Point of Sale

A Point Of Sale (POS) terminal is an electronic cash register that enables the customers to pay for a goods and services using bank issued cards. Customers can also get cash from a POS terminal. On the POS Service, Bankom supports an institution’s POS initiatives by switching POS transactions of the institution if it is on the Switch Network.

From our market analysis, Bankom believes that the POS route is the future of Uganda’s electronic payment sector. Different banks and other institutions are currently experimenting with POS, however, if the model is NOT right, then the individual institutions will not benefit as much as they should. The model is very simple and needs an acquirer bank, a switch, and terminal at a merchant’s premises. Bankom is currently in position to effectively manage the relationship between the three parties.

POS Benefits

• Fast real-time transaction speed.
• Faster payment cycle for merchants.
• Increased security for merchants
• Reduced risk and acquirer exposure through effective fraud control
• Transaction can be polled daily.
• Bank access to all merchant information transacted on the POS device.
• Increased customer satisfaction.
• Leading value added service