especially to those who live far away from banks or ATM Terminals.
This article is a review of the prices of POS machines in South Africa and a list of POS terminal dealers in South Africa.
How Does POS System Work?
POS System often consists of the main server, a terminal station, a credit card swiper and a receipt printer. It also consists of a software system that registers, processes and stores transactions details.
The software system consists of a frontend interface for the point of sale and a backend side for behind-the-scenes analytics and management functions. It stores information such as the number of transactions made, the amount withdrawn, deposited or transferred. It can also store the details of the ATM Card that made any given transaction.
Popular Brands of POS Machines in South Africa
There are various popular brands that manufacture POS machines. However, you wouldn’t be the one to choose when it comes to purchasing the POS machine. Popular brands that manufacture POS machines include VeriFone, Ingenico, and Hypercom.
If you own or operate a POS machine that is manufactured by one of these brands, then you are in luck because their machines are quite durable and have improved functionality.
How Much Does POS Machine Cost in South Africa?
While I’ve listed the popular brands that manufacture POS machines, you will be surprised to find out that getting a POS machine in South Africa is absolutely free of charge. This is only true if you get yours from one of the popular and reputable commercial banks in South Africa
Banks offer POS machines to customers for free as they stand a lot to gain from every transaction made on the machine. The issuing bank charges a fixed commission per transaction done through each POS terminal.
However, you can also purchase POS systems from some organizations and dealers for a fee. These dealers, unlike banks, wouldn’t charge you for transactions made on the POS terminal as you would have paid for the machine and entirely own every transaction made with it.
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How to Obtain a POS Machine in South Africa
Different Banks have different requirements before giving out POS machines to their customers. The best way to know the requirements and your eligibility status is to visit any bank with which you have an account and make an inquiry.
Some banks require you to open a current account with them before you can be issued a POS machine while other banks will give you the machine even if you only have a savings account with them.
Advantages of Using POS Machines in South Africa
Although POS machines were introduced by the Central Bank of South Africa to enforce a cashless policy of financial transactions in the country, there are several benefits a business owner will enjoy when using the POS system.
- POS systems help you track and manage your inventory in real-time. So you can easily balance up your account and daily sales through this system.
- POS system monitors your sales records and alerts you when you are running low on items. However, this is true for only sophisticated models of the device.
- Using a POS system as your main transaction model helps you keep a record of the daily transaction and reduces the chances of loss or theft in your business
- POS terminal makes it easy for you to look up past transactions and reduce the chances of miscalculations
- It is the alternative to the traditional means of payment and handling of money. This eliminates human errors and saves you a lot of money in the long term.
POS Machine Dealers in South Africa
Below is a list of some POS machine dealers in South Africa and their addresses where you can get a functioning one and skip the commission deducted by banks for transactions.