Which bank's POS machine should be installed with the lowest fee in 2022?

In modern life, cashless shopping is becoming more and more popular. This form not only helps to reduce risks but also supports a fast transaction process. And one of the popular payment methods today is POS. So reality What is POS?? What are the benefits of using POS?

What is a POS machine?

A POS (short for Point of Sale) is a vending machine that accepts bank cards to pay for service bills. The device is designed to be compact and easy to hold in the palm of your hand. The card machine is easy to install at the store of the mall, at the shop, at large and small stores without taking up too much space.

What is POS?

POS machines can pay for shopping without cash. Instead, this model allows users to pay with a bank card such as credit such as. Whether users pay large or small amounts, they can make a one-time payment via POS machine without the hassles of cash.

In general, POS machines can read almost all types of ATM cards. In which, such as domestic ATM cards, credit cards, etc. Because the machine has a close connection between all banks today, the machine does not distinguish any type of bank card. Therefore, users can use the card for any type of POS machine when they need to pay.

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Structure of POS . machine

POS machine consists of 2 parts that are hardware and software.

Structure

Detail

Hardware

Consists of:

The chassis is made of hard, impact-resistant, scratch-resistant plastic.

Design slots for cards to read ATM cards when customers pay.

The screen displays the amount and related information when paying.

Software

The software used in the POS machine is:

Cash management software.

Software sales.

The above software is programmed to better suit user needs.

In addition, some modern products are still in use today contactless technology. Thanks to that, you don't need to use your card to swipe at the machine, just put the card close to the device and the transaction is complete.

This makes the payment process quick and convenient. At the same time, we also better limit the risk of the card being damaged, scratched, .... leading to inability to use.

Classification of POS machines

Based on scale

POS machine type	Detail
POS machine swiping card	Possessing a compact design similar to a computer or a mobile phone. Allow card swipe to pay when customers buy products at the counter. Suitable for grocery stores, shops selling clothes, shoes, ... small scale.
Point of sale POS machine	Is a system including POS machine, printer, barcode reader, receipt printer, ink, printing paper, etc. The above devices are closely connected during operation. Suitable for large-scale units such as supermarkets, commercial centers, ....

According to the way of installation

POS machines are classified by installation method	Detail
Fixed POS	POS machines are installed in a fixed place, usually located at the cashier counter. This series possesses powerful configuration. The operation on the machine is easy. The device can be connected by wired network or Wifi. The device can print invoices. The machine works independently, not connected to other devices. The product is suitable for grocery stores, small and medium-sized business units.
Wireless POS	The POS machine has a compact design with an intuitive and easy-to-see display. The device has a convenient 3G connection. The mobile POS machine can print the invoice right after the payment is successful. Installed to connect to vending/cash machines if available at the counter.
Portable Mini POS	Portable POS machine can be carried out so it is very convenient. The product is compact and easy to use. Own a responsive touch screen, save time. The machine has invoices and electronic signatures.
MPOS	Can move to many convenient places. Works with a tight connection from mobile devices. Allows users to review orders, display payment information on installed applications. Suitable for business shops, grocery stores, restaurants, taxis, etc.

Based on technology

Types of POS	Detail
Regular POS machine	POS machines are usually suitable for retail stores. The product is compact, convenient, quick to install and does not require installation. Can be used with all types of cards being deployed by banks today.
Touch POS machine	The product is equipped with modern inspired push buttons. The screen interface is large and sharp, displaying a lot of accompanying information. Suitable for units with large scale, diverse products and large number of buyers.

Which bank's POS machine should be installed with the lowest fee?

Customers can choose to use pos machines of some big banks such as BIDV, VIB, Vietcombank, Techcombank, DongAbank, VPBank, TPBank. These banks usually install POS machines for free for customers.

However, in the process of using the customer will have to pay a fee. Specifics depend on the business person or the customer to bear the fee, depending on the agreement with the bank. From there, the bank will distinguish between POS users to collect reasonable fees.

Fees are as follows:

For business units that install POS machines: The fee for payment via POS machines for international cards is 2% to 2.5%, for domestic cards, the fee is less than 1% of the total transaction.

For customers, when swiping a payment card at a POS machine, it will be completely free. However, some places charge customers to swipe their cards, this is against the bank's regulations.

