POS Machine Prices in Nigeria (Dealers Guide)
The Point of sale (POS) is the time and place where a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer (which may be a cash register printout), and indicates the options for the customer to make payment.
It is also the point at which a customer makes a payment to the merchant in exchange for goods or after provision of a service. After receiving payment, the merchant may issue a receipt for the transaction, which is usually printed but can also be dispensed with or sent electronically.
The point of sale is often referred to as the point of service because it is not just a point of sale but also a point of return or customer order. POS terminal software may also include features for additional functionality, such as inventory management, CRM, financials, or warehousing.
The POS system was introduced in Nigeria by the central bank of Nigeria in 2012 as a plan to encourage the cashless policy in financial transactions across the country.
Businesses are increasingly adopting POS systems, and one of the most obvious and compelling reasons is that a POS system does away with the need for price tags. Selling prices are linked to the product code of an item when adding stock, so the cashier merely needs to scan this code to process a sale.
If there is a price change, this can also be easily done through the inventory window. Other advantages include the ability to implement various types of discounts, a loyalty scheme for customers, and more efficient stock control, and these features are typical of almost all modern ePOS systems.
What is a POS machine & How it Works?
A point of sale system typically includes a cash register (which in recent times comprises a computer, monitor, cash drawer, receipt printer, customer display and a barcode scanner) and the majority of retail POS systems also include a debit/credit card reader.
Some point of sale vendors refer to their POS system as “retail management system” which is actually a more appropriate term given that this software is no longer just about processing sales but comes with many other capabilities such as inventory management, membership system, supplier record, bookkeeping, issuing of purchase orders, quotations and stock transfers, hide barcode label creation, sale reporting and in some cases remote outlets networking or linkage, to name some major ones.
Nevertheless, it is the term POS system rather than retail management system that is in vogue among both end-users and vendors.
The basic, fundamental definition of a POS System, is a system which allows the processing and recording of transactions between a company and their consumers, at the time in which goods and/or services are purchased.
Why Choose a POS Machine?
The faster a sale is completed the shorter the queue time which improves customer satisfaction, and the less space it takes, which benefits shoppers and staff. High-traffic operations such as grocery outlets and cafes need to process sales quickly at the sales counter so the UI flow is often designed with as few popups or other interruptions to ensure the operator isn’t distracted and the transaction can be processed as quickly as possible.
Although improving the ergonomics is possible, a clean, fast-paced look may come at the expense of sacrificing functions that are often wanted by end-users such as discounts, access to commission earned screens, membership and loyalty schemes can involve looking at a different function of the POS to ensure the point of sale screen contains only what a cashier needs at their disposal to serve customers.
You should still consider the other benefits of the improved, handheld smart terminals to increase the level of service quality you and your staffs provide :
- Instant Payment Confirmations
- Easy to Use
- Get Rid of Stress
Popular Brands Of POS Machines in Nigeria
Some of the popular brands that manufacture POS terminals are the likes of Hyper com, Verifone, and igenico. These brands offer simple credit processing to more big models. Now the best part is that you’ve got to be aware that majority of the banks in Nigeria offer support and services to their existing account holders. You will be expected to make some POS charges to the bank for every successful transaction you accept with the use of the machine.
Prices of POS Machines in Nigeria
Getting a POS machine in Nigeria is absolutely Free of charge. Provided it is being giving to you from a well known reputable commercial bank in the country.
Just in case you are inquisitive about what the banks stands to gain by giving you the machine for free, you need to know that the issuing bank will make money on the long term by charging a fixed commission(between 0.25% and 1.5% depending on the bank) per transaction done through the POS.
To get a POS machine from any bank, all you need is to have an account (preferably current or corporate account) with the said bank. some banks are okay with you just having a savings account with them.
Despite the more advanced technology of a POS system as compared to a simple cash register, the POS system is still as vulnerable to employee theft through the sale window. A dishonest cashier at a retail outlet can collude with a friend who pretends to be just another customer. During checkout, the cashier can bypass scanning certain items or enter a lower quantity for some items thus profiting thereby from the “free” goods.
The ability of a POS system to void a closed sale receipt for refund purpose without needing a password from an authorized superior also represents a security loophole. Even a function to issue a receipt with a negative amount which can be useful under certain circumstances, can be exploited by a cashier to easily lift money from the cash drawer.
In order to prevent such employee theft, it is crucial for a POS system to provide an admin window for the boss or administrator to generate and inspect a daily list of sale receipts, especially pertaining to the frequency of cancelled receipts before completion, refunded receipts and negative receipts. This is one effective way to alert the company to any suspicious activity – such as a high number of cancelled sales by a certain cashier – that may be going on and to take monitoring action.
To further deter employee theft, the sale counter should also be equipped with a closed-circuit television camera pointed at the POS system to monitor and record all the activities.
At the back end, price and other changes like discounts to inventory items through the administration module should also be secured with passwords provided only to trusted administrators. Any changes made should also be logged and capable of being subsequently retrieved for inspection.
POS Machine Dealers in Nigeria
Listed below are some of the POS dealers in Nigeria that also issue POS terminals. So if you feel going through the banks are a huge tasks then you can contact any one of these addresses listed on here and purchase get your POS machine :
- Citiserve limited (368, ikorodu Road, Maryland, Ikeja, Lagos Nigeria)
- E-Print Solutions ( E31/01, Arena Shopping Complex, Bolade, Oshodi-Isolo, Lagos Nigeria)
- BFM Consulting (36B, 2nd Floor, Toyin Street, Ikeja, Lagos Nigeria)
- Neo High Tech Solutions LTD (62B, Opebi Road, Ikeja, Lagos Nigeria)
- Wamcom Associates ( 5, Medical Road, Computer Village Ikeja, Lagos Nigeria)
- Boromax Global Limited ( 12, Simbiat Abiola way, Computer Village, Ikeja, Lagos Nigeria)