Point of sale terminals

Despite the important role cash still has in our lives, it is increasingly common (and easier) to pay with a debit or credit card. You just insert the card into the slot or hold it near the terminal, enter your PIN, wait for your bank’s OK and you’re done. It’s as easy as that.

Thanks to point of sale (POS) terminals we can pay for our purchases easily and rapidly. But what else should you now about POS terminals?

As a trader/retailer:

• You will need to enter into a contract regulating your rights and obligations with your bank. These contracts are usually complex, so you should read them carefully and ask for the necessary clarifications if you have any doubts.
• If a transaction is rejected, your bank will logically debit the related amount to your business account, as it confines itself to complying with its role as an intermediary. However, that decision must be backed by an order by the cardholder, who does not recognise the transaction.
• If the POS is virtual, your bank must offer you a service that allows your customers to use a card to make payments online in a secure fashion.

As a cardholder, bear in mind that your bank is not responsible for any discrepancies regarding the quality of the products purchased. You must resolve these issues with the commercial establishment itself.