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POS machine fee schedule at some banks

AgriBank POS machine fee schedule

Fees for payment of goods and services	Free	Free	Free
Fees for cancellation of payment of goods and services	Free	Free	Free
Hotel reservation/cancellation fee			Free

Fee schedule for BIDV's POS machine

card type	Service	Fee
I	Domestic debit card
first	Payment for goods and services	Free
2	Balance inquiry fee	Free
3	Fee for advance, cash withdrawal via POS	1,000 VND/transaction
II International Credit Card
first	Cash advance fee at BIDV POS	– 3% advance amount, minimum 50,000 VND Platinum class – 0.1% of the advance amount, at least 5,000 VND gold class – 3% advance amount, minimum 50,000 VND standard class
2	Cash advance fee at Bank POS other in Vietnam	– 3% advance amount, minimum 50,000 VND Platinum class – 2% advance amount, minimum 25,000 VND gold class – 3% of the advance, min 50,000 VND standard class

Fee schedule of VPbank Pos machine

Industry group	VISA/MasterCard VPbank	VISA/MasterCard (different from VPBank)	VPBank domestic card	Domestic card (different from VPBank)
first	1.2%	1.5%	0.2%	0.5%
2	2.0%	2.5%	0.2%	0.5%

Sacombank's Pos machine fee schedule

SacomBank domestic payment card
Cash withdrawal fee at SacomBank card POS	Free
Fee for balance lookup at other bank card POS	2,000 VND
Visa SacomBank international payment card
Cash withdrawal fee at Pos Sacombank	Free
Cash withdrawal fees at other Pos	4% of transaction amount (minimum VND 60,000)
International payment cards
Cash withdrawal fee at Pos Sacombank	Free
Cash withdrawal fees at other Pos	4% of transaction amount (minimum VND 60,000)

Benefits of paying by POS

POS machine was born as the perfect solution in the cash payment process. So what are the benefits of using the machine? What is POS? did you know or not? Usually, the benefits of using a computer are mainly divided into 2 main segments. Specifically, you can learn the following:

For merchants that accept cards

Benefits when What is POS payment? In general, using a POS machine really brings a lot of special benefits. In which, for owners, POS machines can:

Improve business efficiency, diversify payment methods and attract customers.

Minimize the risks in the cash management process.

Easily check and monitor daily sales volume.

Create a modern image, in line with world trends.

Quick payment process within 4 seconds to save payment time.

The payment amount is transferred directly to the bank account of the unit.

Increase interest rates thanks to the deposit flow paid every day.

For customers

The second benefit of POS is none other than the user. So once users use it, the benefits of What is POS?? It can be said that the POS machine was born as a savior in the shopping process of users. Because when using a POS machine, users do not need to spend too much time waiting for product payment. Whether a user buys a large or small amount of goods, the longest time to check the total amount is only about 3 to 5 minutes.

Above all, instead of having to prepare large amounts of cash when shopping, it's different now. As long as users have an ATM card, they can pay money quickly and without hassle. Thanks to that, theft and robbery of property also became much less.

What cards does the POS machine accept?

Most ATM cards issued by banks can use POS machines to pay service bills, including:

Domestic ATM card

credit

You can use any ATM card or bank credit card to make payments on the POS.

The most common ways to use POS machines

Currently, the bank is applying 3 ways to use POS machines to bring the most convenience to customers compared to traditional cash payments:

Pay by phone (no need to use a card)

Android Pay, Apple Pay, Samsung Pay… are some of the payment apps that use this method. To use, you just need to put the phone near the POS machine, enter the PIN code and complete the payment. In the future, this form of payment will be much more popular.

Pay by inserting a card

This payment method applies to EMV chip cards – This technology is available in Visa/MasterCard/JCB international cards… This is a much safer form of payment than magnetic cards. However, usually this way will not need to enter a PIN when paying.

Pay by swiping your card

This is the most common POS payment method. You will swipe your card, enter your PIN and complete the payment. This payment method is for magnetic cards – Technology is being applied to domestic cards, the most popular being domestic debit cards.

How to use the card machine

Instructions on how to use the card machine may vary depending on the type. Therefore, you should carefully study according to the provided documents.

However, in order to use POS machines, most of them need the following requirements:

Install the POS machine correctly.

Setup the devices included in the system correctly and reliably.

Keep the ATM card in the right direction(card face up)so that the device can read the attached information.

Wait about 3 seconds for each operation until the device confirms the command was successful.

Is there a fee for card scanning with a POS machine?

According to the regulations of the State Bank, transactions by POS machines do not charge users or cardholders. Fees collected from POS machines are payable by shops, agencies, organizations and business units to the POS supplier bank.

However, in fact, to create fairness for customers paying in cash and customers paying by POS, many small shops charge this fee when you swipe your card at the POS machine. Currently, the fee that is applied to the merchants accepting cards is from 2% to 2.5% for international cards, and for domestic cards, it is <1% of the total transactions made at the POS.

Notes when swiping cards through POS machines

Absolutely do not lend the card to others, including relatives, do not reveal the PIN code

When entering the payment PIN, cover your hands

Do not give the card to others without observing, because they may take pictures of the information on the card which is very dangerous later on

When the card holder needs to observe, if you detect abnormal behavior, you need to take back the card immediately

If you use an EMV chip card, when paying, just sign (no need to enter a PIN), so please sign on the back of the card and delete the CVC/CVV number on the card.

Conclude

So based on the above analysis, you have a better understanding of the machine What is POS? and the benefits it brings. Hopefully, through the above article, you will remember more useful information for yourself. In addition, if you have any further questions, you can leave a comment to be answered.

Information edited by: banktop.vn