Merchant Services |
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This is an electronic device that allows merchants to process card transactions.
With a POS, a merchant has an alternative means of receiving payments rather than the traditional method of accepting cash.
Benefits To Merchants
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No Cash Counting |
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No cash movements. |
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Lowers operational cost |
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Provides multiple alternatives. |
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No cash shortages - eliminates risk associated with Cash transactions. |
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| Q. |
What is a POS ? |
A. POS means Point of Sales Terminal. It is an equipment used to capture, transmit and store credit/debit card transactions at the point of sale. |
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How does the POS work? |
A. The Cardholder swipes his card through the terminal, keys-in payment information and authorization code and payment is made by debiting the customer's account and crediting the merchant's account. |
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| Q. |
Who are the parties involved in POS business? |
A. Merchant: Anybody (individual/corporate) that allows electronic means of payment in return for goods and services provided.
Cardholder: Anybody willing to use a card (debit/credit/prepaid) as a means of payment for goods and services.
Issuer: Financial/authorized institution that issue cards as means of payment for goods and services. ISO: Independent Service Operators i.e. Terminal Owners. They are in-charge of deployment and maintenance of the terminals
Switch: A company that provides links between financial institutions |
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Who needs a POS? |
A. A merchant or anybody who is willing to accept electronic payments at his outlet in return for goods and services provided. |
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Platforms on which POS works? |
| A. POS terminals work on Interswitch, VISA and MasterCard platforms |
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How much will it cost to deploy POS? |
| A. The terminal is free but there are transactions fees to be borne by the merchant. |
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| Q. |
What are the charges associated with using POS? |
| A. Transaction charges vary per industry and platform. The average is 1.25% per transaction, subject to a maximum of N2,000. |
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| Q. |
How long will it take to deploy POS? |
| A. 1 week (Locations within Lagos) and two weeks (locations outside Lagos) |
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For further enquiries on any of our ebusiness services, please contact:
E-Business Unit
Information Technology Department
Zenith Bank Plc
Plot 84 Ajose Adeogun Street
Victoria Island, Lagos.
E-mail: ebusiness@zenithbank.com
Telephone: 234-01- 4618343 and 2703184{Direct Lines}, 2622824,
2610249, 2620727 and 2615812 ext 251, 283, 465 and 270. |
