All your POS FAQs answered
May 30, 2017 9:26 am by Bronwyn Watt
There are many payments solutions on the market. As they are often the primary method of accepting payment it is vital the business chooses the correct product. As a provider of point-of-sale (POS) solutions, of our mission is to keep current and prospective merchants informed about our products and services. So we have compiled a list of the most relevant questions that you might have about POS solutions.
What is a merchant number?
Your unique merchant services account number allocated to you by your bank.
What is a terminal number?
Terminal numbers, like merchant numbers, are issued by the merchant services provider. One merchant can have multiple terminal numbers – each POS machine has its own terminal number and you can find it printed on your sales and settlements slips.
Can more than one merchant use a single POS terminal?
Merchants are not allowed to share devices. Cardholders may dispute a transaction if they don’t recognise the business linked to the terminal.
What is settlement?
Settlement is when your day’s transactions are paid into your bank account.
What is a settlement window and what is a settlement cut-off?
The settlement window is the period of time it takes from the time the terminal banks until the time the funds reflect in the merchant’s bank account.
Settlement cut-off is the bank process of closing off the day at a predetermined time, usually between 18:00 and 19:00. At that time all closed batches are sent for settlement to the merchant’s bank account.
I’m moving to new premises. Will my terminal still work?
You are required to advise your merchant services provider that you’re moving so that they know where their hardware is.
How can I start accepting credit card payments?
If you don’t already have a POS terminal, or are looking for an alternative solution, that also includes mobile options, view our product brochure below.
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