Needless to say, most customers nowadays prefer cashless payments. It is completely safe and allows them to enjoy a hassle-free shopping experience. And that is why in Colorado, many owners of retail stores are introducing the facility of POB usage at their stores. Are you planning to ease the way of payment at your store to attract more customers? Do the same without thinking twice. Install a POB terminal in Colorado and facilitate your customers with cashless payments. But do you know what it actually is?
In this blog, you will come across a few important things about this small device. So, keep on reading!
What to Know about POB Terminals
What Is POB and What Does It Stand for?
POB stands for Point of Banking. It’s nothing but a card payment processing system that charges a small amount to the cardholder, which is added to the approved transaction amount. This type of payment processing allows retail merchants to embrace card payments for free. It’s because the convenience fee that the customers pay will cover the cost of processing each transaction.
This payment processing works similarly to credit card machines. In this regard, the terminal is loaded with software programs. And it runs only PIN-based transactions with a small amount of convenience fee. And as a merchant, you need not pay the processing cost, which can increase a merchant’s profitability.
How It Is Different from Credit Card Processing
Credit card terminals run signature-based transactions. And it costs merchants a processing fee. And that is what may reduce your profit each month.
On the other hand, Point of Banking terminals run PIN-based transactions (As stated above). The cardholders need to provide the PIN number to make their payments. But the most interesting fact is that if you want to give your customers the convenience of cashback, you can higher the amount of the processing fee.
The Requirements Regarding the Installation
Point of Banking terminals is pre-programmed for PLUG N PLAY installation. You just need to plug the power cord into a wall plug and connect the terminal to a phone line. Now, you are ready to accept bank cards.
How Soon Will You Get Your Funds?
The turnaround time for POB transactions is usually within three business days through the banking system. The profit you earn from the convenience fees will be deposited into your account almost by the 15th of the month for each transaction.
Do You Need a Dedicated Phone Line for Using This Device?
It would be better if you have a dedicated line. But you can also use it using your existing line. But if you use a shared phone line, ensure it’s not in use when customers use your terminal. In this respect, it’s best to opt for the least used phone line in your location.
Want to install a POB ATM in Colorado to increase the footfall at your store? Get in touch with us! We can be a one-stop solution for your ATM placement. And to stay updated, read more blogs!