FAQs about Point of BankingTM(POB)
Q. What does POB stand for?
A: POB stands for "Point of BankingTM", which is a payment card processing system that charges a small convenience fee to the cardholder, which is added to the approved transaction amount. This type of card payment processing enables retail merchants to accept card payments for free because the small convenience fee that the cardholder pays covers the cost of processing each transaction.
Q. What is a Point of BankingTM Terminal?
A: A Point of BankingTM terminal works very similar to a standard credit card machine. The difference is the terminal is loaded with a custom software program so it only runs PIN based transactions with a small convenience fee that the cardholder pays. This fee pays for processing costs so the merchant doesn't have to pay this expense which increases the merchant's profitability.
Q. How is Point of BankingTM different from Credit Card Processing?
A: Credit card terminals run signature based transactions for exact dollar amounts, but cost merchants a processing fee of around 3% of each sale amount (or more). This costs merchants thousands of dollars each year which greatly reduces the profits that their business makes each month. The larger the business is, the greater the cost is for processing.
Point of BankingTM terminals run PIN based transactions (cardholder must use their PIN number) for dollar amounts in increments of $5, or $10 (example: $5, $10, $15, $20, $25, $30, etc) up to a $300 maximum. The merchant can choose to have a lower maximum amount if this is too high for them.
The merchant runs transactions just above the dollar amount of the customer's purchase and simply makes change. The merchant can also run higher amounts if they want to provide the customer with the convenience of getting cash back with their purchase, an option many customers would appreciate.
Q. If I have a Credit Card machine, can I use Point of BankingTM too?
A: Yes. Merchants who have both types of terminals can save processing costs with Point of BankingTM and still be able to accommodate the occasional customer that either doesn't know their PIN, or objects to paying a convenience fee. Most people are using their debit cards (and know their PIN number) these days to make their everyday purchases. For several years now there have been more debit card transactions annually in the U.S. than credit card transactions, and this trend is growing larger each year! PIN based debit card transactions are here to stay.
Q. What are the requirements regarding installation?
A: Each new Point of BankingTM terminal is shipped pre-programmed for easy Plug-N-Play installation. Just plug the power cord into a standard wall plug, and connect the terminal to a standard analog phone line and you're ready to accept bankcards for your customer's purchases at no cost to you!
Q: Is a dedicated phone line required?
A: No. You can use an existing line, although it would be better to have a dedicated phone line. If using a shared phone line, just make sure it is not in use when a customer is using your terminal. It's best to use the least used phone line in your location such as a second line that may be used for a fax machine. Also, it's best not to have call waiting on the line your Point of BankingTM terminal is using to dial out as this could potentially cause problems connecting.
Q: Are there any monthly fees?
A: Yes. the processor charges a monthly maintenance/batch fee that runs $7.00 per month which covers the cost of direct deposit and also provides monthly hard copy statements. The total monthly fee is $12 when combined with the optional warranty / paper supply program. (see next question below).
Q: Do I have to pay for paper supplies?
A: No. We supply paper for as long as you're processing with us, through our optional machine replacement warranty / paper supply program which costs $5.00 per month. Merchants are welcome to opt out of this optional program if their business insurance will cover the terminal. The terminal uses standard thermal paper that can be purchased inexpensively at any office supply store.
Q: Do I have to provide insurance for this unit?
A: We do not require you to have insurance coverage on your machine since you are buying it and own it outright. However if you carry an insurance policy on your business assets, we recommend that you call your insurance provider and add the machine to your list of insured assets.
Q: Is there any signage provided?
A: The terminal package comes with an attractive countertop holder that has signage on it, and we provide decals for your business' doors so your customers know you accept bankcards.
Q: How fast do merchants get their funds?
A: The turn around time for funds from Point of BankingTM transactions is about 3 business days (not counting weekends, or holidays) through the banking system. The profits made from the convenience fees are deposited into the merchant's account by the 15th of the month, for each previous month's transactions.
Q: When transactions are dialing out, are there long distance charges?
A: No. Our machines dial-up a toll-free number so you don't have to pay any long distance charges
Q: Once I sign up, how long before I can expect my equipment?
A: You can expect your scrip machine to be delivered in about 7 to 10 business days after we receive payment for the terminal, along with the necessary paperwork.
Q. What About Chargebacks?
A: Charge backs are not an issue with Point of BankingTM terminals, since they only perform PIN based transactions.
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