Point of Banking is usually used for two purposes at retails store. First situation is when you sell high risk merchant products connected to dispensary pos system, CBD oils, or weapons. Second situation is if you are trying to cut costs on high ticket items and don’t want to pay high processing fees.
You pay one fixed fee when using point of banking as oppose to standardized credit card processing where you pay for each transaction based on three attributes. All costs add up for small retail store owners, and thus it becomes a big financial burden for them to utilize such services.
However, much to the delight of small businesses, Point of Banking system (also known as POBs) overcome the shortcomings mentioned above.
The POB is a dependable solution that significantly reduces the transaction fees, and enables retail stores to process credit/debit cards without having a merchant account.
Point of Banking Operates Same as ATMs, but You Never Pull Cash Out
We, at Acid of Point of Sale, provide safe & secure Point of Banking solution to allow the small, medium to big retailers accept credit/debit card payments without fearing hefty transaction fees. It is all part of our POS infrastructure.
We assist businesses by integrating the POB system to their retail store and provide support for fast & efficient transactions. This is extremely useful if you are running cannabis point of sale software and need to accept cards at checkout.
Easy to Set Up
POB system is easy to set up and present an array of benefits to retail store owners. Starting with, POBs are compact, generally requires a few inches of space on the payment counter.
A retailer needs to plug-in the machine, and follow a quick step-by-step guide to complete the POB setup process. O
Once the transaction via their plastic card in the POB machine is made, the money is instantly transferred to your dedicated business account, and there will be no batch timeline delays.
The initial costs of our POB system will be significantly less than the ACH transaction fees over a period of time. Our POB solution provides real-time data about every single transaction, spanning from the transaction cost, items purchased, time of purchase, etc.
This data facilitates retail owners to prepare strategic marketing and promotion campaigns based on customers’ buying habits.
Safe and Secure
With our reliable Point of Banking, even the minutest possibility of fraud & charge backs is eliminated, since the customer has to enter a unique PIN code for every purchase transaction.
How Does A POB System Work?
Follow the below-mentioned steps to understand the working of a POB system:
Retailer Initiates The Transaction
At the payment counter, the retailer will initiate the transaction upon the accumulation of the selling price of each item.
Customer Taps, Swipes or Insert the Card
Once the POB machine is initiated, the customer has to swipe, tap, or insert their debit/credit card. The transaction will only be completed when the customer enters their unique ATM pin code associated with the card.
A Printed Receipt Comes Out
Once the transaction is done, a receipt is printed by the Point of Banking system that verifies the funds are transferred. On your retail point of sale (in this case Acid POS) you can also check the receipt and change given.
There are two copies of receipts; the retailer keeps one for maintaining the accounting records, while the other one is presented to the customer.
Features of POB System
➔ No Merchant Account Needed
➔ Faster & Efficient Payment
➔ Eliminate Chargebacks & Fraud
➔ No Batching
Want to know more our tailored POB system? Get a free quote by clicking the button below!