A lot of small business owners find the use of POS terminals as a payment option preferable to cash. This option eliminates the problem of not having the exact change for customers during transactions, and it also minimises employee theft. The fact that the businesses do not pay for the deployment and maintenance of the terminals either is also a big plus. Not that long ago, a photo was posted on the internet of a small shop in with 6 or 7 POS terminals hanging on the wall.

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Courtesy Voy/Nairaland

If you run a small business in Nigeria, you probably understand his/her logic. From the lack of reliability from service providers to the lack of trustworthy staff, this method seems to be the ideal solution. My sister – also a small business owner who runs a catering and event management company, sometimes has customers who want to pay immediately, by card. A POS terminal provides her with the option of accepting the exact agreed amount there an then without having to hunt for change, as well as providing her customers with an instant payment notification. As she wanted to deploy a POS terminal at her business for the reasons highlighted above, we did some research on our options in Nigeria and I will share my findings on where to get POS terminals in Nigeria, costs involved, and associated charges. But first, what is a POS terminal and is it safe for customers and businesses to use?

WHAT ON EARTH IS A POS TERMINAL?

If I have already lost you, and you aren’t sure what I’m talking about, apologies. A POS (Point Of Sale) terminal is a portable device that allows businesses accept bank card payments for transactions.

Initially, this payment solution was introduced to the Nigerian business space by the Central Bank as a way of reducing the volume of cash transactions, as well as managing the risks associated with handling cash. In addition, it also encouraged the spread of electronic payment systems across the board. The Central Bank of Nigeria appointed the Nigeria Inter-Bank Settlement System (NIBTSS) Plc as the body to regulate the value chain in the following ways:

Protecting customers paying with their bank cards.
Protecting business owners from fraudulent “technical experts” who might install malware to steal customers details. All terminals are maintained by the banks/issuing bodies.
So the NIBTSS is the Payment Terminal Service Aggregator (PTSA), and is the only approved entity by the Central Bank of Nigeria (CBN) dealing with POS terminals. As such, they approve the Payment Terminal Service Providers (PTSP) who then have the task of identifying prospective merchants and winning them over. Please don’t be all surprised when they come begging you to get one
NOTE:

Merchants do not purchase the POS terminal. However, there has to be a certain minimum activity to continue enjoying the service which includes routine free maintenance.
The terminals are serviced only through the banks.
There is a charge of 0.75% on successful transactions which is deducted from completed transactions before being credited to your account.

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